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WTF Happened In 1971?
(wtfhappenedin1971.com)
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this post was submitted on 28 Apr 2024
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For an actual explanation for what happened in 1971, economically and monetarily at least, go ahead and read Michael Hudson's Superimperialism and Global Fracture. Superimperialism was so prescient at its original publishing that the US government itself used the book and the theory as a manual on how to be better superimperialists right back around 1971, and hired Hudson as a consultant.
I won't comment on the fascist economics presented in the linked website.
I just read Imperialism: The Highest Stage of Capitalism and I was thinking how US hegemony kind of fulfilled Kautsky's idea of ultra-imperialism, i.e. an imperial cartel of imperial powers that allows total international banking collaboration, but how Lenin was still proved right by the fact that war continued to happen even after the imperialists consolidated their financial empires. War isn't just caused by inter-imperial conflict, imperialism itself requires war to generate superprofits and requires underdevelopment to partake in superexploitation.
Might have to check Superimperialism out.
From my reading Hudson's Superimperialism is an more an extension of Lenin's Imperialism, based on how material conditions had evolved over the interim fifty years and the lessons learned from (at initial publication) the first generation or so of US dollar hegemony. To simplify it maybe too much, it adds a monetary dimension to the already established framework of finance capital being the driving force behind imperialism.
Superimperialism is indeed the same English term often used for Kautsky's Überimperialismus hypothesis. Yet apart from the initial parallel of a global cartel, ie. dollar hegemony, I don't see much of Kautsky's ideas represented in Hudson's work, but I'm also not terribly familiar with überimperialism.
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