UNDER THE IRON HEEL OF WESTERN FINANCIAL INSTITUTIONS: THE COLLAPSE OF COMMUNIST

The modern-world system always functioned on hegemonic free-market economic institutions and ideology. The Cold War represented one era in the history of the modern-world system where both superpowers, the United States (US) and the Union of Soviet Socialist Republics (USSR) or Soviet Union, pursued parallel international foreign policies confirming their hegemonic positions in the world during the Cold War. The superpowers mirrored each other’s foreign policy because their policies represented actions of subversion and intervention in their respective spheres of influence.