After WWII, the United States, countervailing the socialist bloc, built up a world-wide governing regime which rallied capitalist countries and controlled former colonies. We call it "Cold War Imperialism". This was the new imperialistic superstructure which was superior to the old-type imperialism (nationalistic expansion of influence areas). Under this regime capitalist countries achieved high economic growth. But contradictions of this regime led to (1) the breakdown of the IMF currency system, and (2) "twin deficits" of the United States (budget deficit and current account deficit). The United States covered twin deficits by the capital inflow from trade surplus countries (especially Japan), and surplus money which exceeded the current account deficit flowed out for capital export. We term this commodity and capital circulation of the US "parasitic international circulation". Consequentially, in 1980s the United States became an indebted nation. During 1990s the United States provided momentum for the IT revolution and the globalization, with the result that "twin deficits" got worse. The parasitic international circulation of the US expanded to included China and East-Asian countries. This circulation became more vulnerable. In the post Cold War era the United States is trying to reestablish the world-wide governing regime of "the Cold War Imperialism"-style chanting a slogan "fight terrorism". But, being burdened with economic weaknesses, the United States tends to pursue areas of national interest such as the war against Iraq, and thus the integration of the capitalist world under the leadership of the US (Contemporary Imperialism) will become deadlocked.

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In this article we use the term "Imperialism" rather than the currently more popular term "Empire" to characterize of recent American power. Imperialism implies an aggressive expansion of a country's influence on other countries. On the contrary, the term "Empire" suggests a stable state like that of ancient Rome. America cannot establish herself as such a stable state as a fundamental characteristic of the United States is one of dynamic expansionism. A feature of America's history from her British colonial days until today has been one of continual expansion of her influence over others. American Imperialism is the biggest disaster to affect all of the people of earth, not only for non-Americans but for Americans themselves. It destroys them through every aspect of life: culturally, economically, politically, socially and militarily. In other words, American Imperialism is often referred to as globalization. Globalization is no more than global Americanization. For non-Americans, Americanization ruins their lifestyles, just like those of the Native American Indians. In this article, a few aspects relating to the destructive character of Americanization are analyzed and discussed. From an economic perspective, the original sin in American history was rapid economic growth, mass production and its dynamic and speculative nature. From 1820 to 1979, America's annual economic growth was 3.8%. For the same period, the average annual growth rate for all advanced countries, including the United States, was 2.5%. Accordingly, America's growth rate is 50% higher than that of the advanced countries average! The cause of this difference comes mainly from its population growth. American population growth rate was double that of advanced countries average growth rate due to immigration from European countries and the importation of Africans as slaves; although many Native American Indians were killed. However, per capita growth is only slightly higher than that of the advanced countries' average. This was achieved because of American fertile resources supported by large tracks of land taken from Native American Indians when they were killed. Usually, economic growth is thought to be good for the whole of society. But, by my theory of mass excessive enrichment, rapid economic growth is a path to ruin for mankind, because of the destruction of the ecological environment, by exhaustion of natural resources and by distortion of human nature caused by merchandization in the pursuit of monetary gain. So, America is the leader in ruining the whole world by economic activity. Economic speculation is an important feature of the American economy. Generally speaking, speculation can be conducted in every monetary economy, but the tendency to speculate is especially strong in America. This comes from farmer's habit to speculate using the value of their land which they obtained for a pittance. Of course the land was the property of Native American Indians killed by the settlers. Land speculation and securitization instead of bank credit gave the American economy an unusual speculative character. American people want to expand this character to the whole world to make monetary gains by merchandizing every business enterprise in the world. This is the essence of globalization. Mass production represented by frequent model changes in the automobile industry played an important role of America's economic success. But the question is "are they aware of the fact that this production methods requires large tracks of cheap land for production and storage of industrial waste was achieved by killing Native American Indians? The question is how can people living in densely populated areas maintain their standards of livings and lifestyles when American production methods which cause large amounts of industrial waste are introduced due to

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In this paper, I will try to trace 3 stages of US hegemonic strategy after the Second World War: (1) Modified Imperialism of Cold War era, (2) Neo-liberal globalization of Bill Clinton administration,. (3) New Imperialism(Imperialist globalization) of G.W. Bush administration. I also would like to uncover the reason why such transformation of imperialistic strategy has taken place,and to make clear its impacts, from awakening of Casino economy, to widening a gap between haves and have-nots. One of my focus in this paper is an inquiry to the implication of space dominance strategy of US military, especially US Space Command . I also try to discover how and why Bush administration had wanted to wage a war on Iraq and its aftermath.

