However, whereas the pound was pegged at $4 to £1 in 19386 , the war had damaged the British economy so much, that the previously strong pound had to be devalued against the dollar to $2.80 to £1 in 19497 . But the economy of the United States on the other hand was not weakened by the war and in fact emerged much stronger than the imperialist European economies. This can be demonstrated by the fact that after the war, the Gross National Production of the United States was 50% higher, while Europe’s GNP was 25% lower8 , this is understandable because a lot of fighting and bombing raids took place in Europe which devastated European, in particular British, industry. The United States, a nation born out of anti-imperialist revolution, was able to dictate the terms of much