Hudson Friday, July 26, 2024
In part:
Luca Placidi:
To kick off our conversation, would you agree that the Ukrainian war and even more the latest NATO summit with its final declaration are showing us that we are now back in a multipolar war, in which the global South it is opposed to the Western world?
Michael Hudson:
Well, it’s more than just a geographic split. We’re really in a civilizational split, and it goes much deeper. What’s at stake is what kind of economy is the world going to have?
Is it going to be a financialized, neoliberal post-industrial economy, which is what the United States and Europe are pushing? Or is it going to be the kind of economy that textbooks talk about, where economies produce agricultural and industrial goods to feed themselves and make everybody prosper? I almost would use Rosa Luxemburg’s phrase, Barbarism or Socialism, because the West no longer has the means of real economic control over trade and production. It only has military force, terrorist violence and corruption to maintain its control.
The NATO West does financial control by having loaded down the global South and even many Asian countries with dollarized debt for the last 70 years. That dollarized debt holds them in a financial neocolonialism, an international debt peonage. Besides that, the ultimate power that the United States and Europe have to maintain their unipolar control to prevent other countries from going their own way and pursuing their own interests is to bomb them and mobilize terrorism.
The NATO West has lost its basic industrial or agricultural control because it has outsourced its industry to China and other Asian economies, and its sanctions against Russia and other countries has obliged them to become self-sufficient instead of relying on the West for a widening range of their basic needs. So these countries are now in a position to use their labor, industry and agriculture to make themselves prosperous and regain control over their economies, not to make U.S. and European investors rich. They want to take control of their economies in a way that will raise their wages and living standards.
Continue reading here:
https://michael-hudson.com/2024/07/barbarism-or-civilization/
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