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This article considers the relationship between the Gulf War and the Iraq War which symbolize the post Cold War period and the character of the American System. An important point that in the 1970's the Cold War system changed with the United States' influence over other countries starting to decline. During this process, American capitalism should have halted the decline and forced liberalization of the communication and finance industries of other countries and globalization. In the 1990's, American economy recovered with the emergence of the IT revolution and the so called "New Economy". This recovery resulted in a fiscal surplus. With this overwhelming power from a singular polar system, the United States controlled political and military affairs; and economic recovery encouraged reinforcement of American hegemony, and the push ahead with the"New War"; that is, the "War on Terrorism". However, the trade and current account deficit increased further and increased the instability of the dollar. American economic recovery by financial liberalization promoted international speculation; and increased the instability of the world economy. Globalization of countries has increased the gap between the rich and poor domestically and internationally. Furthermore, the dismantling of the welfare state has destroyed social integration. It may be said that the terrorism of 9/11 is the result of these changes.

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This paper critically investigates the classical preposition that the natural prices are the center of gravitation towards which market prices should move through the equalization process of industries' rates of profit. While intensively studied in 1980s and early 90s, in recent years concern for this subject seems to have declined mainly because a series of studies showed that it was by no means easy to construct a model in which rates of profit tended to be equalized. The purpose to take up this problem here is to reconsider the logic of classical argument on gravitation and to analyze systematically the dynamic nature of cross adjustment process where differentials in profit rates trigger the change of production and excess demand in each industry leads to the change of market price. In spite of the erroneous reasoning about the relation between price deviations and profit deviations, if the positive profit deviation in one industry always leads fall of its market price, the classical argument on gravitation is basically valid. The real flaw in the classical argument is that it overlooks the derived change of demand and thus fails to connect price-production movements with the balance between production and demand. This flaw can be removed by combining the adjustment of production caused by differentials in profit rates with the price movement reacting to excess demand. Thus whether the classical argument is right or wrong eventually depends on the dynamic nature of cross adjustment process. Except for few particular cases, cross adjustment brings about at best the permanent fluctuation of production and prices within a closed orbit and quite often leads to their unstable movement. The analysis in this paper demonstrates the above by multi-sector models with various assumptions on time and production period. Models consisting of three or more sectors are more likely to be instable than two-sector models. Furthermore, cross adjustment always causes instabity in discrete time models. Particularly notable is the fact that introduction of the budget constraint does not contribute to the stability of cross adjustment. It is possible to give classical cross adjustment asymptotic stability by introducing 'neo-classical' price substitution effect or 'Keynesian' quantity adjustment. However, considering the deep differences among classical, neo-classical and Keynesian economics in their theories of production adjustment, their mechanical conjugation is of little theoretical significance, even though cross adjustment extended by such conjugation may gain stability. It would be hasty to interpret the above results as 'refutation' of the classical preposition on equalization of profit rates. There are many prepositions or hypothesis in economics lacking logical 'proof' but frequently used for their usefulness or as stylized empirical fact. For the time being, the classical preposition may be regarded one of those prepositions. The model analysis in this paper throws serious doubts not to the classical preposition itself but rather to its underlying mechanisms of price-production adjustment supposed by classical economists. Especially, the mechanisms that firms increase (decrease) their production when their profit rates are above (below) the average level does not sufficiently refrect one of the most important features of capitalist economy that capitalist firms are usually under demand constraint. At any rate, future search of theoretical foundation of profit equalization should start from the different vision on the fluctuation process triggered by differentials in profit rates.

