Super Imperialism: The Origin and Fundamentals of U.S. World Dominance / Edition 2

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Overview

Michael Hudson's brilliant shattering book will leave orthodox economists spluttering. Classical economists don't like to be reminded of the ugly realities of Imperialism. Hudson is one of the tiny handful of economic thinkers in today's world who are forcing us to look at old questions in startling new ways. Alvin Toffler, best-selling author of Future Shock and The Third WaveThis new and completely revised edition of Super Imperialism describes the genesis of America's political and financial domination. Michael Hudson's in-depth and highly controversial study of U.S. financial diplomacy explores the faults built into the core of the World Bank and the IMF at their inception which — he argues — were intended to preserve the US's financial hegemony. Difficult to detect at the time, these problems have since become explicit as the failure of the international economic system has become apparent; the IMF and World Bank were set up to give aid to developing countries, but instead many of the world's poorest countries have been plunged into insurmountable debt crises. Hudson's critique of the destructive course of the international economic system provides important insights into the real motivations at the heart of these institutions - and the increasing tide of opposition that they face around the world.
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Editorial Reviews

Alvin Toffler
Michael Hudson's brilliant shattering book will leave orthodox economists spluttering. Classical economists don't like to be reminded of the ugly realities of Imperialism. Hudson is one of the tiny handful of economic thinkers in today's world who are forcing us to look at old questions in startling new ways.
Read More Show Less

Product Details

  • ISBN-13: 9780745319896
  • Publisher: Pluto Press
  • Publication date: 1/20/2003
  • Edition description: New Edition
  • Edition number: 2
  • Pages: 448
  • Sales rank: 913,409
  • Product dimensions: 6.08 (w) x 9.06 (h) x 1.18 (d)

Meet the Author

Michael Hudson is an independent Wall Street Financial Analyst. He has taught in the New School of New York and at the University of Kansas Missouri. He has published widely on the topic of the US’s financial dominance.He has held the position of financial analyst for the Vatican for three years, and has also been an economic advisor to the Canadian, Mexican, Japanese and S Korean governments.
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Table of Contents

Preface to the second edition, 2002
Introduction 1
I Birth of the American World Order: 1914-46
1 Origins of Intergovernmental Debt, 1917-21 39
2 Breakdown of World Balance, 1921-33 58
3 America Spurns World Leadership 80
4 Lend-Lease and Fracturing of the British Empire, 1941-45 119
5 Bretton Woods: The Triumph of U.S. Government Finance Capital, 1944-45 137
6 Isolating the Communist Bloc, 1945-46 162
II The Institutions of the American Empire
7 American Strategy within the World Bank 179
8 The Imperialism of U.S. Foreign Aid 217
9 GATT and the Double Standard 248
10 Dollar Domination through the International Monetary Fund, 1945-46 265
III Monetary Imperialism and the U.S. Treasury Bill Standard
11 Financing America's Wars with Other Nations' Resources, 1964-68 291
12 Power through Bankruptcy, 1968-70 309
13 Perfecting Empire through Monetary Crisis, 1970-72 328
14 The Monetary Offensive of Spring 1973 348
15 Monetary Imperialism : The Twenty-first Century 377
Notes 394
Index 413
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  • Anonymous

    Posted May 22, 2003

    Useful account of US feet of clay

    Hudson is a Wall Street economist who used to work at the Chase Manhattan Bank. In Part One, he describes the rise of the American empire. Part Two describes its institutions: the US-controlled World Bank, the World Trade Organization and the International Monetary Fund, which all benefit the USA. The US has the sole veto power in all three. Part Three describes what Herman Kahn called `the greatest rip-off ever achieved¿, the way the US¿s ruling class levies us all to pay for its aggressive wars, just as the Roman Empire levied tribute to pay for its constant wars. Similarly Britain, Germany and Japan all pay for the US¿s military bases in their countries. In 1945, as in 1918, Britain led Europe¿s capitulation to the USA¿s debt demands. The British ruling class chose dependency on the US ruling class. The USA insisted that Britain ended the sterling bloc, accepted IMF controls, did not impose exchange controls, and did not devalue. As Hudson writes, ¿The Anglo-American Loan Agreement spelled the end of Britain as a Great Power.¿ The 1945-51 Labour government¿s huge spending on unnecessary imperial, counter-revolutionary wars robbed our industry of investment. This excessive military spending meant that we had constantly to borrow from the IMF, increasing our dependence on the USA. Now Britain is the USA¿s Trojan horse in Europe, against Britain¿s interests. Hudson immodestly claims that his analysis supersedes Lenin. He says that the US national government¿s interests, not the private interests of the capitalist class, drive the system. He claims that the US government subordinates `the interests of its national bourgeoisie to the autonomous interests of the national government¿. But is the US government really independent of the capitalist class? How `autonomous¿ are these interests? Dick Cheney for one might appreciate the humour of this notion of `autonomous interests¿- as US Vice-President, he still gets a $600,000 retainer from Halliburton Oil! Clearly, as Lenin would recognise today, the US government represents and promotes only the interests of the US capitalist class, which can only be beaten by the working class, the real superpower.

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