The Collapse of Antiquity – release

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The Collapse of Antiquity: Greece and Rome as Civilization’s Oligarchic Turning Point Available on Amazon or Digital (ebook) via CounterPunch. The Collapse of Antiquity, the sequel to Michael Hudson’s “...and forgive them their debts,” is the latest in his trilogy on the history of debt. It describes how the dynamics of interest-bearing debt led to the rise of rentier oligarchies in classical Greece and Rome. This caused economic polarization, widespread austerity, revolts, wars and ultimately the collapse of Rome into serfdom and feudalism. That collapse bequeathed to the subsequent Western civilization a pro-creditor legal philosophy that has led to today’s creditor oligarchies. In telling this story, The Collapse of Antiquity reveals the eerie parallels between the collapsing Roman world and today’s debt-burdened Western economies. Endorsements “In this monumental work, Michael Hudson overturns what most of ...

Pepe Escobar on ‘the ultimate handbook’

Pepe Escobar REVIEW of DESTINY In his latest book, economist Michael Hudson pits socialism against finance capitalism and tears apart the ‘dream civilization’ imposed by the 1 percent. By Pepe Escobar, posted with the author’s permission and cross-posted with The Cradle Michael Hudson’s new book on the world’s urgent global economic re-set is sure to ruffle some Atlanticist feathers. With The Destiny of Civilization: Finance Capitalism, Industrial Capitalism or Socialism, Michael Hudson, one of the world’s leading independent economists, has given us arguably the ultimate handbook on where we’re at, who’s in charge, and whether we can bypass them. Let’s jump straight into the fray. Hudson begins with an analysis of the “take the money and run” ethos, complete with de-industrialization, as 90 percent of US corporate revenue is “used to share buybacks and dividend payouts to ...

The Destiny of Civilization

“The decline of the West is not necessary or historically inevitable. It is the result of choosing policies dictated by its rentier interests. … The threat posed to society by rentier interests is the great challenge of every nation today: whether its government can restrict the dynamics of finance capitalism and prevent an oligarchy from dominating the state and enriching itself by imposing austerity on labor and industry. So far, the West has not risen to this challenge.” “There are essentially two types of society: mixed economies with public checks and balances, and oligarchies that dismantle and privatize the state, taking over its monetary and credit system, the land and basic infrastructure to enrich themselves but choking the economy, not helping it grow.” …………………………………………………………………………. The Destiny of Civilization is based on a lecture ...

Financial Time’s Best Books of 2018

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Included in Martin Wolf's (FT) favourite books of 2018: . . . and Forgive Them Their Debts: Lending, Foreclosure and Redemption From Bronze Age Finance to the Jubilee Year, by Michael Hudson, ISLET-Verlag, RRP $29.95 The American economist Hudson has written a fascinating book on the historical antecedents of the Mosaic debt jubilee. The work of Assyriologists has shown that by the third millennium BC, the rulers of the ancient Near East understood the necessity of repeated debt forgiveness. The alternative was, he writes, “economic polarisation, bondage and collapse”. The relevance of this history to the world of today seems clear: debt is necessary; too much debt is disastrous.

Le Petit Bréviaire Economique de Michael Hudson

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As published on Journal du MAUSS INTRODUCTION: Désordre définitionnel du social et vocabulaire de la tromperie « Il est certain qu’en dernière analyse une langue doit son déclin à des causes politiques et économiques. (…) Elle devient laide et imprécise parce que notre pensée est stupide, mais ce relâchement constitue à son tour une puissante incitation à penser stupidement. Pourtant ce processus n’est pas irréversible. (…) Si l’on se débarrasse des mauvaises habitudes, on peut penser plus clairement, et penser clairement est un premier pas, indispensable, vers la régénération politique. »  - George Orwell, « La politique et la langue anglaise » (1946) " Vous pouvez duper certaines personnes tout le temps. Ce sont celles sur lesquelles vous devriez vous concentrer" - George W. Bush (2001) Confucius pensait que les troubles sociaux commençaient par l'incapacité de nommer les choses par ...

…and forgive them their debts

I'm very excited to announce that my new book, ...and forgive them their debts: Lending, Foreclosure and Redemption — From Bronze Age Finance to the Jubilee Year (ISLET-Verlag Dresden), is available now. Thank you. You can learn more about the book below. Michael Copy for book description and advance praise: ...and forgive them their debts Lending, Foreclosure and Redemption From Bronze Age Finance to the Jubilee Year In ...and forgive them their debts, renowned professor of economics, Michael Hudson – and one of the few who could see the 2008 financial crisis coming – takes us on an epic journey through the economies of ancient civilizations. For the past 40 years in conjunction with the Harvard Peabody Museum, he and his colleagues have documented the archeological record and history of debt, and how societies have ...

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 American over-reach and the drive by its bankers and bondholders ...

Paul Craig Roberts on Junk Economics

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My friend and colleague kindly reviews J is for Junk Economics. As he says... The World’s Best Economist Paul Craig Roberts If you want to learn real economics instead of neoliberal junk economics, read Michael Hudson’s books. What you will learn is that neoliberal economics is an apology for the rentier class and the large banks that have succeeded in financializing the economy, shifting consumer spending power from the purchase of goods and services that drive the real economy to the payment of interest and fees to banks. His latest book is J is for Junk Economics. It is written in the form of a dictionary, but the definitions give you the precise meaning of economic terms, the history of economic concepts, and describe the transformation of economics from classical economics, where the emphasis was ...

J is For Junk Economics: A Guide to Reality in an Age of Deception

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PRESS RELEASE We are proud to offer the latest work from Prof. Michael Hudson, Distinguished Professor of Economics, University of Missouri at Kansas City (UMKC). A follow-on to his successful Killing the Host: How Financial Parasites and Debt Destroy the Global Economy (2015), J is for Junk Economics: A Guide to Reality in an Age of Deception is an A-to-Z guide that explains how the world economy really works – and who are the winners and losers. In more than 400 concise and acerbic entries, several essays, and a full topic index, the book covers contemporary terms that are misleading or poorly understood as well as many important concepts that have been abandoned – many on purpose – from the official economics curriculum. The lessons of history cannot be learned if we ...