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Theory of liquidity preference has been a point of debate in Post Keynesian endogenous money supply theory. Formally in endogenous money framework money is an endogenous variable and interest rate is an exogenous variable, while in liquidity preference theory interest rate is endogenous. In this debate holizontalists deny liquidity preference as determining factor of interest rate and contend exogenous interest rate, while structuralists try to place liquidity preference positively in endogenous money supply theory. In recent years French-Italian circulationists take part in this debate. There are many similarities between circulationists and holizontalists, and theory of monetary circulation has been introduced into Post Keynesian monetary theory. In the debate on liquidity preference focus of discussion is mainly on liquidity preference as theory of interest rate determination, and there are few studies which examine in detail how liquidity preference as demand of money works. Accordingly in this paper from a standpoint of Post Keynesian theory we investigate theory of monetary circulation, and clarify how liquidity preference and investment decision act in the framework of monetary circulation. In section II of this paper we survey the dealings of liquidity preference theory in Post Keynesian literature, and examine the debate in endogenous money supply theory. In section III we investigate the position of liquidity preference in the framework of monetary circulation theory by carefully distinguishing liquidity preference and portfolio selection. In the last section as a conclusion we consider the position of liquidity preference theory in this framework, and clarify the possibility of this framework. Conclusions of this paper are: (i) First, in liquidity preference theory there are two sides of determination theory of interest rate and theory of demand for money. Liquidity preference theory as determination theory of interest rate is not consistent with endogenous money supply theory, and liquidity preference as theory of demand for money plays important role in monetary circulation theory. (ii) Secondly, in the theory of endogenous money supply liquidity preference theory is not determination theory of interest rate, but it is integrated. Because transaction motive and finance motive in the classification of motive for holding money by Keynes are treated in endogenous money supply theory. Speculative motive which is demand as a stock is rather problematic. In the process of monetary circulation this motive does not occur until money comes in the hand of workers. Workers do not consume all the money they receive, and the part they do not consume is saving. If liquidity preference of workers increases, effective demand decreases. That is, liquidity preference of workers leads to leakage of money from the system, determine the level of effective demand, and affect the level of activity. The central bank basically determines short term rate of interest, nevertheless liquidity preference of bank has some influence on lending rates and deposit rates, and liquidity preference of participants of financial market affect long term rate of interest. Finance motive is demand for finance which is necessary for investment in advance, and this is the starting point of monetary circulation theory. (iii) Thirdly, in the framework of monetary circulation principle of effective demand has also play important role. Because liquidity preference of workers affects consumption by deciding saving, as a result it determines effective demand. Effective demand determines revenue of firm, and affect action of next step of bank and firm. In this sense principle of effective demand place central in this framework. (iv) Fourthly, the place of portfolio selection in this framework is the problem to be solved. In this framework financial market plays only complementary role. The role is that bank and

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This paper takes the formation of Chinese commodity economy during the Spring and Autumn Period and the Warring States Period as a concrete example, microscopically to prove the theory of historical materialism about the production capacity, especially its components - the principle that technology determines the social economic structure (industry, transaction, market and so forth). During the Spring and Autumn Period and the Warring States Period, the invention of iron and the progress of smelting techniques enabled the iron farm tools to be spread, therefore the agricultural production capacity was improved remarkably. On one hand, the improvement of production capacity caused the individual peasant families to separate from the clan community, and they started to work as independent producers. On the other hand, the farm surpluses started to appear. These improvements prepared the conditions for the appearance of the initial commodities. As a result of the increasing demands of iron, the former governmental industry structural framework was destroyed, and the privately operated iron handicraft manufacturing started to appear. In addition, the use and the spreading of iron tools enabled the handicraft industries, such as the salt industry, the textile industry etc., to develop and also to liberate themselves from the rules and regulations of the clan community. Thus, the privatization of the production means and the spontaneous social division of labor provided the conditions for the commodity productions. Taking the iron and salt as a priority, the multitudinous products of labor turned to the commodities. At the same time, the preparation of roads and waterways expanded the scope of the commodity exchanges. The city prosperity and the merchants' activities further promoted the developments of the commodity economy. The appearance of currency was the symbol of the formation of the commodity economy.

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