The last period of destroying and restructuring happened in 1930-45, which led to the new period of building that began in 1945. More specifically, the 1930-45 depression, which was due to the breakdown and restructuring of the money and credit system, led to the new US dollar-based global monetary system (Bretton Woods) that was created in 1944. The large wealth gaps that came about in the Roaring ’20s were narrowed by the depression and war, which led to radical changes in how wealth and power were distributed, and the global war changed world leadership and the world order.
So, in 1945 there was a new beginning with a new money and credit system that was US dollar-based and a new world order that was the American world order. That new American world order was the natural consequence of the US being the richest country (it then had 80% of the world’s gold stock and gold was then money), the dominant economic power (it then accounted for half of world production), and the dominant military power (it then had a monopoly on nuclear weapons and had the strongest conventional forces). It is now 75 years later and conditions have evolved in a number of measurable ways that we will explore in subsequent chapters. That will bring us up to date. Then we can attempt to squint into the future.
