Muhammad Nauman Khan’s wide-ranging essay on economic history – Part II.

The Rise and Decline of Pax Americana

Over one hundred years ago, in 1905, the United States’ gross domestic product per head first overtook Great Britain’s, making it the world’s biggest economy. For over a century, the US has dominated world affairs, leading the global economy and the institutions that preside over it . . .

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Gore Vidal, an American writer and a public intellectual, who was a lifelong critic of American imperialism, was one of the     first to spot that the military-industrial-financial complex was driving America into a state of perpetual war; he was equally outraged by the corporatisation of the US political system through crony capitalism . . .


These days immigrants searching for the “American dream” are doomed to disappointment. Persistently high unemployment and a squeeze on the incomes of the middle class do pose a real threat to the “American dream.” The great American middle class is in long-term crisis. Most people cannot get secure, well-paid jobs any longer . . .   

Click here the-history-of-capitalism_part_ii for  the second part of Nauman Khan’s essay which focusses on the factors that led to US prosperity and the nation’s  eventual economic and moral crisis.