Watch Richard Wolff on Thinkers Forum as they discuss the shifting landscape of global capitalism, highlighting the transition of economic growth from the West to the East, with BRICS countries surpassing the G7 in GDP. Wolff critiques the American capitalist system, underscoring how corporations and the rich avoid taxes while receiving government services, leading to a reliance on borrowing and growing national debt. He explains that governments borrow from the wealthy, who benefit from not paying taxes and instead lending money to the state with interest. Wolff suggests this unsustainable model favors the elite and can lead to crisis if the masses refuse to bear the burden of debt repayment. The interview also touches on historical capitalist movements, noting how industrial centers shift to maximize profits, with China emerging as a powerful economic influence at the expense of traditional Western hegemonies.
