WTFinance Western Economic Decline as BRICS Strengthens with Warwick Powell
Dec 3, 2025
In this engaging discussion, Warwick Powell, an Adjunct Professor with expertise in global political economy and a focus on China, dives into 2025's economic shifts. He explores the decline of US hegemony and the rise of BRICS, emphasizing the challenges of Western deindustrialization and the impact of AI on jobs. Powell also highlights the complexities of currency multipolarity, advocating for adaptability in this shifting landscape. His insights on regional alliances and the evolving global order offer a thought-provoking perspective on the future.
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Diminished US Market Leverage
- The US share of global imports has fallen significantly, reducing its market leverage.
- Tariffs proved costly domestically and many exemptions show they failed to deliver promised manufacturing revival.
Financialisation Hollowed Out Manufacturing
- Deindustrialization is a 50-year process driven by capital shifting to finance and cheaper offshore production.
- Financialisation diverted investment from fixed capital and training, hollowing out manufacturing capacity.
Invest In Networks, Not Tariffs
- Rebuild manufacturing by integrating into global supply chains for stable, low-cost inputs rather than isolating.
- Invest in energy, 5G/6G and information-intensive capital to support modern automated production.
