The Changing World Order: Tariffs, Trade War, and More | Stephen Maher & Richard Wolff

Are we witnessing capitalism’s decay—or its evolution?

In this opening lecture of the Series for Advanced Political Economics, economist Clara E. Mattei chairs a powerful conversation between Stephen Maher (author of The Fall and Rise of American Finance) and Richard D. Wolff (Economic Update, Understanding Capitalism). Together, they unpack “The Changing World Order: Tariffs, Trade War, and More” — a deep dive into the structural crises of capitalism, U.S.–China relations, global finance, and the rise of authoritarianism.

Maher argues that Trump’s populism and trade wars emerged not from capitalist decline, but from the strength of capital and the contradictions of accumulation. Wolff counters that we are living through a historic inflection point — a shift in global capitalism’s center of gravity from West to East.

From the U.S. empire’s fragility to the limits of Keynesian fixes, this session challenges mainstream economics and explores what real economic emancipation might look like for workers worldwide.

📘 Organized by SOAS/School of London in partnership with the New School for Social Research, FREE, and the General Federation of Trade Unions.
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00:00:00 - Introduction and Overview
00:00:58 - The Role of Economists
00:01:47 - Introduction to the Panel
00:02:13 - Introduction to Steve Mayer
00:04:17 - Steve Mayer's Perspective
00:04:32 - Analysis of Trump's Impact
00:05:55 - Contradictions of Capital Strength
00:08:07 - Impact of Global Capitalism
00:09:44 - The Crisis of 2008
00:11:54 - Trump's Election and Capital's Response
00:12:50 - Trump's Strategy
00:13:28 - The Difficulty of Trump's Position
00:13:58 - The China Factor
00:15:14 - Challenges of the US Empire and Trump's Tariffs
00:16:10 - The Role of Capital and Tariffs
00:17:02 - The Bankruptcy of Democrats and the Rise of the Hard Right
00:18:58 - The Need for Greater Planning and Control Over Investments
00:20:01 - Introduction to Dr. Richard Wolff
00:23:26 - Wolff's Perspective on Capitalism's Shift Eastwards
00:25:19 - The Role of the State in Capitalism
00:26:50 - The US's Denial and Unpreparedness for Change
00:28:20 - The Realities of Decline and the Rise of China
00:30:57 - The Vulnerability of Capitalism
00:31:56 - The Capitalism Shift and Its Implications
00:34:08 - The Structure of the Employer-Employee Relationship
00:37:13 - The Desperation of Trump's Government
00:38:22 - Differences in Analysis: Economic vs Political Crisis
00:40:34 - Steve Mayer's Response to the Analysis Differences
00:45:00 - Rick Wolff's Response to the Analysis Differences
00:45:29 - The Decline of the American Standard of Living
00:46:41 - The Decline of Traditional Political Parties
00:55:00 - The Role of the State in the Current Crisis
00:57:48 - The Palestinian Question and Global Solidarity
01:00:00 - The Need for a Working Class Socialist Movement
01:02:15 - The Role of Workers Movement and Palestinian Rights
01:02:55 - The Italian Labor Movement and Palestine Efforts
01:03:58 - The Keynesian Program and its Implications
01:07:10 - The Italian Solidarity Movement for Palestine
01:08:27 - Introduction to Hanin Kawaja and Audience Questions
01:09:42 - Discussion on State Autonomy and Capital
01:13:11 - Implications of America First Strategy on African Countries
01:14:55 - The Shift of Economic Power from West to East
01:17:33 - The World's Transition and Europe's Decline
01:18:28 - Questioning the Strength of Capital
01:20:59 - Steve Mayer's Response to Strength of Capital
01:27:58 - Dr. Richard Wolff's Response to Strength of Capital
01:32:43 - The Decline of American Capitalism and Empire
01:32:59 - The Role of Trump and the Shaky Coalition
01:35:19 - The Possibility of a Working Class Shift
01:36:17 - Audience Questions: Advice for Trade Unions and Redirecting Economic Blame
01:37:27 - The Need for a Working Class Movement and Transformation of Trade Unions
01:42:57 - The Importance of Socialist Analysis and Political Education
01:46:46 - Closing Remarks

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