Equilibrium Theory and Near East Economics

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An interview with acTVism Munich. Johnson Wang   Michael Hudson on the History of Debt Cancellation, Austerity in Europe, January 2020 Rees Jeannotte Hello and welcome. I'm Rees Jeannotte, and you are watching Know Your Stuff. Joining me today is economist and anthropologist Michael Hudson. He is a professor of economics at the University of Missouri, Kansas City, and an author of many books, including Killing the Host, J for Junk Economics, and his most recent “...and forgive them their debts”. Today, we'll be talking with him about his latest book ...and forgive them their debts, the eurozone crisis and the problem of ever-increasing rental and home ownership costs around the world. Professor Michael Hudson, thank you for joining us. Michael Hudson It’s good to be here. Rees Jeannotte How did ...

Democratizing Money – a discussion

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IMMR CoffeeHouse Discussion Forum # 8 Full Transcript (EDITED VERSION) Thurs. Dec. 19, 2019 Michael Hudson on how debt money has pushed the US and European economies to their financial limit. Followed by an open discussion forum. About the speaker: Michael Hudson is an economist and economic historian with a PhD from New York University. Dr. Hudson teaches at the University of Missouri–Kansas City and is associated with the Levy Economics Institute at Bard College. Dr. Hudson's main research focus is on debt, in all its variations and throughout history going as far back as Bronze Age Mesopotamia. Leading questions are how debt comes into being, when and how it creates economic and societal problems, and what measures have been adopted, or can be adopted, in order to deal with ...

The Instrument of Empire

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So, Canada, the Canadian people unfortunately are deprived of honest representation of provincial desires, provincial needs, by the fact that the financial sector, the banks, are pretty much running the country.” – Michael Hudson On the weekend of July 19-21st, 2019, the University of Manitoba became the venue for the 14th Forum of the World Association for Political Economy (WAPE). This annual event represents a gathering of Marxist economists from around the globe, and aims to utilize current understandings on the subject to analyze and study the world economy, reveal its laws of development, and offer policies to promote economic and social progress on national and global levels. One of the keynote speakers at this event was Michael Hudson. He had presented on his ...

U.S. Economic Warfare and Likely Foreign Defenses

Keynote Paper delivered at the 14th Forum of the World Association for Political Economy, July 21, 2019. Today’s world is at war on many fronts. The rules of international law and order put in place toward the end of World War II are being broken by U.S. foreign policy escalating its confrontation with countries that refrain from giving its companies control of their economic surpluses. Countries that do not give the United States control of their oil and financial sectors or privatize their key sectors are being isolated by a United States imposing trade sanctions and unilateral tariffs giving special advantages to U.S. producers in violation of free trade agreements with European, Asian and other countries. This global fracture has an increasingly military cast. U.S. officials justify tariffs and import quotas ...

The DNA of Western civilization is financially unstable

The Delphic Oracle Was Their Davos: A Four-Part Interview With Michael Hudson: (Part 3) Cross-posted from Naked Capitalism By John Siman, who is also the author of Part 1 and Part 2 in this series John Siman: It seems that unless there’s a Hammurabi-style “divine king” or some elected civic regulatory authority, oligarchies will arise and exploit their societies as much as they can, while trying to prevent the victimized economy from defending itself. Michael Hudson: Near Eastern rulers kept credit and land ownership subordinate to the aim of maintaining overall growth and balance. They prevented creditors from turning citizens into indebted clients obliged to work off their debts instead of serving in the military, providing corvée labor and paying crop rents or other fees to the palatial sector. JS: So looking at history ...

Mixed economies and monopoly

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The Delphic Oracle Was Their Davos: A Four-Part Interview With Michael Hudson: Mixed Economies Today, Compared To Those Of Antiquity (Part 2) John Siman: Could you define what you mean by a mixed economy? Michael Hudson: There are many degrees of how “mixed” an economy will be — meaning in practice, how active its government sector will be in regulating markets, prices and credit, and investing in public infrastructure. In the 20th century’s Progressive Era a century ago, a “mixed economy” meant keeping natural monopolies in the public sector: transportation, the post office, education, health care, and so forth. The aim was to save the economy from monopoly rent by a either direct public ownership or government regulation to prevent price gouging by monopolies. The kind of “mixed economy” envisioned by Adam Smith, John ...

Guns & Butter: The Vocabulary of Economic Deception

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This is Guns and Butter, October 8, 2018. Transcript The aim of classical economics was to tax unearned income, not wages and profits. The tax burden was to fall on the landlord class first and foremost, then on monopolists and bankers. The result was to be a circular flow in which taxes would be paid mainly out of rent and other unearned income. The government would spend this revenue on infrastructure, schools and other productive investment to help make the economy more competitive. Socialism was seen as a program to create a more efficient capitalist economy along these lines. I'm Bonnie Faulkner. Today on Guns and Butter, Dr. Michael Hudson. Today's show: The Vocabulary of Economic Deception. Dr. Hudson is a financial economist and historian. He is President of the Institute for the ...

“Creating Wealth” through Debt: The West’s Finance-Capitalist Road

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Michael Hudson Peking University, School of Marxist Studies May 5-6, 2018 Volumes II and III of Marx’s Capital describe how debt grows exponentially, burdening the economy with carrying charges. This overhead is subjecting today’s Western finance-capitalist economies to austerity, shrinking living standards and capital investment while increasing their cost of living and doing business. That is the main reason why they are losing their export markets and becoming de-industrialized. What policies are best suited for China to avoid this neo-rentier disease while raising living standards in a fair and efficient low-cost economy? The most pressing policy challenge is to keep down the cost of housing. Rising housing prices mean larger and larger debts extracting interest out of the economy. The strongest way to prevent this is to tax away the rise in land prices, ...

Bronze Age Redux

A GATHERING OF THE TRIBES BRONZE AGE REDUX: On Debt, Clean Slates And What The Ancients Have To Teach Us The Michael Hudson Interview by Harold Crooks for A Gathering of The Tribes Magazine.         One of the most compelling sequences in the Oscar-winning Inside Job, Charles Ferguson’s indictment of Wall Street’s role in the 2008 global financial meltdown, involved not the banker culprits but their supporting cast. These were the Ivy League accomplices. Ferguson mightily skewered these economists for the cover they gave the sub-prime Hamptons dwelling wise guys whose rescue turned out to be a pretext for one of the largest reverse-Robin Hood wealth transfers in history. Though for the foreseeable future they enjoy their tenured posts, control prestigious academic journals and continue to prey on the ...