The left has a long history of predicting the decline of US capitalism and empire. Some argue that Trump is a symptom of that decline — a strongman chosen by capital to set things right — and that the ill health of U.S. capitalism is paralleled by the decline of the dollar. Political economist Stephen Maher counters that U.S. capitalism is robust — to the detriment of most of us.

Gregory Albo and Stephen Maher, eds. Socialist Register 2026: Late-Stage Capitalism? Accumulation in the Ruins Monthly Review Press, 2025

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