Recent Posts by Michael

At the Oxford Economics Society

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22/01/2021 https://www.youtube.com/watch?v=PtHX23Trvy4 Oscar Brisset: Welcome to the first event of the Oxford Economics Society for this academic year. I’m Oscar, the Co-President of our society, and I’m glad to welcome you back for another term of exciting discussions. Although we were hoping last term to be back in-person by January, due to the worsening Covid-19 situation in the UK our events this term are going to remain online, so that everyone at home can still participate. A new year calls for new resolutions, and our society’s resolution for 2021 is to increase the diversity of economic topics discussed. To give you an idea, we’ll be hosting a presentation on Decolonising Economics and its role in Emerging Markets by Dr. Ingrid Kvangraven, the executive board member of Diversifying and Decolonising Economics. We’ll be hosting Prof. ...

The rentier resurgence and takeover: Finance Capitalism vs. Industrial Capitalism

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This article is based on Chapter 1 of Cold War 2.0. The Geopolitical Economics of Finance Capitalism vs. Industrial Capitalism (Dresden, ISLET: in press; Chinese translation 2021). © 2020. All rights reserved. Marx and many of his less radical contemporary reformers saw the historical role of industrial capitalism as being to clear away the legacy of feudalism – the landlords, bankers and monopolists extracting economic rent without producing real value. But that reform movement failed. Today, the Finance, Insurance and Real Estate (FIRE) sector has regained control of government, creating neo-rentier economies. The aim of this post-industrial finance capitalism is the oppositeof that of industrial capitalism as known to 19th-century economists: It seeks wealth primarily through the extraction of economic rent, not industrial capital formation. Tax favoritism for real estate, ...

Multipolarity and Financial Capitalism

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Ross Welcome to Renegade Inc. However you look at it, 2020 was a train wreck. So as we look forward to 2021, we wanted to get political and economic insight from two friends of the show. Chris Williamson and Michael Hudson share their views on what we can look out for in the new year. Ross Michael Hudson, fantastic to have you back at Renegade Inc. Michael Hudson Good to be back, Ross. Ross Michael, describe 2020 in one word. Michael Hudson In one word? The pandemic, setting the stage for homelessness. Ross Wow! what is the one thing? Because we focused hard on the negative throughout the year. What's the one thing you think has been positive or been something that's transpired from this pandemic which actually we should ...

Rentiers a bunch of gangsters

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Michael Hudson and Pepe Escobar discuss rent and rent-seeking, i.e., unproductive economic activity, in the US and China mainly but including the Russian, Iranian and Brazilian economies. In the first 15 minutes, an overview from Michael Hudson explains what happened in the US economy once jobs and manufacturing were offshored to mainly China.  He proposes that even if China did not exist, the US economy has been changed to the extent that it is almost impossible to change back to a productive economy without material changes in the economic model. Pepe keeps the conversation flowing quickly with incisive questions.  The two esteemed gentlemen take a look at the Chinese view on a possible Biden administration and how the military hawks in Washington could be countered.   Outlining the ‘conflict of systems’ between the ...

A Hard Look at Rent and Rent Seeking

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https://www.youtube.com/watch?v=IquO_TcMZIQ&t=37s In this interactive seminar organized jointly by the Henry George School and the International Union for Land Value Taxation, Michael Hudson and Pepe Escobar will unpack one of the most destructive features of our economic system and the many different ways it drives wealth inequality. They will also focus on China and the “Great Game” regarding control of the world’s resources. Michael Hudson is an American economist, Professor of Economics at the University of Missouri–Kansas City and a researcher at the Levy Economics Institute at Bard College, former Wall Street analyst, political consultant, commentator and journalist. ... He identifies himself as a classical economist. Michael is the author of J is for Junk Economics (2017), Killing the Host (2015), The Bubble and Beyond (2012), Super-Imperialism: The Economic Strategy of American Empire (1968 & 2003), Trade, Development and Foreign Debt ...

Jubillee Perspectives with Steve Keen

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DEC 4, 2020 Is it time for a debt jubilee? Steve Keen and Michael Hudson have both been arguing for a debt jubilee for some time. Now, as COVID-19 hits the poorest hardest, and leaves those with money better off than before, is this the right time to write off debt? Can the economy recover without it? After all, its stagnated since the 2008 global financial crisis. If you were to have a debt jubilee, how would you do it. Steve and Michael have different ideas about how it should be implemented. They explain their thinking to Phil Dobbie on this week’s free edition of the Debunking Economics podcast. TRANSCRIPT PHIL: It is obvious COVID-19 and our response to it is having a devastating impact on the world economy. And perhaps the biggest impact ...

2020 Election Preview

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An interview with Paul Jay. Transcript Paul Jay Hi, I’m Paul Jay and welcome to theAnalysis.news podcast. Donald Trump has tried very hard to make this election about his pre-pandemic economic record, which is supposed to be a success story. Of course, he ignores the fact the cyclical upswing of the economy started during the last Obama years. But what Trump tries to trumpet is his approach to trade with China. He claims his tariffs and remarkable negotiating skills have brought hundreds of thousands of jobs back to the United States. Well, the Wall Street Journal reported on October 26 that, quote, “President Trump’s trade war against China didn’t achieve the central objective of reversing a U.S. decline in manufacturing, economic data show, despite tariffs on hundreds of billions of dollars of Chinese goods to ...

Odd Lots, Bloomberg

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An interview on Odd Lots, Bloomberg In the wake of the Great Financial Crisis, you heard a lot of talk about the US becoming like Greece unless the budget deficit were brought under control. However, these warnings proved to be unfounded. That being said, there are risks of a different variety. On the latest Odd Lots, we speak with the economist Michael Hudson on the risk of too much private sector debt, which could lead to permanently degraded consumption and investment. Listen to the podcast. Photo by Hafidh Satyanto on Unsplash


Debt Deflation and the Neofeudal Empire

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Grumbine 2020` Macro N Cheese – Episode 88 Michael Hudson [intro/music] (00:02): The money that you pay for debt service to a bank isn’t spent back into the economy. The bank bond holders are basically the 1% of the economy. They’re rich enough that they’re not going to take all this extra money they get to buy more goods and services. They’ll buy shitty trophy art, Andy Warhol junk. Who is the dumbest economic Nobel Prize winner? Paul Krugman. That’s right. He was given a Nobel Prize for not understanding what money was. If he would have understood it, that would’ve excluded him from getting the Nobel Prize. Geoff Ginter [intro/music] (01:26): Now, let’s see if we can avoid the apocalypse altogether. Here’s another episode of Macro and Cheese with your host, Steve Grumbine. Steve Grumbine (01:34): All right. And ...

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