This edition of Super Imperialism is the finalized version of the analysis that Michael Hudson first published in the wake of President Nixon severing the dollar's link to gold in August 1971. Closing the gold window had been imminent since the London Gold Pool was disbanded in 1968 in response to the U.S. overseas military spending that had pushed the balance of payments into steadily deepening deficit since the Korean War (1950-51).
In this survey of international economic thought, Michael Hudson rewrites the history of trade, development and debt theorizing. He shows that mainstream free-trade surveys are censorial in excluding the protectionist logic that has guided the trade policy of Europe and the United States, especially by leaving out discussion of the transfer problem and payment of international debts. He points out that most economists throughout history have focused as much on war financing as on trade and development. Free-trade ideology and IMF-style financial austerity under today's rules, rather than benefiting all parties and maximizing welfare, leave "client" nations severely indebted. By excluding dynamics that used to be central to trade theory such as emigration and technology transfer, today's global production and financial policies tend to concentrate economic and political power in the hands of dominant nations. Prof. Michael Hudson (Economics Department, University of Missouri, Kansas City) is a frequent contributor to The Financial Times, Counterpunch, and Global Research.
In ...and forgive them their debts, renowned economist Michael Hudson - one of the few who could see the 2008 financial crisis coming - takes us on an epic journey through the economies of ancient civilizations and reveals their relevance for us today. For the past 40 years, in conjunction with Harvard's Peabody Museum, he and his colleagues have documented how interest-bearing debt was invented in Bronze Age Mesopotamia, and then disseminated to the ancient world. What the Bronze Age rulers understood was that avoiding economic instability required regular royal debt cancellations. Professor Hudson documents dozens of these these royal edicts and traces the archeological record and history of debt, and how societies have dealt with (or failed to deal with) the proliferation of debts that cannot be paid - and their consequences. In the pages of ...and forgive them their debts, readers will discover how debt played a central role in shaping ancient societies, and how it continues to shape our world - often destructively.
"The financial sector has succeeded in depicting itself as part of the productive economy, yet for centuries banking was recognized as being parasitic. The essence of parasitism is not only to drain the host's nourishment, but also to dull the host's brain so that it does not recognize that the parasite is there. This is the illusion that much of Europe and the United States suffer under today. The aim of this book is to pierce this illusion and replace junk economics with economics based on reality. In Killing the Host, Michael Hudson argues that financial crises will continue unless we radically transform our economic and political structures, and reclaim the best ideas of classical economics. Ominous, yet clear-eyed and prophetic, Hudson provides viable solutions to our economic problems, at a time when politicians have shown themselves unable to understand our economy much less fix it" --
Focusing on the impact of predatory finance capitalism, the book critiques the influence of the wealthy elite and government policies that favor them. Professor Michael Hudson explores how the achievements of industrial capitalism have been undermined, leading to a global financial crisis. He addresses complex geo-political issues often overlooked in education and media, presenting solutions through 20 accessible topics that guide readers out of this economic labyrinth.
Creating Economic Order in the Bronze Age Near East
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Focusing on the origins of Western economic structures, this collection of twelve articles explores the development of money, markets, land tenure, and enterprise in the ancient Near East, specifically within temples and palaces. Drawing from insights gained during five international colloquia, the volume challenges modern economic orthodoxy by highlighting the stark differences in archaic social values and policies during the Bronze Age economic expansion from 3500-1200 BC. It sheds light on the complexities of early economic organization and its implications for contemporary understanding.
Exploring the intricacies of the global economy, this A-to-Z guide offers over 400 sharp entries and essays that dissect contemporary economic terms and concepts often misunderstood or overlooked. Building on the themes of "Killing the Host," the author reveals the dynamics of financial systems, highlighting the disparities between economic winners and losers. With a comprehensive index, the book aims to clarify the often convoluted language of economics and restore vital historical insights to the discussion.
A companion and follow-up to KILLING THE HOST: HOW FINANCIAL PARASITES AND DEBT DESTROY THE GLOBAL ECONOMY. J IS FOR JUNK ECONOMICS pulls back the curtain on the vocabulary and terms of today's tunnel-visioned, overly-mathematized economic lexicon.
This book contains the most important interviews and speeches that Prof. Hudson has given over the past decade (2003-2012). They span the political spectrum from COUNTERPUNCH.COM and KPFK radio's GUNS AND BUTTER to to iTULIP.COM and SANKT GEORGE in Berlin. It also includes his now-famous Rlmini, Italy, speeches that were given at a packed sports arena in early 2012 on the topic of how finance capitalism is pushing the world, starting with Europe, into austerity and neo-feudalism.
