A monetary history of American power
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A monetary history of American power
Michael Hudson’s third edition returns to the economic shifts surrounding the end of the dollar’s link to gold in 1971. The description places that change in the context of the earlier breakdown of the London Gold Pool and U.S. overseas military spending, connecting monetary policy with the country’s balance-of-payments deficits. The book’s stated subject is the economic strategy of American empire, approached through this historical account of the dollar and the international monetary system.
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This edition of Super Imperialism is the finalized version of the analysis that Michael Hudson first published in the wake of President Nixon severing the dollar's link to gold in August 1971. Closing the gold window had been imminent since the London Gold Pool was disbanded in 1968 in response to the U.S. overseas military spending that had pushed the balance of payments into steadily deepening deficit since the Korean War (1950-51).
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