by Michael Hudson
Writer, Dandelion Salad
April 17, 2023
Geopolitical Economy Report on Apr 13, 2023
In this episode of their program Geopolitical Economy Hour, economists Radhika Desai and Michael Hudson discuss Russia’s economic transition away from the neoliberal West and integration with what it calls the “World Majority” in the Global South.
Radhika Desai: So what Michael and I thought we’d do is focus on two particular points that we thought were interesting that I picked up when I was in Russia is that during the whirlwind of conferences that I was at, at which some very prominent Russians spoke, the one thing that I heard that was really interesting is a decisive statement coming from some of the most influential speakers, that essentially Russia is moving away from the West and will never return.
And the second idea, which is also very fascinating, is that increasingly the Russians are now thinking of themselves as part of a “World Majority.”
Michael Hudson: Where, in order to not follow the West, there has to be a whole new set of institutions that are non-Western. A new kind of International Monetary Fund (IMF), meaning some kind of a means of financing trade and investment among the non-Western countries.
Some kind of a new World Bank. Well so far we have the Belt and Road Initiative for a new kind of investment.
And what we’re really talking about, since a theme of our talk all along has been Biden saying that this split is going to go on for twenty years, we’re really talking about the split between Western finance capitalism and the global majority moving towards socialism.
Michael Hudson is President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City and author of A Philosophy for a Fair Society (2022), The Destiny of Civilization (2022), …and forgive them their debts (2018), J is for Junk Economics (2017), Killing the Host (2015), The Bubble and Beyond (2012), Super Imperialism: The Economic Strategy of American Empire (1968 & 2003 & 3rd Edition 2021), Trade, Development and Foreign Debt: A History of Theories of Polarization v. Convergence in the World Economy (1992 & 2009) and The Myth of Aid (1971), amongst many others. He can be reached via his website Michael Hudson, email@example.com. Originally published Apr. 16, 2023.
From the archives:
Finian Cunningham and Clara Mattei: The Capital Order: How Economists Invented Austerity and Paved the Way to Fascism
Lee Camp and David Cobb: Imagining A World Beyond Capitalism
Finian Cunningham and Jodi Dean: Western Capitalism’s Historic Crisis: There’s Actually A Socialist Alternative
Michael Hudson and Radhika Desai: The Rise and Failure of the US Dollar Imperialism
Michael Hudson and Radhika Desai: Since Money is Political
Michael Hudson and Radhika Desai: Multipolarity and the Decline of US Hegemony