(Wrapping 1972:)
Super
“THE MOST IMPORTANT WORK
ON IMPERIALISM SINCE LENIN”
-TERENCE McCARTHY
Holt, Rinehart, Winston
(Backside:)
"What the United States did
not learn during the 1930s,
that is now in the process of learning, is that as borrower
instead of lender, in fact that a bankrupt on international
accounts, strongly industrial nation can exercise even greater
falls in the world of nations than a solvent creditor country
can exercise during its overwhelming creditor status."
"Effectively speaking, the United States has compelled
the older nations of the West to pay for the overseas costs
of the US war in Asia. Whatever they may desire, the cen-
tral banks of Europe had no choice but to continue to
except the paper dollar equivalents annually created as the
domestic and overseas deficit of the United States increase .
Otherwise, the whole of shaky structure of the world monetary
system will collapse into rubble .America has succeeded in
forcing other nations to pay for its wars on a systematic basis,
something never before accomplished by any nation in history ."
"Never
before has a bankrupt nation dared insist that its
bankruptcy become the foundation of world economic
policy; that, because of its bankruptcy, all the nations
what their economies transferring its bankruptcy to
themselves, stultifying their industries, and paying tribute
to the beggar ."
(Inside:)
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In 1949 the United States held three-
Quarters of the world’s gold; by 1960 it
Had become a debtor nation.
And yet, the United States has built
history’s most powerful and affluent em-
pire. Its techniques for world domina-
tion remained, at first, the conventional
devices of the economic superstate. In
recent years, however, the United States
las sophisticated its strategy to the point
here, although fallen into serious debt,
it has retained and even ‘expanded its
dominance. The United States has pio-
neered a new form of imperialism in
which the assets of its competitors have
been employed for American ends. The
or now calls the tune for the credi-
tor.
Terence McCarthy, in his Introduc-
tion, calls Hudson’s analysis of the
Debtor superstate “one of the most im-
portant books of this century. It is the
first work to synthesize the new and
different form which capitalist imperial-
ism has assumed since Lenin wrote.”
Michael Hudson teaches international
and monetary economics at The New
School for Social Research, Graduate
Faculty. He has published articles in
Ramparts, the Journal of International
Affairs, Commonweal, Cross Currents
and the Review of Social Economy, in
addition to specialized monographs on
balance-of-payments theory and account-
ing. He has worked as a balance-of-
Payments analyst for the Chase Man-
Latten Bank and for the accounting firm
Of Arthur Andersen, and as a senior
economist for the Continental Oil Com-
In addition, he has lectured at the
Institute for Policy Studies in Washing-
ton, D.C, before the National Associa-
tion of Business Economists in New
York, and elsewhere throughout the
United States. He is currently writing a
history of international trade and invest-
ment theory, and a study of the economic
origins of the American Civil War.
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