Professor Richard Wolff infers that the election of Donald Trump reflects America’s denial of the reality that it is no longer an unambiguous empire and has reached end-state capitalism.
Dr. Richard Wolff on end-state capitalism.
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Podcasts (Video — Audio)
Summary
Dr. Richard D. Wolff is a Professor of Economics Emeritus at the University of Massachusetts, Amherst, and a Visiting Professor in the Graduate Program in International Affairs of the New School University, NYC. He is the founder of Democracy at Work and host of their nationally syndicated show, Economic Update. His latest book, Understanding Capitalism, is available along with his other books, Understanding Socialism and Understanding Marxism, at www.democracyatwork.info
In this video, Dr. Richard Wolff, a prominent economist, critiques America’s inability to acknowledge its decline in global dominance and the flaws of its capitalist system. He traces the post-WWII rise of U.S. economic hegemony, its subsequent decline due to the rise of global competitors like BRICS, and the nation’s refusal to adapt to these shifts. Wolff highlights the dangers of denial, from failed foreign policy to xenophobic immigration practices, and calls for a bold reimagining of economic and political priorities to address systemic inequalities and rebuild global standing.
Key Points
- Post-WWII U.S. Dominance: America emerged from WWII as the world’s economic leader due to an untouched industrial base and global reconstruction efforts.
- Emergence of Global Competitors: The rise of BRICS nations has outpaced the G7 in economic output, signaling a seismic shift in global power dynamics.
- Denial of Economic Reality: The U.S. clings to outdated exceptionalism, ignoring growing economic inequality, declining growth, and failing to adapt to global shifts.
- Impact of Militarism and Immigration Policies: Costly wars and xenophobic immigration policies reveal systemic weaknesses and a failure to leverage growth opportunities.
- Call for Transformation: Wolff advocates abandoning denial, addressing systemic inequalities, and prioritizing equitable economic reforms to build a sustainable future.
Progressive Reflection
Dr. Wolff’s analysis underscores the urgency of dismantling the myths of American exceptionalism and embracing systemic change. The failures of late-stage capitalism and U.S. foreign policy highlight the need for a people-first approach that prioritizes equity, sustainability, and solidarity over profit and militarism. Progressive solutions rooted in democratic principles are essential for steering the nation away from decline and toward a just and inclusive future.s, America can fulfill its promise of justice and equality for all, not just the privileged few.
