RE: [A-List] Michael Hudson: Super imperialism

["bon moun" <sherrynstan@xxxxxxx>]

"Hudson is undoubtedly correct to see the U.S. state and its
institutions as playing a central part in the global political economy.
It is questionable however whether the political and economic
imperialism in which the U.S. state has played such a key role in
building, can be separated from the interests of U.S. private capital to
the degree which Hudson suggests."

[Though it seems certain that the current trajectory of US policy is one
that is counter-intuitive to even the medium-term interests of US
capital.  There is little doubt that private capital and the state must
exist in a dialectical relation to one another, even as they did during
the Hitlerian build-up prior to WWII, but still one where the interests
of the state, insofar as they existed in tension with the interests of
private capital, were privileged.  The character of an ever more
directly-parasitic form of US capital accumulation has been one that
simultaneously privileged the financial pole of US capital, at the
direct expense of its productive pole (with the exception of
combined-defense/energy industries that are now effectively part of the
state apparatus in a new form of military Keynesianism), which has
accelerated the parasitic-character growth of US capital and
fundamentally weakened it. -SG]