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RP Live with Michael Hudson, The Destiny of Civilization: Finance Capitalism, Industrial Capitalism or Socialism
In this comprehensive RP Live interview hosted by Luke Cher, Michael Hudson, a prominent economist and professor of economics at the University of Missouri-Kansas City, delves into a wide range of economic issues affecting civilization's destiny. Hudson articulates the dichotomy between finance capitalism, prevalent in the United States and Europe, and industrial capitalism, pursued by countries like China and Russia. He argues that the global economic fracture is not merely a conflict of interests but a clash of fundamentally opposing economic systems. Hudson criticizes finance capitalism for prioritizing the generation of profits through financial manipulation over productive industrial growth, leading to high-cost economies burdened by debt and austerity measures.
Throughout the interview, Hudson explores themes such as debt deflation, the predatory nature of unproductive debts, and the manipulation of economies through financial policies. He provides historical context to these issues, drawing parallels with economic practices dating back to ancient civilizations and pointing out the systemic exploitation embedded in modern financial systems. Hudson calls attention to the deleterious effects of financialization on housing, healthcare, and overall economic stability, advocating for public banking and monetary reform as potential solutions.
Specific discussions highlight how major financial and industrial shareholders collaborate to prioritize short-term financial gains over long-term industrial growth, the role of economic rent and unearned income in perpetuating economic inequality, and the function of a debt jubilee in resetting the economic landscape. Hudson critiques current housing policies and suggests taxing land rent as a means to address housing affordability.
Additionally, Hudson comments on the international ramifications of financial policies, particularly emphasizing the detrimental impact of the International Monetary Fund (IMF) and dollar hegemony on global economic independence and development. He briefly touches on the economic dimensions of geopolitical tensions, including the situation in Ukraine, elucidating how financial interests shape international relations.
Michael Hudson's insights offer a critical perspective on the dynamics of capitalism, challenging prevailing economic models and advocating for systemic changes to foster equitable and sustainable economic development. His call for reconsideration of economic fundamentals-away from finance capitalism towards a model that genuinely serves societal needs-resonates as a crucial discussion point for policymakers, economists, and the public.
#imperialism #NATO #IMF #neoliberalism #debt #Russia #Ukraine
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00:00 Meet Luke Cher: Student, Activist, and Real Progressive
00:50 Introducing Michael Hudson: Economist and Author
01:07 Exploring the Destiny of Civilization: Finance vs. Industrial Capitalism
06:39 The Evolution of Debt and Its Impact on the Economy
13:47 Distinguishing Between Productive and Unproductive Debt
17:24 The Global Shift: De-Industrialization and Financialization
18:28 Unraveling the Concept of Dollar Hegemony
24:57 The Interplay Between Financial and Industrial Sectors
27:25 Commodification of Essential Services and Its Effects
33:18 Understanding Economic Rent and Unearned Income
37:00 The Concept of Rent and Its Economic Impact
38:00 Debt Jubilee: Historical Examples and Modern Implications
45:47 Addressing the Housing Crisis Through Economic Reform
57:43 The Role of Money in the Economy: Debunking Myths
59:42 Inflation and Monopoly: Understanding Price Increases
01:00:57 Exploring Modern Monetary Theory (MMT) and Its Applications
01:02:51 The IMF's Influence on Global Economics
01:04:58 Concluding Remarks and Where to Find More Information
#MMT
#RealProgressives
#LearnMMT
#INSIST