The essence of the Mayflower Compact, which embodies the founding spirit of the United States, is that the state must be a tool of capital which is absolutely controlled by businessmen who abide by corporate contracts. Since the Independence Day, the US government has set up a corporate central bank chartered by the state but owned by private investors, and thus has lost financial autonomy; since the Federal Reserve was set up, the US government has lost the right to issue currency, and only possessed that of issuing bonds. With its credit transferred to the Wall Street, the United States has degenerated into a semi-colonial country controlled by the Wall Street. By the 20 th century, Western countries, especially the United States, had developed from liberal capitalism to monopoly capitalism. Once financial capital controls the real economy, it will evolve into usury capital and dominate the entire society, which will cause shrinking in social production, interruption of the country’s growth and its decline, though such growth and decline both take place in a spiral rather than linear manner.

Editor: Zhong Yao、Zheng Yifan

From:World Socialism Studies.2021.No.5.