I Meet the Leading Authority on the Babylonian and Near East Tradition of Debt Cancellation

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Copy of a regular newsletter by Boudewijn Wegerif, Sweden WHAT MATTERS-77 Dear list members, Yesterday I was with an American economist who says of himself that he is a Marxist, whose godfather was Leon Trotsky, whose father was thrown in prison in the US in 1941 for advocating the overthrow of the government, who has worked for the Chase Manhattan Bank as their balance of payments expert, and who is now an authority on the Babylonian and Near East tradition of debt cancellation. I was with someone who in another guise, as musician, once auditioned to conduct the orchestra of the Stockholm Opera Company: - someone whom I had been told I would find extremely rude, with a verbal bite as sharp as ...

Books

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Economics J is For Junk Economics: A Guide to Reality in an Age of Deception, ISLET, 2017 Killing the Host- How Financial Parasites and Debt Destroy the Global Economy, ISLET, 2015 The Bubble and Beyond, ISLET, 2012 Finance Capitalism and its Discontents Trade, Development and Foreign Debt - A history of theories of polarisation and convergence in the international economy (1992), 2nd ed. ISLET Press, 2009, 422 pp. Amazon Global Fracture - The New International Economic Order (1977), 2nd ed. University of Michigan Press, 2005, 296 pp. Amazon Super Imperialism: The The Origin and Fundamentals of U.S. World Dominance, 2nd ed., London: Pluto Press, 2003, 425 pp. Amazon (translated into Japanese, 2002, Tokuma Shoten) Real Estate and the Capital Gains Debate (with Kris Feder), The Jerome Levy Economics ...

Bibliography

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Dr. Michael Hudson michael.hudson@earthlink.net Education Ph.D., New York University, 1968 (economics). Dissertation on American economic and technological thought in the nineteenth century. M.A., New York University, 1963 (economics). Thesis on the World Bank’s philosophy of development, with special reference to lending policies in the agricultural sector. B.A., University of Chicago, 1959 (philology, minor in history). High school and grade school completed at the University of Chicago’s Laboratory School. Present Academic Affiliation: Distinguished Research Professor of Economics, University of Missouri (Kansas City), and Honorary Professor of Economics, Huazhong University of Science and Technology (HUST), Wuhan, China. Work History Most of my professional life since 1962 has been spent in applying flow-of-funds and balance-of-payments ...

Could/Should Jubilee Debt Cancellations be Reintroduced Today?

By M. Hudson (University of Missouri) and C. Goodhart (LSE) As published by the Center for Economic Policy Research. Abstract In this paper we recall the history of Jubilee debt cancellations, emphasizing what their social purpose was at that time. We note that it would not be possible to copy that procedure exactly nowadays, primarily because most debt/credit relationships are intermediated via financial institutions, such as banks, insurance companies, etc., rather than by governments or wealthy families directly. But we argue that the underlying social purpose of such Jubilees – to keep debt within the reasonable ability to be paid without social and economic polarisation – could be recreated via alternative mechanisms, and we discuss the politico-economic arguments for, and against, doing so. Keywords: ...

On Simon Patten

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As one of my most respected intellectuals, this piece by Trey Popp from the Prophet of Prosperity reveals some needed detail on the importance of Simon Patten's thinking. For that reason it is worth re-posting. Simon Patten, who led the Wharton School during the Progressive Era, was a pioneer of the economics of abundance, theorist of the second industrial revolution, and intellectual godfather of the New Deal. His descent into obscurity poses provocative questions about how the field has evolved. One century ago this year, the Wharton School dismissed the most esteemed and innovative theoretical economist who had ever passed through its doors. Simon Patten, who was appointed Wharton’s first professor of economics in 1888 and directed the school during its formative ...

Germany’s choice

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Introduction to GERMAN edition of Super Imperialism, 2017. In theory, the global financial system is supposed to help every country gain. Mainstream teaching of international finance, trade and “foreign aid” (defined simply as any government credit) depicts an almost utopian system uplifting all countries, not stripping their assets and imposing austerity. The reality since World War I is that the United States has taken the lead in shaping the international financial system to promote gains for its own bankers, farm exporters, its oil and gas sector, and buyers of foreign resources – and most of all, to collect on debts owed to it. Each time this global system has broken down over the past century, the major destabilizing force has been ...

Wall Street First

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Trump is Obama’s Legacy. Will this Break up the Democratic Party? Nobody yet can tell whether Donald Trump is an agent of change with a specific policy in mind, or merely a catalyst heralding an as yet undetermined turning point. His first month in the White House saw him melting into the Republican mélange of corporate lobbyists. Having promised to create jobs, his “America First” policy looks more like “Wall Street First.” His cabinet of billionaires promoting corporate tax cuts, deregulation and dismantling Dodd-Frank bank reform repeats the Junk Economics promise that giving more tax breaks to the richest One Percent may lead them to use their windfall to invest in creating more jobs. What they usually do, of course, is ...

The Land Belongs to God

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Speech to the Union Theological Seminary, Columbia. The focus of my talk today will be Jesus' first sermon and the long background behind it that helps explain what he was talking about and what he sought to bring about. I've been associated with Harvard University's Peabody Museum for over thirty years in Babylonian economic archeology. And for more than twenty years I've headed a group out of Harvard, the International Scholars Conference on Ancient Near Eastern Economies (ISCANEE), writing a new economic history of the ancient Near East. The five colloquia volumes that we've published began in 1994. We decided we have to re-write the history to free it from the modern ideological preconceptions that have distorted much popular understanding. When I ...

Finance is Not the Economy

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JOURNAL OF ECONOMIC ISSUES Vol. L No. 3 September 2016 DOI 10.1080/00213624.2016.1210384 Dirk Bezemer and Michael Hudson Dirk Bezemer is a professor of economics at the University of Groningen, the Netherlands. Michael Hudson is a distinguished research professor of economics at the University of Missouri, Kansas City, and a professor at Peking University. The authors thank the editor and two anonymous referees for helpful suggestions that greatly improved this article. Bezemer wishes to thank the Equilibrio Foundation and the Institute for New Economic Thinking for financial support. Any remaining errors are the authors’ own. Abstract: Conflation of real capital with finance capital is at the heart of current misunderstandings of economic crisis and recession. We ground this distinction in the classical analysis of rent ...