Exploring the inevitable decline of great powers, this book delves into historical patterns and contemporary examples, including the United States. It examines the socio-economic, political, and military factors that contribute to the rise and fall of nations. By analyzing case studies from various empires, the author offers insights into the cyclical nature of power dynamics and the lessons that can be learned from the past. The narrative emphasizes the importance of understanding these trends to navigate the future effectively.
The extent and irreversibility of U.S. decline is becoming ever more obvious as America loses war after war and as one industry after another loses its technological edge. Lachmann explains why the United States will not be able to sustain its global dominance. He contrasts America's relatively brief period of hegemony with the Netherlands' similarly short primacy and Britain's far longer era of leadership. Decline in all those cases was not inevitable and did not respond to global capitalist cycles. Rather, decline is the product of elites' success in grabbing control of resources and governmental powers. Not only are ordinary people harmed, but also capitalists become increasingly unable to coordinate their interests and adopt policies and make investments necessary to counter economic and geopolitical competitors elsewhere in the world. Conflicts among elites and challenges by non-elites determine the timing and mould the contours of decline. Lachmann traces the transformation of US politics from an era of elite consensus to present-day paralysis combined with neoliberal plunder, explains the paradox of an American military with an unprecedented technological edge unable to subdue even the weakest enemies, and the consequences of finance's cannibalisation of the U.S. economy
The book explores the uneven development of capitalism in early modern Europe, challenging the notion of a single cause or a predetermined evolution of economic systems. Richard Lachmann emphasizes the importance of historical contingencies and specific regional factors that influenced the emergence of capitalism in certain areas while leaving others behind. Through this nuanced analysis, he provides a fresh perspective on the complexities of economic development and the diverse trajectories of European regions.
