As Joel Kotkin points out, the US is becoming a Third World country domestically. It seems the global pattern is that while elites and the upper-middle class in poor countries are China and India are rising, the working classes in rich countries are becoming reproletarianized or lumpenized. What we are moving toward is a global transnational elite that consists of the ruling classes in all countries, with US unipolar hegemony slowly receding, and rivalries developing to fill the growing regional power vacuums in a more multipolar or at least multilateral world. The North-South divide will become less significant over time, and instead what we will see is a top-bottom divide between rich and poor everywhere.
Saagar goes into how the American ruling class created an unstable, failing economy.
Categories: Economics/Class Relations