E Peshine Smith: A Study in Protectionist Growth Theory and American Sectionalism, by Michael Hudson

E Peshine Smith: A Study in Protectionist Growth Theory and American Sectionalism

Michael Hudson • December 4, 2012

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NY University, PhD, 1968, Michael Hudson

Peshine Smith (1814 – 82) was probably the most sophisticated of the pre-Civil War protectionists. What he attempted was no less a task than to transform protectionist economic thought from a body of disparate and often self-contradictory parts into an integrated doctrine of economic growth, and to develop political economy as a quantitative engineering science.

Read the rest of my dissertation (PDF 11mb)

(Republished from Michael-Hudson.com by permission of author or representative)

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• Category: Economics • Tags: Economic Theory, Protectionism

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tempus replied to Mefobills on How an “Act of God” Pandemic Is Destroying the West

Not all money that people deposit in banks are from loans. Many paychecks and social security checks are directly deposit in banks and are debts (liabilities) that the bank owes the depositors, who have become creditors of the banks. You are correct: Money in a savings account or checking account...

Mefobills replied to RadicalCenter on How an “Act of God” Pandemic Is Destroying the West

I haven’t heard Mr. Hudson’s opinion on this idea: establish a public bank, as so ably advocated by Ellen Brown, and lend directly to the people. Refinance all their debts at zero percent interest, charging at most a nominal application/processing fee. I was also wondering about Hudson and...

Mefobills replied to tempus on How an “Act of God” Pandemic Is Destroying the West

If you have money in a checking account or savings account, you are a creditor to the bank; the bank is a debtor to you. How would you feel if your debt with the bank was canceled, and the bank no longer was required to pay its debt to you? Are you willing to forgive banks of their debt to you? ...

Mefobills replied to meena on How an “Act of God” Pandemic Is Destroying the West

4 Debt jubilees are in effect in USA ,alive very much . The rescue package offered to corporations and ,loan shark type organizations in 2000, in 2008-20013, and 2019 to 2020 debt cancellation and making the companies whole again . Those bills if rolled and connected could have created a 7 lanes ...

Mefobills replied to 76239 on How an “Act of God” Pandemic Is Destroying the West

What is the real risk for ledger credit entry? Bank credit pops into being from nothing. If the negro doesn't pay, then you get his house. Heads I win tails you lose. Hudson is correct, it is bigger systemic issues, where labor is not able to create wealth. The game is rigged for rent...

anon commented on How an “Act of God” Pandemic Is Destroying the West

I have listened GOP supporters railing against the pension ,double dipping ,and social security and medicare being abuse by lazy back workers by immigrants by latinos . But have not heard them saying one thing against the police and firefighters ( often GOP voters ) enjoying the generous pen...

meena replied to Nathan Redshield on How an “Act of God” Pandemic Is Destroying the West

1- more landlord-ridden economy has emerged as a result of foreclosed properties and companies bought by speculators and vast absentee-owner companies like Blackstone” Chinese are not allowed to buy certain industries and now run certain services . The argument offered is this - it’s for na...

Nathan Redshield commented on How an “Act of God” Pandemic Is Destroying the West

Where to begin on this disquisition on the concepts of debt jubilees, forgiveness, etc., China praise, etc. and Lord knows what else? Just to note that much of those debt instruments in the US are owned by pension funds of unions, municipalities, etc.--enough so that the term "pension fund socia...

JamesinNM replied to g8way on How an “Act of God” Pandemic Is Destroying the West

Ample evidence the unique virus was intentionally created and released, starting with the work of Czech scientist Sona Pekova. NWO is a loosely knit collection of elite in nations worldwide attempting to achieve their objectives and not a single nation. The NWO can and will continue to release th...

tempus commented on How an “Act of God” Pandemic Is Destroying the West

Robert White replied to Tom Welsh on How an “Act of God” Pandemic Is Destroying the West

Jamie Dimon is not going to give up making outsized returns via investment portfolio just because a bunch of Occupy Wall Street activists threaten to hang him by his ankles like Mussolini. Heck, JPMorgan Chase works directly with NYPD in terms of surveillance. They also work with the FBI, and CIA...

metternich commented on How an “Act of God” Pandemic Is Destroying the West

China´s government debt has been exploding in the last 20 years, in both absolute and relative terms. So when Hudson points to their success in softening shocks to the overall economy, the question still needs to be asked "who pays at the end?" and "can a debt laden government still forgive debt...

Luutzen commented on How an “Act of God” Pandemic Is Destroying the West

Indeed change financial system, cancel debts. 1 -Cancel the national debt, only save small investors $200k. 2- End the FED private banking. The treasury creates money debt-free for public spending. 3- Assetstrip Billionaires down to 100 M. per capita. This prevents the rule of Billionaires, ...

Tom Welsh replied to Antiwar7 on How an “Act of God” Pandemic Is Destroying the West

The Romans were logical, although not very kind. They would have reasoned that this law would encourage slaves to prevent any of their number from attacking their master.

Tom Welsh replied to Buddy on How an “Act of God” Pandemic Is Destroying the West

"The essence of debt jubilee is negation of the natural laws of capital to eliminate the equity in a middle class of productive people". There are no "natural laws of capital". Newton's Laws of Motion, if you like, are natural laws. As are Einstein's Theories of Relativity. What people think o...

Tom Welsh replied to Robert White on How an “Act of God” Pandemic Is Destroying the West

"Why would creditors ever want to willingly reduce their greed quotient YoY?" Maybe if the alternative was a short trial followed by being taken out and shot.

TheTrumanShow replied to jadan on How an “Act of God” Pandemic Is Destroying the West

"... 183,000 dead doesn’t impress you ..." Can you provide any hard evidence from unbiased sources for this holocaustic death count of 183,000?

Robert White replied to RadicalCenter on How an “Act of God” Pandemic Is Destroying the West

The behemoth serial felon banks have Federally Insured Deposit Corporation-FDIC insurance so that the hamster wheel of debt continues at double digit interest rates whilst the bankers get free Federal Reserve spigot money fresh from the tap at near zero interest rates. If they were to opt for yo...

RadicalCenter commented on How an “Act of God” Pandemic Is Destroying the West

Black Picard replied to mark tapley on How an “Act of God” Pandemic Is Destroying the West

Excellent comment, Mark! I agree 1000%. This!! 👇🏽👇🏽 The masses of cucked idiots are so stupid most of them just believe whatever the Jew MSM tells them. Thats why they are going around wearing face diapers and sucking their own waste products back into their lungs while the Zio...