Economists Radhika Desai and Michael Hudson explain the end of the British empire’s sterling area with the rise of the US dollar system, its central role in imperialism, and why it ultimately failed to accomplish Washington’s hegemonic goals.
Every so often, the World Bank puts out a paper that calls for better social protection or at least a somewhat better deal for working people. The public relations people there evidently believe we have very short memories.
Prof. Hudson speaks on the nature of US financial dominance, the role of World Bank in developing countries, USA’s ability to run a huge balance of payment deficit, changes in Russia after the fall of the Soviet Union, the problems of US economy with post-industrialization, and the role of neoclassical economics in all this.
As in a Greek tragedy whose protagonist brings about precisely the fate that he has sought to avoid, the US/NATO confrontation with Russia in Ukraine is achieving just the opposite of America’s aim of preventing China, Russia and their allies from acting independently of U.S. control over their trade and investment policy. Naming China as America’s main long-term adversary, the Biden Administration’s plan was to split Russia away from China and then cripple China’s own military and economic viability. But the effect of American diplomacy has been to drive Russia and China together, joining with Iran, India and other allies. For the first time since the Bandung Conference of Non-Aligned Nations in 1955, a critical mass is able to be mutually self-sufficient to start the process of achieving independence from Dollar Diplomacy.
The gap between what needs to be done to save the Earth from the environmental disaster of unchecked global warming and what is actually being done continues to widen. Yet another exemplar of this gap is the funding practices of the world’s biggest banks.
Nearly 50 years after the original publication of “Superimperialism”, Michael Hudson revisits how the lucrative dollar-based economic system that the US set up after WWII has evolved with the rise of China and the Covid-19 pandemic. What financial weapons is the US likely to use, and does China’s de-dollarisation protect it from such attacks?
Facing the Covid-19 pandemic, the US Congress rammed through the CARES Act — which economist Michael Hudson explains is not a “bailout” but a massive, $6 trillion giveaway to Wall Street, banks, large corporations, and stockholders.
So, Canada, the Canadian people unfortunately are deprived of honest representation of provincial desires, provincial needs, by the fact that the financial sector, the banks, are pretty much running the country.” – Michael Hudson
On the weekend of July 19-21st, 2019, the University of Manitoba became the venue for the 14th Forum of the World Association for Political Economy (WAPE). This annual event represents a gathering of Marxist economists from around the globe, and aims to utilize current understandings on the subject to analyze and study the world economy, reveal its laws of development, and offer policies to promote economic and social progress on national and global levels.
‘The New Rulers Of The World (2001) analyses the new global economy and reveals that the divisions between the rich and poor have never been greater – two thirds of the world’s children live in poverty – and the gulf is widening like never before.
Ethiopia’s new Prime Minister Abiy Ahmed is moving quickly to open up the strategic Horn of Africa country to Western capital. But far from the move being seen as a progressive reform, many Ethiopians and observers are concerned that the new direction is leading the nation into “debt slavery”.