Super-imperialism

The origin and fundamentals of US world dominance

Michael Hudson, Pluto, 448 pages, paperback, £25

Most people remember that the victorious allies imposed reparations on Germany after the First World War. But few know that the US loaned billions of dollars to the allies during the war and in insisting on their repayment, set the context for the demand for reparations.

This is just one of the insights of this revised edition of a book first published in 1972. Its main purpose was to chart the origins of US financial dominance of the world economy, especially after the Second World War.

It was one of the first to outline the role played by the International Monetary Fund and World Bank in the global economy. It also explained how, with the dollar as the dominant trading currency, the US could run a large balance of payments deficit and still extract profits from other countries.