Radhika Desai, professor of Political Studies and director of the Geopolitical Economy Research Group at the University of Manitoba, brings her historical materialist framework to bear on what she calls the “senile” or “moribund phase” of capitalism—marked by deindustrialisation, financialisation, speculative necromancy, ecological destruction, a precipitous decline in political leadership quality, and the imperial wars now ravaging Venezuela, Cuba and Iran. Desai traces the arc from Karl Marx’s monopoly phase thesis through the post-war golden age, the neoliberal turn and its miserly, punitive politics towards working people, to the present moment in which the US-Israeli war on Iran is accelerating the collapse of dollar hegemony and the everything bubble. She connects cultural neoliberalism—identity politics, DEI, pronoun politics—to a deliberate corporate strategy for generating a patina of progressivism while delivering nothing material to working people, with the professional managerial class administering this hypocritical regime. Desai addresses the BRICS question with characteristic nuance, distinguishing between countries that have genuinely rejected neoliberalism and those, like Modi’s India, whose multipolar rhetoric conceals a servile comprador relationship with Washington. Her analysis of the everything bubble, the Triffin dilemma and Iran-driven inflation carries a stark warning—when interest rates rise far enough to contain the oil shock, the dollar system will come down with them.

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