Michael Hudson on Financial Capitalism and Modern Monetary Theory

Summary

Economist Michael Hudson discusses the shift from industrial to financial capitalism, critiquing the technocratic approach that overlooks economic polarization. He emphasizes the exploitation inherent in financial systems, where labor faces a lifetime of debt for basic needs. Hudson contrasts the bloated GDP of the U.S., driven by rent-seeking activities, with China's efficient, non-financialized economy. He also addresses the role of government in money creation and the importance of avoiding dependency on rent-seeking economies, as exemplified by China's self-sufficiency in response to Western sanctions.

Takeaways

• 📚 Michael Hudson is a highly influential economist, president of the Institute for the Study of Long-term Economic Trends, and author of numerous books.
• 🏦 Hudson's perspective emphasizes the shift from industrial capitalism to a finance-dominated system, which has altered the nature of exploitation in modern economies.
• 💼 The traditional left has often overlooked the impact of financial interests, focusing more on the conflict between employers and workers rather than the broader economic framework.
• 🌐 Hudson critiques the idea of public-private partnerships, suggesting they often result in socializing losses and privatizing profits, to the detriment of the public sector.
• 🏥 He points out the high costs of healthcare in the U.S. as an example of 'empty GDP,' which includes unnecessary expenses that do not contribute to the well-being of society.
• 💡 Hudson argues that finance is not a class issue in the traditional sense, as it operates outside the production and consumption economy, imposing costs on it.
• 🏭 He contrasts the U.S. economic model, characterized by financialization and high costs, with China's more efficient industrial capitalist approach, which avoids such financial bloat.
• 💎 Hudson discusses the concept of 'rentier' wealth, which extracts income from the overall economy without being part of its productive process.
• 🏛️ The role of government in economic planning is highlighted, with Hudson advocating for state-led investment in infrastructure and social services to support industrial capitalism.
• 💼 Modern corporations, according to Hudson, aim to expense everything to avoid income tax, which distorts the true picture of economic activity and profit.
• 🌐 Hudson touches on the geopolitical implications of economic models, suggesting that sanctions can backfire by forcing targeted countries to become self-sufficient.

Q & A

Who is Michael Hudson and what are his notable roles?

Michael Hudson is a prominent economist, the president of the Institute for the Study of Long-Term Economic Trends, a former Wall Street financial analyst, a distinguished professor of Economics at the University of Missouri Kansas City, and the author of many books. He also co-hosts a show with Radhika Desai.

What is the main theme of Radhika Desai's book as discussed by Michael Hudson?

The main theme of Radhika Desai's book, as discussed by Michael Hudson, is that socialism has been replaced by a technocratic view that avoids examining the economic polarization between the one percent and the 99 percent, focusing instead on the financial interests that have replaced industrial capitalism.

What is the difference between industrial capitalism and finance capitalism as described by Hudson?

Industrial capitalism, as per Hudson, was about getting rid of rent-seeking classes like landlords and monopolists to create a more efficient economy. Finance capitalism, on the other hand, is characterized by predatory financial practices that impose unnecessary costs on the economy and lead to exploitation through debt.

How does Hudson view the role of finance in the economy?

Hudson views finance as not a class issue but as an external factor imposed on the economy of production and consumption. He argues that finance has become the core of the economy, leading to predatory practices that exploit the rest of the society.

What is the concept of 'empty GDP' mentioned by Hudson?

'Empty GDP' refers to the portion of GDP that represents unnecessary costs, such as healthcare expenses, interest charges, and rent-seeking activities. Hudson argues that these costs are exploitative and do not contribute to the productive capacity of the economy.

What is Hudson's perspective on the comparison of economic power between the United States and China?

Hudson is skeptical about comparing economic power based on GDP alone. He points out that China's success lies in avoiding the financial bloat that has hindered the United States' competitiveness, and that China's focus on infrastructure and low-cost economy has made it more efficient.

How does Hudson describe the role of public-private partnerships in the current economic system?

Hudson criticizes public-private partnerships for often leading to the socialization of losses and the privatization of profits. He suggests that these partnerships tend to benefit the financial sector at the expense of the public sector.

What is Hudson's view on the role of government in money creation and economic planning?

Hudson believes that the government should play a central role in money creation and economic planning to ensure that resources are allocated for the benefit of the industrial economy and to avoid the predatory practices of finance capitalism.

What is the Modern Monetary Theory (MMT) and how does Hudson relate it to the discussion of finance capitalism?

