Michael Hudson and Pepe Escobar last month took a hard look at rent and rent-seeking at the Henry George School of Social Science. Michael Hudson: Well, I’m honored to be here on the same show with Pepe and discuss our mutual concern. And I think you have to frame the whole issue that China is... Read More

Michael Hudson [intro/music] (00:02): The money that you pay for debt service to a bank isn’t spent back into the economy. The bank bond holders are basically the 1% of the economy. They’re rich enough that they’re not going to take all this extra money they get to buy more goods and services. They’ll buy... Read More

May 5-6, 2018 Lecture Second World Marxism Conference Peking University, School of Marxist Studies Volumes II and III of Marx’s Capital describe how debt grows exponentially, burdening the economy with carrying charges. This overhead is subjecting today’s Western finance-capitalist economies to austerity, shrinking living standards and capital investment while increasing their cost of living and... Read More

Socialism flowered in the 19th century as a program to reform capitalism by raising labor’s status an

Simon Patten recalled in 1912 that his generation of American economists – most of whom studied in Germany in the 1870s – were taught that John Stuart Mill’s 1848 Principles of Political Economy was the high-water mark of classical thought, and nationalizing monopolies or regulating their prices to reflect actual production costs. However, Patten added,... Read More