The rise of others

 Recently, I came across an interview on Al Jazeera with the well-known economist Richard D. Wolff. In this discussion, Wolff spoke at length about the challenges America is facing today in a rapidly changing global order. He touched upon topics like U.S. tariffs, declining manufacturing power, growing military expenditures, and the shifting dynamics of international trade. I found the conversation thought-provoking and timely. It inspired me to pen down a few ideas that I gathered from the talk, and share them with you, dear readers….because these issues go far beyond borders and have a global impact on how we understand power, economy, and fairness in today’s world.

For most of the 20th century, the United States was the most powerful country in the world, both economically and politically. After World War II, it became the leader in rebuilding the global economy. American companies, ideas, and culture spread across the world. The U.S. dollar became the main currency for international trade, and American technology and lifestyle became models for others to follow. People around the world believed in the “American Dream”….the idea that anyone could succeed with hard work. But in recent years, this strong position has started to weaken. According to Wolff, the American empire is coming to an end….not because someone defeated it, but because it is falling apart from the inside.

Wolff believes that the main reason for this decline is the way the U.S. economy is run. In today’s system, most companies focus on making quick profits for their owners and shareholders, instead of planning for the future or serving the country’s needs. As a result, many American factories closed, and jobs were sent overseas where labor was cheaper. Meanwhile, countries like China invested heavily in technology, infrastructure, and long-term planning. Their governments helped industries grow in a way the U.S. hasn’t done in decades. According to Wolff, this is one of the reasons the U.S. is falling behind in global competition.

He also criticizes former President Donald Trump’s use of tariffs (taxes on imports), especially on China. These tariffs were meant to protect American jobs, but Wolff argues that they didn’t fix the bigger problems. America had already lost much of its manufacturing power by then, and simply raising tariffs wouldn’t bring those industries back. It was more like putting a bandage on a deep wound without treating the real cause.

Another important point Wolff makes is about the rise of the BRICS nations…..Brazil, Russia, India, China, and South Africa. These countries are now forming their own trade agreements and economic systems, sometimes avoiding the U.S. dollar. They are building stronger relationships with each other and investing in their futures. This shows that the world is moving toward a multipolar system, where no single country dominates everything. The U.S. is no longer the only superpower, and it has to share the stage with others.

At home, the U.S. is also facing serious challenges. The gap between the rich and the poor has become very wide. While a few people have become extremely wealthy, many others struggle with low wages, high healthcare costs, student loans, and poor public services. Wolff warns that this inequality is not just unfair…..it is dangerous for the economy. When most people don’t have enough money to spend, the whole system suffers.

Wolff says that many U.S. leaders are in denial. Instead of fixing these deep problems, they often blame other countries or distract people with nationalism. But the real solution, he argues, lies in changing how the economy works. He suggests a more democratic approach, where workers have a say in how businesses are run. He supports worker cooperatives, where employees share ownership and decision-making. He also calls for more government investment in healthcare, education, clean energy, and infrastructure….instead of pouring huge amounts of money into the military.

In the end, Wolff’s message is clear: America’s global leadership is fading, and the reasons are mostly internal. The system that once made the U.S. powerful is now holding it back. But there is still time to change. By learning from its mistakes and putting people before profits, the U.S. can build a fairer and stronger future. The world is changing fast, and America must decide whether it wants to adapt….or continue to decline.

Rather Nasir is a teacher at BHSS Kangan.