Richard Wolff: The Decline of the American Empire

"The American Empire is Over," Richard D. Wolff

Richard D. Wolff, a prominent U.S. economist and professor, has indeed stated that “the American empire is over” in his recent interviews, including with Al Jazeera. Wolff contends that the U.S. has entered a period of undeniable decline in global stature and influence, especially compared to the rapid economic rise of China and the expanding BRICS group (Brazil, Russia, India, China, South Africa, and recently added members). He laments that few U.S. politicians are willing to publicly acknowledge this reality, preferring instead to maintain the illusion of continued dominance [1] [2] [3]. Wolff emphasizes that BRICS is "at the core of fundamental change in the world" and is "carving out a space" that offers new development options for everyone globally [1.1].

Wolff’s Main Arguments:

• Economic Power Shift: According to Wolff and supported by recent statistics, BRICS countries now account for over 40% of the world’s GDP (measured by purchasing power parity) and represent more than half of the global population—far overshadowing the G7 (primarily Western) countries. In 2025, BRICS’ share is projected to rise further, while the U.S. is “rich and powerful but moving in the wrong direction” [4] [5] [6]. The expanded BRICS+ group now accounts for approximately 32% of global natural gas output and 43% of crude oil production, and a significant portion of global petroleum imports [2.1] [2.2]. BRICS+ collectively has a larger GDP than both the G7 and the EU [2.4].
• Political and Social Denial: Wolff criticizes both U.S. political parties for failing to address or even discuss this decline. He believes that national leadership is “pretending otherwise,” prioritizing political narratives over honest engagement with the country’s changing global position [2]. He draws parallels to past empires that similarly failed to adapt to new realities [1.5].
• Global South Ascendance & New Financial Systems: The BRICS bloc has evolved beyond economics to challenge Western geopolitical and security paradigms. China's leadership in BRICS, along with efforts to de-dollarize trade and promote new global standards, signals a deliberate strategy to counter U.S. influence [5] [6]. BRICS nations are actively developing a parallel energy trading system and promoting non-dollar currencies, with the New Development Bank (NDB) and Asian Infrastructure & Investment Bank (AIIB) having committed over $71 billion in credit for development projects [2.1]. The Chinese renminbi now accounts for about 47% of intra-BRICS trade transactions [2.4].
• US Response & Declining Influence: Wolff warns that rather than acknowledging these seismic changes and seeking constructive collaboration, the U.S. is often doubling down on old strategies—tariffs, wars, and scapegoating immigrants—actions he interprets as symptoms of economic and political weakness rather than strength [2] [4]. The U.S. is increasingly seen as no longer "indispensable" and has struggled to mediate conflicts effectively, such as the Russia-Ukraine war and the Israel-Hamas conflict [4.2]. There's a growing sentiment within the U.S. to prioritize domestic issues over international engagement [4.3].
• The BRICS Challenge & Multipolarity: While BRICS has not fully supplanted Western economic or political leadership yet, its growing power “claws at the door” of the existing order and is actively being renegotiated across regions like Latin America, Africa, and Asia [7] [8]. The world is undeniably transitioning into a multipolar order, where the U.S. is no longer the uncontested leader [4.2]. The U.S. dollar's dominance is also being questioned, with de-dollarization efforts gaining traction, particularly in commodity markets, and a decline in foreign ownership of U.S. Treasuries [3.5] [4.5]. However, some analysts suggest that while a multipolar currency system is possible, the dollar's reserve status is unlikely to be fully replaced for decades [4.1].

In Summary:

Richard Wolff’s assertion isn’t just about economic statistics—it’s about a broader, deeper shift in world order. The center of global economic power is rapidly moving east and south, with China and BRICS now shaping the rules of the game. Wolff urges the U.S. to face this new reality and seek pragmatic cooperation, instead of denial or confrontation. The notion that “it’s over” does not mean the U.S. is destitute or dangerously weak, but rather that its unique, unchallenged imperial dominance is finished—ushering in an era of multipolar power [1] [2] [4] [5] [3] [6]. This shift is evidenced by BRICS' growing economic clout, their efforts to establish alternative financial systems, and the U.S.'s diminishing ability to dictate global outcomes [2.1] [4.2].

Citations:

1. 'The American empire is over': Economist Richard Wolff - Al Jazeera
2. Richard Wolff: BRICS at the core of fundamental change in the world - CGTN
3. Richard Wolff: The End of the US Empire and the Denial of the US, and the Rise of China and BRICS : r/collapse - Reddit
4. Richard Wolff: The End of the US Empire and the Denial of the US, and the Rise of China and BRICS - Scheerpost
5. 'The American empire is over': Economist Richard Wolff | TV Shows - Al Jazeera
6. “American Empire Is in Decline”: Economist Richard Wolff on Trump's Trade War & Tariffs
7. Are We Witnessing the Decline of the American Empire? RICHARD ...
8. Mustafa Azizabadi on X
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10. BRICS Expansion and the Future of World Order: Perspectives from ...
11. BRICS GDP outperforms global average, accounts for 40% of world ...
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14. BRICS - Wikipedia
15. China Advances and the US Retreats in Latin America and the ...
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19. The Collapse of the US-led World Order: China Gains Ground but Not Ready to Replace It - The Asan Forum
20. The U.S. is unprepared for a multipolar world
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22. 'Exorbitant privilege': Can the US dollar maintain its global dominance? - Al Jazeera
23. The Decline of U.S. Global Power and the Rise of a Multipolar World - India Today
24. Jeffrey Sachs on the political economy of the multipolar world - Dilemmas of Humanity
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26. Richard Wolff on Trump, tariffs and the rising power of BRICS | UpFront
27. Richard Wolff: Trump, Hitler, and the End of the American Empire
28. Richard D. Wolff - The Decline of the U.S. Empire - Brave New Europe
29. Richard Wolff on the end of the American Empire : r/economy - Reddit
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31. Richard Wolff: The American Empire Is Over - YouTube
32. Richard Wolff: The Final Case Against Donald J. Trump
33. BRICS and the future of strategic non-alignment
34. Richard Wolff: Donald J. Trump and the Decline of ...
35. Controversy over BRICS Ramps up Global Tensions
36. Chinese Economy's Rise: Insights from Richard D. Wolff