Richard D. Wolff, Professor of International Affairs and prominent Marxian economist, in a sharply critical interview with Al Jazeera, outlined his perspective on the decline of U.S. global dominance, the emergence of rival economic blocs, and the repercussions of American economic nationalism.

His interview delivers a bold assessment of America’s current global standing. His central message is: empires inevitably decline, and the United States is no exception. The ability, or refusal of U.S. policymakers to confront this reality could shape not only the nation’s future influence but also its long-term economic viability. Wolff spoke bluntly: “The American empire is over. We’re done.” He argued that the United States hit its peak over a decade ago and has been in decline ever since, mirroring the historical rise and fall of past empires. “We peaked about 12, 15 years ago, and we are on a down.”

He noted, “It's very hard for the American people … We've had a century on the way up, which is a lot more fun than on the way down. But it does happen to every empire.” He compared the U.S. to the former British Empire, which once held global dominance but eventually faded into a much-reduced role on the world stage. According to Wolff, the United States is experiencing a similar decline, though met with strong resistance and denial from both its political leaders and much of the public.

When it comes to economic policy, Wolff exposed the illusion that pro-growth strategies automatically translate into benefits for the American. “Yes, there might be more jobs, but they’re going to be created in China, in Brazil, in India,” he explained. “They’re not created here.”

He highlighted BYD Corporation, a Chinese electric vehicle maker now widely regarded by global analysts as producing the world’s best and most affordable electric vehicles. However, despite their quality and competitive pricing, BYD vehicles are largely missing from U.S. markets due to steep tariffs: 27% under Trump, increased to 100% under Biden, so that “people will be forced to buy U.S. stuff.”

Wolff argued that while these protectionist measures offer short-term advantages to U.S. companies like Tesla, GM, and Ford by shielding them from foreign competition, the long-term consequences are far more significant and far-reaching. If you are a business in Africa, Asia, or Latin America and you need a truck, you will buy the best and cheapest one from BYD, Wolff explained. Meanwhile, American consumers are left with costly alternatives, he said.

He explained that this weakens U.S. competitiveness on the global stage, as foreign companies equipped with superior and more affordable resources will outperform American firms. “In the long run, that will lose Americans jobs left and right as they're outcompeted by all the rest of the world that can go and buy and is buying BYD trucks.”

He said: “If you go to Europe right now and you go on the auto routes all over Europe, you will see BYD cars and trucks. America is shooting itself in the foot.” In Wolff’s opinion, protectionist policies aimed at preserving American industry could ultimately backfire, as global competitors advance faster, while the U.S. economy becomes increasingly isolated from innovation and international supply chains.

Perhaps the most striking assertion in the interview was Wolff’s analysis of the shifting global economic balance of power. The G7 nations, once the leading bloc of wealth and influence, have now lost their position at the top. Add up the U.S., Canada, Japan, Germany, France, Italy, and Britain, it makes about 28% of global output, Wolff said. “You add up China and (its allies in) the BRICS (group), it’s 35% of the world output.”

He said: “We aren’t the wealthiest bloc in the world (anymore). We’re number two. And that’s new. And that changes everything.” Wolff concluded on a somber note, criticizing U.S. political leaders for their refusal to recognize this profound shift in the global landscape.

He said you could flex your military might around the globe, send the 7th Fleet to the South China Sea, but it will not change the reality. “You've got to come to terms with that, but we are led by people who don't want to do that, because nobody wants to be the politician who has to explain to the people, it's over.”

Rather than adapting to an emerging multipolar world, U.S. leaders persist in acting as though American supremacy is both assured and everlasting, a dangerous illusion, Wolff warns, that could have serious repercussions for the nation's future.

Credit: Independent News Pakistan (INP)