Michael delves into the history of debt and its role in our ever-changing economic structure. He references classical economists like Smith, Mills, Ricardo, and Marx, with their concept of economic rent as unearned income. They believed that industrial capitalism would eliminate the entire legacy of feudalism and dissolve the landlord class by taxing away rent or nationalizing the land. Since most governments were subsidizing education and health care, it seemed counterproductive to allow privatization of health, education, or land rent monopolies. They also saw ‘credit’ as a public utility, expecting banks to lend for socially worthwhile and productive purposes. Ultimately, instead of banking being industrialized, industry was financialized.
Related Articles
Steve Keen – Talk with Positive Money
This was a fairly “a la carte” presentation of why bank creation of money matters as part of a Positive Money talk at the Hackney Downs Studios on March 14 2018. Steve started with how […]
Michael Hudson – A short history of inflation in modern times
September 12, 2022
Mathew D. Rose
Economics, Finance, Financial Institutions, Globalisation, Inequality, Monopolies, National Politics, Tax
0
Economist Michael Hudson joins Multipolarista host Ben Norton to discuss partial student debt relief in the US, inflation and the Fed, disaster capitalism in Ukraine, and China’s challenge to the petrodollar. Michael Hudson is the author […]
Jon Pullman – WitchHunt
This film is an attempt to come to grips with the weaponisation of anti-semitism to combat progressive politics. Watch here
Be the first to comment