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Home » Richard D. Wolff: The Emerging New World Economy (Transcript)

Richard D. Wolff: The Emerging New World Economy (Transcript)

Here is the full transcript of Richard D. Wolff’s talk on “The Emerging New World Economy”.

In this talk, economist Richard Wolff discusses the emerging new world economy and its roots in 30-50 years of neoliberal capitalism that has led to a hollowing out of the old working class in the West. This, in turn, led to the growth of capitalist powers in China, India, and Brazil, creating significant inequality and leading to the rise of militant labor movements globally. The speaker also discusses the decline of the American Empire and the emergence of a global working class that may reshape the world economy as it emerges.

TRANSCRIPT:

Welcome, friends, to another edition of Economic Update, a weekly program devoted to the economic dimensions of our lives and those of our children. I’m your host, Richard Wolff. Today’s program has a particular style to it. I want to talk with you about the emerging new world economic order.

I do that because enough of the outlines of that new order, enough of the profiles of the key players, are now clear that we can take a step back from the daily and weekly events we normally analyze to look at the larger picture for a moment. I almost said darker picture. It isn’t all dark, but it is larger. It’s an overview, if you like, of what’s happening in the world.

And I mean it to inform our understanding of all the details that we’ll be talking about in the future programs that we will be developing. And the way I’m going to do this today is organize it around four major developments that are happening at the same time, interacting with one another, but together give us a clear sense of where this new world economic order is coming.

NEOLIBERAL CAPITALISM

Okay, we begin. Over the last 30, 40, 50 years, depending on how you count, we have been involved in what is called neoliberal capitalism, or if you like, global capitalism.

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