Mazzucato: U.S. hegemony has ended, we're witnessing 'fall of Rome'

Shift from unipolar U.S.-led order toward multipolarity; rising powers (China, India) gaining relative influence; traditional allies reassessing strategic autonomy; potential weakening of Western institutional frameworks (NATO, WTO, IMF); increased competition for regional hegemony.

Fall of Roman Empire (5th century): overextension of military commitments, economic strain, loss of peripheral control, rise of competing regional powers, institutional decay—though modern context differs (nuclear weapons, economic interdependence, faster information cycles).

Potential currency volatility, higher import costs if dollar weakens, increased uncertainty in investment returns, and possible shifts in global supply chains affecting consumer goods pricing and availability.

Governments may pursue de-dollarization strategies, regional trade blocs, industrial policy protectionism, and increased defense spending. Central banks may diversify reserve currencies. Trade agreements may shift away from U.S.-centric frameworks.