In this Dialogue Works Interview, Richard Wolff talks about the shifting global economic dynamics with the rise of BRICS nations challenging the longstanding dominance of the G7 countries. He argues that China's economic growth and strategic alliances have created a larger economic unit than the G7, compelling nations worldwide to realign their economic ties. Wolff highlights the risks of American decline and the importance of recognizing this shift, as illustrated by the United States' strategic missteps with Russia and the war in Ukraine. He suggests that internal economic systems and class struggles deeply influence global power dynamics, potentially overshadowing geopolitical conflicts. Lastly, Wolff criticizes the US policy responses, such as increased tariffs, as symptomatic of a failure to adapt to a changing world order where other nations are capitalizing on globalization more effectively.
