Rentier Capitalism – Veblen in the 21st century

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In 2012 a conference was held on Thorstein Veblen in Istanbul. It was sponsored by a socialist labor union, the Chamber of Electrical Engineers. We were asked why not focus on Marx. My answer was that Marx had died a generation earlier, and the major critique of finance capitalism had passed to Veblen. This book (from which my following remarks are excerpted) is a series of essays, including by myself and another NC friend, Michael Perelman. The Return of the Repressed Critique of Rentiers: Veblen in the 21st century Rentier Capitalism Michael Hudson Edited excerpt from Michael Hudson and Ahmet Oncu, eds., Absentee Ownership and its Discontents: Critical Essays on the legacy of Thorstein Veblen (ISLET 2016, $35). Simon Patten recalled in 1912 that ...

Democracy’s Debt Ladder

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Economic 'Recovery' Feels Weak Because the Great Recession Hasn't Really Ended, The Real News Network, October 7, 2016. The IMF foretells of vulnerable banks in US and EU while enabling unsustainable debt-leveraging, says economist Michael Hudson. KIM BROWN, TRNN: Welcome to The Real News Network. I’m Kim Brown, in Baltimore. With the worst of the great recession, supposedly, behind us, economic analysts still see signs that we’re not yet completely out of the woods. A new report released Wednesday by the International Monetary Fund shows that some banks in the United States and Europe may not be strong enough to survive another downturn, even with States assistance. Joining us from ...

Review of James Galbraith, Welcome to the Poisoned Chalice (2016)

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Tim Evans Galbraith’s articles and interviews collected in this book (ending in October 2015) traces his growing exasperation at the “troika” – the European Central Bank (ECB), IMF and EU bureaucracy – which refused to loosen their demand that Greece impoverish its economy to a degree worse than the Great Depression. The fight against Greece was, in a nutshell, a rejection of parliamentary democracy after the incoming Syriza coalition of left-wing parties won election in January 2015 on a platform of resisting austerity and privatization. The world has seen the result: In contrast to the support given to countries with right-wing regimes, the ECB and IMF tightened their financial screws on Greece. The incoming finance minister, Yanis Varoufakis – ...