I thoroughly enjoyed reading Super Imperialism by Mike Hudson. While the book was slow at points, the knowledge obtained was well worth the effort. The book starts at the beginning of the 20th century and takes the reader chronologically through time elucidating the consequences of the major economic and geopolitical events of the 1900's related to the thesis.
Hudson examines the consequences of the following:
The burden of WWI on the economies of the western world leading to the United States becoming the creditor of Allied Powers and holder of most of the world's gold.
The breakdown of the world economic order including post WWI Germany and events leading up to the Great Depression.
WWII and Lend Lease aid to the Soviets.
The lessons learned from WWI's crushing reparation payments result in the creation of the IMF and World Bank.
How the U.S. found itself in a position where millions of soldiers were returning to a domestic economy geared for arms production and the switch to post war rebuilding of Europe.
The inception of the IMF and World Bank and details of how these NGO's are used for imperialism
The establishment and demise of Brenton Woods.
The closure of the Gold Window after the Vietnam War spending destroys confidence in the dollar.
The rise of the petrodollar and briefly touching upon the end of the petrodollar system
The imperialism of USAID.
Taken together Super Imperialism is the story of the United States' rise to the apex of economic power becoming the world's major creditor, rebuilding post WWII Europe and Japan, the benefits achieved from the dollar's status as the world reserve currency, to the end of the gold backed dollar through the squandering of the United States finances in Vietnam. The Petrodollar-Dollar system takes hold and the recycling of oil revenues into U.S. Treasuries leads to Super Imperialism by the U.S. now the world's major debtor nation in a sort of too big to fail or if the U.S. crashes the whole world goes down with it scenario.
Although I read the book a while back, I find myself reflecting back on Mr. Hudson's Super Imperialism regularly. Super Imperialism provides critical insight into the understanding of the economic history of the 20th century.
Many Americans don't understand the connection between the national debt and Imperialism. The unique ability the U.S. has to fund hundreds of military bases around the world. Why does the U.S. spend more on the military than the rest of the world combined especially when 40% of the budget is borrowed. I look forward to reading Hudson's other book Global Fracture: The New International Economic Order which picks up where Super Imperialism left off.
Global Fracture: The New International Economic Order
The Hidden Hand of American Hegemony: Petrodollar Recycling and International Markets (Cornell Studies in Political Economy)
Petrodollar Warfare: Oil, Iraq and the Future of the Dollar



