Economists Radhika Desai & Michael Hudson explain multipolarity, decline of US hegemony
Jan 13, 2023
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Economists Radhika Desai & Michael Hudson discuss the decline of US hegemony, explore the rise of a multipolar world, and highlight the contest between imperialism and anti-imperialism in international relations. They also delve into the economic structures of post World War II United States, the implications of the US debt bubble, and China's success in managing debt through their socialist system.
The podcast discusses the rise of a multipolar world order, challenging American attempts to control the international financial system and emphasizing China's successful development model.
The podcast emphasizes the negative impact of financialization on the American economy, highlighting the influence of financial interests, recurring financial crises, and the need for alternative financial structures.
Deep dives
The failure of American attempts to dominate the world
The podcast explores the United States' unsuccessful attempts to exert dominance over the world and its current position as a declining power. The discussion highlights how American policies have undermined its own economy, increased social inequality, and led to a breakdown of democracy within the country. It emphasizes the failure of American attempts to exert dollar dominance and the negative consequences this has had on the American population.
The emergence of a multipolar world
The podcast discusses the rise of a multipolar world order, characterized by a shift away from American dominance and the emergence of competing economic systems. It explores the contest between imperialism and anti-imperialism, with China, Russia, and the global south challenging American attempts to control the international financial system. The episode also highlights China's successful development model, which prioritizes long-term investment in productive capacity and promotes public support for industry and rising living standards.
Financialization and its negative impact
The podcast examines the negative impact of financialization on the American economy and its detrimental effects on production and social equality. It highlights the stranglehold of financial interests in the United States and their influence on politics, leading to inadequate regulation of the financial sector. The discussion emphasizes how financialization has resulted in recurring financial crises and decreased productivity, while benefiting a wealthy elite.
The future of global finance and de-dollarization
The podcast looks to the future of global finance and de-dollarization, specifically focusing on the role of China and the need for alternative financial structures. It discusses the possibilities of bilateral and multilateral currency swaps and the creation of an international bank to oversee international reserves. The episode highlights China's approach to finance as a public utility and its emphasis on raising living standards, infrastructure development, and an alternative economic system that does not replicate the pitfalls of the dollar-dominated financial system.
Introducing Geopolitical Economy Hour: This is the first episode of a show being hosted every two weeks by economists Radhika Desai and Michael Hudson. They present the program and discuss the rise of the multipolar world and decline of US hegemony.
VIDEO: https://youtube.com/watch?v=6adqdNCSVhU
TRANSCRIPT: https://geopoliticaleconomy.com/2023/01/13/radhika-desai-michael-hudson-multipolarity
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