I agree with this article but not with his use of the word “capitalism” because it is NOT capitalism that caused these issues and problems around the world. It is CRONY CAPITALISM–partnership between the state and elitist government-connected companies. A better term may be “political capitalism” as set forth by Dr. Randall Holcombe in his latest book. Richard Duke
“America got a second wind from World War I, which devastated European powers and permitted the emergence of the US as a budding world power. World War II finished off Europe and put economic and financial supremacy in Washington’s hands. The US dollar seized the world reserve currency role from the British pound, enabling the US to pay its bills by printing money. The world currency role of the dollar, more than nuclear weapons, has been the source of American power. Russia has equal or greater nuclear weapons power, but it is the dollar not the ruble that is the currency in which international payments are settled”.
The world currency role made the US the financial hegemon. This power together with the IMF and World Bank enabled the US to plunder foreign resources the way vanishing American resources had been plundered.
We can conclude that plunder of natural resources and the ability to externalize much of the cost have been major contributors right through the present day to the success of American capitalism. Michael Hudson has described the plunder process in his many books and articles, as has John Perkins in Confessions of an Economic Hit Man.
As we approach the end of the second decade of the 21st century, the long history of American capitalism fed by plunder seems to be coming to an end simultaneously with the ability of the US central bank to protect existing financial wealth by creating ever more money with which to support stock, bond, and real estate prices. The US has a long history of overthrowing reformist governments in Latin America that threatened American control over their resources. Washington’s coups against democracy and self-determination succeeded until Venezuela. Washington’s coup against Chavez was overturned by the Venezuelan people and military, and so far Washington’s attempt to overthrow Chavez’s successor, Maduro, has failed.“