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St. Petersburg International Economic Forum (SPIEF) 2024: Marking the Rise of the Global South Century and Decline of Western Economies

St. Petersburg International Economic Forum (SPIEF) 2024: Marking the Rise of the Global South Century and Decline of Western Economies

This year, SPIEF’s theme was “The Foundations of a Multipolar World – The Formation of New Areas of Growth.”

The St. Petersburg International Economic Forum, an annual event bringing together global leaders, policymakers, and influential business figures, took place in St. Petersburg, Russia from June 5th to 8th, 2024. Attendees representing 130 countries and roughly 3 billion people worldwide attended. This year, SPIEF’s theme was “The Foundations of a Multipolar World – The Formation of New Areas of Growth.”

Foreign companies are eager to access the Russian market’s potential, despite Western sanctions aimed at isolating Moscow.

Deals involve firms from Europe, Asia, and the Middle East, suggesting a pragmatic approach prioritizing commercial interests over politics and avoiding missed opportunities in Russia. The diversity of participants indicates many businesses recognize the risks of being left out of this lucrative market.

What should be a wakeup call for the global West is instead falling on deaf ears. While Washington and European capitals report declining economies, Russia, in spite of severe sanctions, continues to adapt and flourish.

Policymakers are not testing their countries’ long-term economic policies against the implications of the rise of multipolarism. Let’s consider the Green/degrowth policies favored by the Biden administration and former European economic powerhouses like Germany. They are not protecting the future of their people. 

SPIEF 2024 introduced concepts the Global South Century will move forward on driving the world economy while the American and European economies recede. Russia is positioning itself as a leader.

What Is the Global South?

Take the 3.5 billion population of China, India, and the ASEAN countries, for example.

In 2000, only 150 million of these people enjoyed middle-class living standards. Today, the number has exploded to around 1.5 billion, double the total population of Western countries. And it is predicted to grow to 3 billion by 2030.”

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A World At War (Again)

A WORLD AT WAR (AGAIN)

World War III has already begun, and not much can stop it. That is an unpopular statement, for several reasons. Chief among them is the denial people are afflicted with when it comes to considering uncomfortable truths. But no matter what, the coming years will change the face of the earth forever, and we need to stop denying the reality of it. Instead, we need to wake up to the changes and begin preparing physically and mentally for the collapse of the civilization that we have known for so long. For a post-collapse world that brings into question our place in on this planet.

WE ARE ALREADY AT WAR

It does not have to feel like there is a global conflict for there to be one. In fact, such a war could already be set for kinetic manifestation at a moment’s notice, only waiting for a single small spark to ignite an undeniable conflagration. Some crazy nationalist shot Archduke Ferdinand back in 1914 and started the First World War, at least on paper. In reality, that war was already being fought, but that spark was the shock that everyone notes as the beginning. In our uniquely American understanding of it, World War II kicked off after the Japanese attack on Pearl Harbor, but there were plenty of places in Europe at the time that would say confidently that the war was already raging before that. We Americans just hadn’t gotten involved officially yet, that’s all. The marks of tension and brewing conflict had been there all along, and in hindsight, we can plainly see the ‘world domination’ goal of the aggressors.

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Will the Global South break free from dollarized debt?

Will the Global South break free from dollarized debt?

In his latest book, economist Michael Hudson pits socialism against finance capitalism and tears apart the ‘dream civilization’ imposed by the 1 percent.
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Michael Hudson’s new book on the world’s urgent global economic re-set is sure to ruffle some Atlanticist feathers.

Photo Credit: The Cradle

With The Destiny of Civilization: Finance Capitalism, Industrial Capitalism or Socialism, Michael Hudson, one of the world’s leading independent economists, has given us arguably the ultimate handbook on where we’re at, who’s in charge, and whether we can bypass them.

Let’s jump straight into the fray. Hudson begins with an analysis of the “take the money and run” ethos, complete with de-industrialization, as 90 percent of US corporate revenue is “used to share buybacks and dividend payouts to support company stock prices.”

That represents the apex of “Finance Capitalism’s” political strategy: to “capture the public sector and shift monetary and banking power” to Wall Street, the City of London and other western financial centers.

The whole Global South will easily recognize the imperial modus operandi: “The strategy of US military and financial imperialism is to install client oligarchies and dictatorships, and arm-twist allies to join the fight against designated adversaries by subsidizing not only the empire’s costs of war-making (“defense”) but even the imperial nation’s domestic spending programs.” This is the antithesis of the multipolar world advocated by Russia and China.

In short, our current Cold War 2.0 “is basically being waged by US-centered finance capitalism backing rentier oligarchies against nations seeking to build up more widespread self-reliance and domestic prosperity.”

Hudson presciently reminds us of Aristotle, who would say that it is in the interest of financiers to wield their power against society at large: “The financial class historically has been the major beneficiary of empires by acting as collection agents.”

…click on the above link to read the rest of the article…

How the Global South Can Lead the Way to a Post-Growth Future

Evidence suggests small to medium-size enterprises in the Global South are prioritizing social and environmental impact over economic growth.

Wind turbines, Lake Turkana, Kenya. By Kariuki Chege via Unsplash

How important is economic growth to enterprises in the Global South?

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Crashing currency chaos spreads across the Global South

Crashing currency chaos spreads across the Global South

Cryptocurrencies show promise as economies stumble under sanctions and other pressures

Iran oil exports will likely drop to just over 2 million barrels a day pushing the rial lower. Photo: iStock

Iran oil exports will likely drop to just over 2 million barrels a day pushing the rial lower. Photo: iStock

Olduvai IV: Courage
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Olduvai II: Exodus
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