Super Imperialism: The Origin and Fundamentals of U.S. World Dominance
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"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 Wave This 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.
experiences were overshadowed by a single fact: the shift in the world’s center of gravity “from Europe, where it had existed since the days of Marathon, to America.”34 He concluded that a new era of world politics was opened, which one could call Super Imperialism (Überimperialismus). “In order not to be misunderstood,” he explained, “I turn the concept of imperialism upside down. I understand by Super Imperialism that stage of the capitalist epoch in which finance capital mediates political
in 1972 have since become explicit. First has been the U.S. Treasury’s ability to run up an international debt of over $600 billion, using the balance-of-payments deficit to finance not only its widening trade deficit but its federal budget deficit as well. To the extent that these Treasury IOUs are being built into the world’s monetary base they will not have to be repaid, but are to be rolled over Hudson(R) 00 prelims xvi 18/11/03 15:09 Page xvi Super Imperialism indefinitely. This
out U.S. industrial companies, even their European holdings. Just the opposite, as later chapters will describe; despite America’s shift into debtor position vis-à-vis Europe, American private investors continued to buy out European companies. This contrast between the 1930s and 1960s and 1970s should be borne in mind while reviewing the American diplomacy leading up to World War II. It shows how difficult it is to gain international acquiescence in a change in underlying financial and property
officials and their appointees. Assuming that the United States wanted its loans to be repaid this time, this was the proper way to go about things. Europe’s postwar borrowing was mainly to finance reconstruction, and hence was self-amortizing to the extent that the projects it financed helped restore the continent’s earnings base and gradually permitted an export surplus to be produced over and above rising domestic consumption standards. Because the loans were for productive purposes, and
American Economic Association on “What Should Hudson(R) 01 chaps 8 18/11/03 15:17 Page 8 Super Imperialism be the Relative Spheres of Private Business and Government in our Postwar American Economy?” most respondents held that the distinction between private business and government policy was becoming fuzzy, and that some degree of planning was needed to keep the economy working at relatively full employment. This did not necessarily imply a nationalist economic policy, although that