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West’s neoliberal ‘age of abundance’ is over, as war and sanctions boomerang home

France’s President Macron warned of the end of “an era of abundance.” Western wars and sanctions are boomeranging back at home. The neoliberal phase of capitalism is collapsing, having lost cheap Russian energy and cheap labor and consumer goods from China, and with regime-change ops failing.

G7 summit 2022 Germany
The 2022 G7 summit in Germany

France’s President Emmanuel Macron, a former banker, warned that “we are living the end of what could have seemed an era of abundance,” calling it “a kind of major tipping point or a great upheaval.”

Western wars and sanctions are boomeranging back at home. The neoliberal phase of capitalism is collapsing.

Neoliberalism has lost the key pillars it was built on: cheap energy and raw materials from Russia, cheap labor and consumer goods from China, an unsustainable bubble of household debt, low to zero interest rates, and Washington’s ability to organize regime-change operations in any country where a government tried a socialistic or state-led economic model.

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Sources

Russia-gas-exports-to-Europe-by-country-1970-2005

Russian gas exports to Europe, by country, from 1970-2005, via ResearchGate

china gdp per capita

China’s GDP per capita from 1978–2017, via Unicef

household debt US Fed 1945 2019

US household debt from 1945 to 2018, via the New York Federal Reserve

household debt US 2021

US household debt from 2000 to 2021, via Statista

2 Comments

2 Comments

  1. Eric Arthur Blair

    2022-08-28 at 05:05

    Neoliberalism = privatisation of profits and socialisation of losses

    Al Capone’s definition of capitalism: the legitimate racket of the ruling class.

    Interaction between Neoliberal Economic / Financial behaviour and Peak Oil:
    https://econintersect.com/pages/opinion/opinion.php/post/201911272216
    https://econintersect.com/pages/opinion/opinion.php/post/202003080135

    unfortunately the all important explanatory flow charts have gone missing in those articles, however it may be possible to resurrect them with Ben Norton’s help

  2. Paul

    2022-11-13 at 10:29

    Our fellow man can bring a beautiful new world or damnation from neglect.

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