MMT is a theory that explains how money creation works, arguing that government money creation is not inherently inflationary. Hudson, as one of the founders of MMT, emphasizes that the focus should be on what the government creates money for, advocating for its use in promoting economic growth rather than for the benefit of the financial sector.

How does Hudson perceive the impact of sanctions imposed by the United States on other countries?

Hudson suggests that sanctions can backfire by forcing the targeted countries to become self-sufficient or independent, thus losing the market to the United States and Europe permanently.

What is Hudson's critique of the traditional left's understanding of exploitation?

Hudson criticizes the traditional left for focusing too narrowly on industrial conflict between employers and workers, missing the broader point of financial exploitation through debt and unnecessary costs imposed by finance capitalism.

Outlines

00:00

📚 Introduction to Michael Hudson and Radhika's Analytical Framework

The speaker introduces Michael Hudson, highlighting his significant influence and achievements. Hudson discusses the main theme of Radhika's book, emphasizing the shift from socialism to technocratic views that ignore economic polarization. He critiques the focus on financial interests over industrial capitalism and the failure of Socialist movements to address the current economic exploitation. Hudson elaborates on the exploitation of labor through debt in modern society, contrasting it with Marx's vision of industrial capitalism evolving into socialism.

05:03

🏥 The Problem of Rent-Seeking in American GDP

Hudson compares the healthcare expenditures of the United States with other countries, labeling the excessive costs as 'empty GDP' or rent-seeking. He explains that rising prices in housing and interest charges contribute to the inflated GDP figures. Hudson argues that China's approach avoids such financial bloat, allowing it to compete more effectively by focusing on productive industrial capitalism. He emphasizes that the left's oversight of rentier wealth has contributed to this issue.

10:04

🏦 Financial Capitalism and Its Consequences

Hudson discusses the predatory nature of finance capitalism, using examples like the Savings and Loan crisis to illustrate how financial strategies lead to economic hollowing. He explains how debts owed by the economy at large benefit a small financial class, creating uncompetitive industrial economies. Hudson highlights Simon Patten's view on public infrastructure as a productive factor and critiques the neoliberal approach that prioritizes financial over industrial efficiency.

15:05

💰 The Role of Government Money Creation

Hudson outlines the principles of Modern Monetary Theory (MMT), focusing on the role of government in money creation. He argues that government-created money should fund socially productive investments rather than financial sector gains. He criticizes the neoliberal perspective that centralizes planning in the hands of the wealthy and explains how government spending can lower production costs and promote economic independence, using China as an example of successful implementation.

20:07

🌐 Sanctions and Economic Independence

Hudson examines the impact of U.S. sanctions on China and other countries, arguing that such measures force these nations to become self-sufficient. He explains how the loss of markets for U.S. companies leads to long-term economic independence for sanctioned countries. Hudson ties this dynamic to broader themes in Radhika's book, emphasizing the importance of understanding these economic strategies to avoid being co-opted by financial interests.

Keywords

💡Technocratic view

A technocratic view refers to a perspective that emphasizes technical and scientific expertise over other forms of authority or decision-making. In the context of the video, it suggests a shift away from traditional socialist ideologies towards a more managerial approach that often overlooks economic polarization and class interests. The script criticizes this view for avoiding the examination of the current economic divide between the one percent and the 99 percent.

💡Financial interests

Financial interests denote the priorities and goals related to the accumulation and management of wealth through investments, banking, and other financial activities. The video discusses how these interests have become central in modern capitalism, replacing the industrial focus that characterized Marx's era. The speaker argues that this shift has led to a different kind of exploitation, where labor is not only underpaid but also burdened with debt.

💡Social Democratic parties

Social Democratic parties are political organizations that traditionally advocate for social justice and a balance between capitalist enterprise and state intervention to protect the welfare of the people. However, the script suggests that these parties have moved towards advocating public-private partnerships, which the speaker criticizes as a mechanism that often results in socializing losses and privatizing profits, to the detriment of the public sector.

💡Rent-seeking

Rent-seeking is an economic term that describes the act of trying to gain unearned revenue through manipulation or control of the economic or political environment. In the video, rent-seeking is portrayed as a negative aspect of the current economic system, where certain classes or entities extract income at the expense of the overall economy without contributing to production or innovation.

💡GDP

Gross Domestic Product (GDP) is the total value of goods produced and services provided in a country during one year. The video script questions the use of GDP as a measure of economic power, arguing that a bloated GDP can include exploitative and unnecessary costs, such as high healthcare expenses in the United States, which do not contribute to the well-being of the society.

