Is the US empire in the middle of a long decline?
Summary
Richard Wolff, an economics professor, says the United States is showing signs of decline as a global power. He points out that US leaders do not accept this reality, and many people worldwide recognize the US’s struggles, especially after its failure to defeat Iran. Inside the US, there is growing anger because a small wealthy group owns most corporate stocks, making the stock market less meaningful for most people.Key Facts
- Richard Wolff is a professor emeritus of economics at the University of Massachusetts.
- Wolff believes the US empire is in long-term decline.
- He says US leaders refuse to accept that decline.
- Many people around the world see the US’s inability to defeat Iran as a sign of weakening power.
- Within the US, people are angry about economic inequality.
- The richest 10 percent of Americans own 80 percent of corporate stocks.
- Because of this, the stock market is seen as less important for the majority of Americans.
- Wolff describes US threats to take over countries as signs of a "sinking enterprise."
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