The Age of Imperialism, Part II

  • Harry Magdoff
Keywords: Imperialism


A recent article in Fortune reports: "The biggest growth area of United States banking today is not in the United States but overseas.… The expansion overseas is also creating the first truly international network of banks." This development in banking is a fitting complement to the new role of the United States as the leader and organizer of the imperialist order. What could be more natural than the coincidence of (a) the widespread military and political presence of the United States around the globe (via wars, military bases, and military and economic aid); (b) the dominant position of United States capital in the creation of multinational industrial empires; (c) the evolution of the dollar as the key international medium of payments, credit, and reserves; and (d) the growth of multinational banking?