Recently I had the unique opportunity to sit down with Vijay Prashad, distinguished historian, author, journalist, political commentator, and social theorist. In addition to his many awards and accomplishments, Vijay is the executive-director of Tricontinental: Institute for Social Research, editor of LeftWord Books, and a senior non-resident fellow at the Chongyang Institute for Financial Studies, Renmin University of China. Our conversation ran the gamut from the decline of the Western-led world order, China’s position in the contemporary world system, how to make sense of the role of the BRICS countries, and the political possibilities emerging from the current turbulence in the global economy. We discussed China’s long-term strategy of economic modernization—successfully advancing productive forces while at the same time preventing domestic capitalists from consolidating (“congealing”) into a political class powerful enough to hijack China’s political horizons. Unlike in Western economies, where regulatory capture has tended to reinforce capitalist dominance over the state, China’s model has sought to maintain political dominance over capital, while simultaneously benefiting from the its productive capacity. Vijay also explains why he rejects the commonly used phrase ‘socialism with Chinese characteristics’, given its replicability in developing contexts far beyond China (culture and history are important, in other words, but not determinitive). On the question of BRICS, we discuss the grouping as a platform for South-South trade, as well as a broader attempt to rebalance the geography of global commerce. By no means constituting a socialist bloc, Prashad argues that BRICS does present a challenge to U.S.-led financial hegemony—pushing for greater Global South representation in international forums, expanding trade outside the dollar system, and navigating the impact of declining American demand on export-oriented economies. Towards the end of our conversation, we discuss the imperial decadence of the Western establishment, the increasing militarization of NATO states, and the rise of new political movements in the Global South. From Senegal to Sri Lanka, we are witnessing a shift—movements that are no longer content with mere resistance but are willing to contest both state and imperial power directly. This “churning,” as Vijay puts it, is producing unexpected ricochet effects, with new governments emerging in former French colonies and beyond. A bourgeoning global popular appears to be strengthening and diversifying … the question remains as to how it will balance national interests with broader anti-imperialist solidarity. It’s an incredible, whirlwind of a conversation, essential listening for anyone looking to make sense of the current historical conjuncture. If you enjoyed this episode, don’t forget to like, subscribe, and share! Your support helps bring these critical conversations to a wider audience. Works Referenced Bond, P. (2024, January 10). US imperial dominance, BRICS sub-imperialism and unequal ecological exchange. CADTM. Opoku, K., Bertoldi, M., Veneziale, D., & Prashad, V. (2023). Eight Contradictions in the Imperialist “Rules-Based Order.” Tricontinental. Stevenson, T. (2023). Someone Else’s Empire: British Illusions and American Hegemony. Verso. Tricontinental: Institute for Social Research. (2024). Hyper-Imperialism: A Dangerous and Decadent New Stage. Music & Photo Credits Intro Music: Infrared by Hyperdrive Sound | Album: Radiation Funk (2025)Outro Music: Solar by Hyperdrive Sound | Album: Radiation Funk (2025)Cover Pohto: La Tinta (2025) Get full access to Political Economy Today at jarrenrichards.substack.com/subscribe
