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

Economics
Michael Hudson, Richard D. Wolff – Debunking U.S. Bankruptcy Myths
NIMA: So nice to have you, Michael, and Richard on again on this podcast. And let’s get started with the current situation of the economy of the United States. And the question is, Michael, to […]

Economics
Michael Hudson – The history of debt forgiveness
Economist and author Michael Hudson, author of ‘…and Forgive Them Their Debts: Lending, Foreclosure and Redemption from Bronze Age Finance to the Jubilee Year’, shares with journalist Chris Hedges how ancient cultures forgave debt cyclically […]

Climate Crisis
New Economics Foundation – What’s the deal with the Green New Deal?
The Green New Deal has rocketed to the top of the agenda in the US. It’s an ambitious plan, spearheaded by Alexandria Ocasio-Cortez, to decarbonise the US economy and eliminate economic insecurity at the same […]
Be the first to comment