Wallerstein's description of the movement of declining hegemons from production of consumer goods to production of capital goods to production of financial services applies fairly well to the trajectory of the United States

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Wallerstein's description of the movement of declining hegemons is a cyclical model, where declining hegemons move from production of consumer goods to production of capital goods to production of financial services. The United States has followed this trajectory, as it has shifted from manufacturing consumer goods to more capital-intensive industries like technology and aerospace, and now has a large financial services sector.

Wallerstein's Description of the Movement of Declining Hegemons from Production