In this article, economist Michael Hudson describes how China created an alternative to the Western neoliberal order, and how the Global South can challenge the parasitic rent extraction of US-centered financial colonialism.

Their choice today, therefore, is between paying their foreign debts – at the cost of blocking their own development – or claiming that these debts are odious and insisting that they be written off.

Their self-determination can only be achieved by joining together in a collective front.

https://geopoliticaleconomy.com/2025/07/17/michael-hudson-global-majority-us-financial-colonialism/