180 - Michael Hudson: Neoliberalism, Industrial Capitalism, and the Rise of Debt

Patreon: ⁠https://www.patreon.com/robinsonerhardt⁠

Michael Hudson is Distinguished Research Professor of Economics at the University of Missouri, Kansas City and President of the Institute for the Study of Long-Term Economic Trends. He researches domestic and international finance, the history of economics, and the role of debt in shaping class stratification, among many other topics. In this episode, Robinson and Michael discuss this last subject. They begin broadly, with how as an economist Michael even thinks of debt, and move on to questions concerning the rentier class, industrial capitalism usury, and neoliberalism, as well as Michael’s beliefs about what must be done to save the economy. Michael’s most recent book is The Collapse of Antiquity (ISLET, 2023).

Michael’s Website: https://michael-hudson.com

The Collapse of Antiquity: https://a.co/d/0TMt9Sh

OUTLINE

00:00 In This Episode

00:25 Introduction

02:55 Michael’s Background in Economics

09:48 How Does an Economist Think of Debt?

22:15 Why Are Rent and the “Rentier Class” Crucial to What’s Wrong with the Economy?

30:21 What Is Industrial Capitalism?

40:58 Why Is Usury So Prevalent in the United States?

46:17 What Is Neoliberal Ideology?

01:00:23 Is China A Good Example of Trickle-Down Economics?

01:03:52 How to Save the Economy from the Upper Class

Robinson’s Website: ⁠http://robinsonerhardt.com⁠

Robinson Erhardt researches symbolic logic and the foundations of mathematics at Stanford University. Join him in conversations with philosophers, scientists, weightlifters, artists, and everyone in-between.