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Michael Hudson is an economist, financial historian, and distinguished research professor of economics at the University of Missouri–Kansas City. In this episode, Michael and Robinson discuss how financialization has changed the American economy, why working for a living has become harder, and the growing power of billionaires. More particularly, they talk about Trump and political influence, oil wars involving Iran and Russia, their consequences for fuel and food prices, and Hudson’s argument that China is using the industrial model America abandoned. They also discuss private equity, public banking, de-dollarization, AI, ancient debt jubilees, and the difference between creating wealth and collecting economic rent. Michael’s most recent published book is Temples of Enterprise (2024).
Michael’s Website: https://michael-hudson.com/
Temples of Enterprise: https://michael-hudson.com/2024/05/temples-of-enterprise/
OUTLINE
00:00 Highlights
00:39 Inherited Wealth and Earning a Living
07:03 Financialization, Bank Bailouts, and Private Equity
13:05 Industrial Capitalism, Banking, and Colonial Debt
25:39 Public Investment, Technology, and the Managerial Class
33:18 Reagan, Thatcher, and Privatization
46:35 Oil Wars, Fuel Shortages, and Food Prices
54:06 Debt Jubilees and the Rise of Ancient Oligarchies
1:00:42 Empire, Oil, and Economic Dependence
1:06:24 De-Dollarization, BRICS, and Public Money
1:13:08 Economic Rent, Value, and the Cost of Living
1:27:51 Neoliberalism and the Rejection of Classical Economics
1:39:19 Pension Funds and the Financialization of Retirement
1:45:06 China’s Industrialization and Public Banking
1:59:15 China’s Property Bubble and Evergrande
2:11:16 Billionaires and Wealth Concentration
2:15:22 Trump, Political Influence, and Regulatory Capture
2:26:59 AI, Intellectual Property, and Social Costs
2:30:58 Billionaires in China and Russia
2:36:21 Gulf Monarchies, Oil Wealth, and the United States
2:45:45 Democracy, Oligarchy, and US Foreign Policy
2:55:41 Alternatives to the Rentier Economy
3:01:16 Michael’s Outlook for the Next Few Years
Robinson’s Website: https://robinsonerhardt.com/
Robinson Erhardt researches symbolic logic and the foundations of mathematics at Stanford University, where he is also a JD candidate in the Law School.
Disclaimer: Robinson’s Podcast is a forum for open discussion. Guests’ views are their own and do not necessarily reflect Robinson's. Hosting a guest does not imply that he endorses the views or opinions they express.
