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Dollar Imperialism: How US Finance Dominates the World
Posted
August 19, 2026
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116
August 19, 2026
116
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7:04Now PlayingDollar imperialism explained. Economist Costas Lapavitsas breaks down how US finance, multinational corporations, and the dollar system hold the global economy together, and why Washington will fight to keep it that way.
China now dominates world production. The workshop of the world moved east decades ago. American industrial capacity followed. And yet US power persists through a different channel: the multinationals that control global production chains, the banks and investment funds headquartered in New York, the legal framework that governs global debt, and above all the dollar that every transaction pivots on.
Costas explains why that combination gives Washington leverage over China even now, why the US elite spent decades believing the arrangement would last forever, and what happens when rising powers begin to challenge the currency at the center of it.
From our full episode with Clara Mattei on the Iran war and the new imperialism.
GUEST:
Costas Lapavitsas is Professor of Economics at SOAS, University of London. His latest book is The State of Capitalism (2023). Recent articles include "A Topography of the New Dollar Imperialism" (New Left Review) and "Trump's Chaotic Imperialism" (Socialist Register).
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