Explaining Multipolarity, Decline of US Hegemony, by Michael Hudson

RADHIKA DESAI: Hi everyone, and welcome to this Geopolitical Economy Hour. I’m Radhika Desai.

MICHAEL HUDSON: And I’m Michael Hudson.

RADHIKA DESAI: Every fortnight we are going to meet for an hour to discuss major development in the fast-changing geopolitical economy of our 21st-century world.

We’ll discuss international developments. We’ll discuss their roots in individual countries and regions. We will try to uncover the reality beneath the usually distorting representation of these developments in the dominant Western media.

We plan to discuss many subjects: inflation, oil prices, de-dollarization, the outcome of the war over Ukraine which is going to determine so many things, the threats the U.S. is making against China about Taiwan, China’s increasingly prominent role in the world, how China’s Belt and Road Initiative is going to reshape it, how Western alliances and the Western-dominated world that was built over the past couple of centuries is so rapidly fracturing.

We’ll discuss financialization, the West’s productive decline. Many important things. Michael, am I leaving any important things out?

MICHAEL HUDSON: Well we have been talking about this for many decades. Already in 1978 I wrote a book, Global Fracture, about how the world is dividing into two parts. But that time, other countries were trying to break free so they could follow their own developments.

And today it’s the United States that is isolating other countries – not only China, Russia, Iran, Venezuela, but now the Global South – so the United States has ended up isolating itself from the rest.

What we’re going to talk about is how this is not only a geographic split, but a split of economic systems and economic philosophies. We’re going to talk about what the characteristics and the policies [are] that are shaping this new global fracture.

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