This article focuses on the revival of imperialism post September 11, 2001 and its transformations in the periods prior to September 11. The article also talks about the way globalization has changed international economic relations which either undermine or strengthen international dominance and exploitation.

The recent revival of interest in empire and imperialism has been prompted by recent developments. But the immediate impulse is the changed world situation after September 11, 2001. This has been invoked not only to legitimize the military invasions of Afghanistan and Iraq as well as a more belligerent international stance more generally, partially expressed in terms of US unilateralism in world affairs.

This paper also gives a quick review of how recent economic globalization has advanced imperialism by noting that globalization means different things to different people. At least five aspects of recent economic globalization has served to enhance external economic domination, including the liberalization of foreign direct investment (FDI), international finance and international trade. In fact, such economic liberalization has involved re-regulation, rather than deregulation.

The paper elaborates on how US dominates world economy despite its vulnerabilities as US dollar hegemony has meant that economic growth abroad increases demand for dollar assets. With globalization, the disproportionate rise in cross-border transactions requires even more dollars to cover such dealings. Thus, the world economy is increasingly hostage to US monetary policy as the US Federal Reserve determines world liquidity.