First-Class Passengers on a Sinking Ship

First-Class Passengers on a Sinking Ship:Elite Politics and the Decline of Great Powers

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How all great powers decline—including the US

The extent and irreversibility of US 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 US economy.

Reviews

  • This is a powerful, often brilliant, comparative account of the rise and especially the decline of hegemonic powers, focusing most on the Netherlands, Britain, and the United States. Emphasis is placed on the way in which competing elites within the hegemon pursue their own narrow interests to block effective coping with decline. Particularly sobering and convincing is the bleak outlook presented for the future of the United States.

    Michael Mann, Author of The Sources of Social Power, Distinguished Research Professor, UCLA
  • 'Hegemonic decline,' to borrow a phrase from one of Trump's ancestors, makes one want to release the safety catch on one's Browning. A petrified debate whose time had come and gone.... or so I believed until I opened Lachmann. This is a highly original synthesis that blends world systems theory and comparative history with an astute analysis of contemporary US politics to draw powerful and uncomfortable conclusions.

    Mike Davis, author of City of Quartz
  • One of the most important developments in recent times is the American elites’ loss of influence in global affairs, concurrent with its consolidation of power at home. In this brilliant, sweeping analysis, Richard Lachmann connects the dots and explains how the two processes are related. Placing the United States in the context of its imperial predecessors, he helps us understand America’s place in the rogues’ gallery of global powers. And most importantly, he helps us see that the American oligarchs will be perfectly happy to see the rest of the nation sink, if that’s what it takes to hold on to their dwindling possessions. A work of great depth and moral clarity, it deserves the widest possible audience

    Vivek Chibber, author of The Class Matrix