The Emerging New World Economy: A New Empire, a Multipolar World, or a Post-Capitalist System

Four key changes drive a new world economy emerging from the old. First is capitalism's transition from neoliberal, globalizing to nationalistic capitalism. This includes the shift of capitalism's center from western Europe and the US to Asia and the global south and also includes the deepening economic inequality inside most nations. Second is the end of the stale, old debate between private and state capitalism (misnamed as capitalism vs socialism) in favor of private + state capitalism hybrids. Third is the post-peak decline of the US empire. Fourth is the urgent question of what comes next: a new empire, a multipolar world, or a new post-capitalist system that replaces employer-employee workplace organizations (private and public) with democratically run worker cooperative organizations. Economic Update with Richard D. Wolff is a d@w production. We make it a point to provide the show free of ads. Please consider supporting our work.