💡Industrial capitalism

Industrial capitalism refers to an economic system where capitalist principles are applied to industry and manufacturing. The video contrasts this with the current financialized form of capitalism, suggesting that the original goal of industrial capitalism was to eliminate rent-seeking classes and create a more efficient, low-cost economy.

💡Financialization

Financialization is the increasing dominance of financial markets and institutions in the economy. The script describes this as a shift from traditional industrial capitalism to a system where financial interests and debt creation have become the primary drivers of the economy, often leading to predatory practices and exploitation.

💡Public-private partnership

A public-private partnership (PPP) is a cooperative arrangement between government agencies and private-sector companies to finance and implement projects traditionally managed by the public sector. The video criticizes PPPs as a means for privatizing profits while socializing losses, often leading to outcomes that are not in the public interest.

💡MMT (Modern Monetary Theory)

Modern Monetary Theory is an economic theory that argues that currency issuers, like governments, can create money without the need for taxation or borrowing. The video script suggests that MMT is not about class interests but about how money creation works, with the potential for governments to use this power to promote economic growth and social welfare, rather than for the benefit of the financial sector.

💡Sanctions

Sanctions refer to measures imposed by one country against another, typically as a form of punishment or to achieve certain political goals. The video discusses how sanctions can backfire by forcing targeted countries to become self-sufficient and independent, ultimately losing the market to the imposing country.

💡Economic independence

Economic independence means the ability of a country or economy to function without reliance on external support or control. The script highlights the importance of economic independence, as exemplified by China's strategy to avoid reliance on the West, especially in critical areas like technology and manufacturing.

Highlights

Introduction of Michael Hudson as a prominent economist and author.

Hudson's focus on the shift from socialism to a technocratic view avoiding economic polarization.

The replacement of industrial capitalism by financial interests as the organizing force in capitalism.

Critique of social democratic parties advocating public-private partnerships that socialize losses and privatize profits.

Analysis of finance as not a class issue but an external imposition on the economy.

The role of finance in making economies uncompetitive through predatory practices.

Hudson's skepticism about comparing economic power based on GDP, highlighting the issue of 'empty GDP'.

Discussion on how financial costs and monopolies have painted the U.S. into a corner, affecting its competitiveness.

China's success in avoiding financialization and maintaining an efficient industrial economy.

The importance of distinguishing between exploitative financial practices and productive industrial growth.

Critique of the left for ignoring the role of rentier wealth and focusing solely on industrial conflict.

Hudson's analysis of how corporations in America aim to make no profits to avoid income tax.

Explanation of how financial capitalism operates through predatory practices, such as driving companies bankrupt for profit.

The role of government in controlling the allocation of credit and resources for economic growth.

Critique of Modern Monetary Theory (MMT) for not discussing class interests and focusing on money creation.

Hudson's perspective on MMT as a means for the government to promote economic growth through strategic spending.

The impact of sanctions on countries like China, which can lead to self-sufficiency and loss of market for the West.

The need for countries to become independent in essentials to avoid rent-seeking from the United States.

Reflection on why the left has not realized the importance of financial independence and economic self-sufficiency.

Transcripts

I have the enormous privilege of being

able to introduce Michael Hudson

um an enormous influence on me and I

think one of the most important

economists today he is the president of

the institute for the study of long-term

economic Trends he was a Wall Street

financial analyst a distinguished

Professor a distinguished research

professor of Economics at the University

of Missouri Kansas City and the author

of many books

um and he and radhika also host a show

together that I am honored to host over

a geopolitical economy report so with

that said Michael the floor is yours uh

I want to talk primarily about the

political points and the analytic frame

that radic has used uh and I think the

basic theme of her book uh is that what

used to be socialism has been replaced

by a very technocratic view that avoids

looking at today's economic polarization

uh between the one percent and the 99

uh in terms of class interests uh she

focuses uh as I do on the financial

interests that have replaced industrial

capitalism is the organizing force uh in

in today's capitalism is very different

from uh what occurred in Marx's day and

what he was uh analyzing and the world

has not uh turned out as optimistically

uh as Mark said hoped that industrial

capitalism would evolve into socialism

uh instead of uh advocating the

socialization of infrastructure you have

today's Social Democratic parties uh uh

advocating sort of a public private

partnership uh now uh our Atticus point

is that this kind of partnership is not

really going to have much uh for the

public sector except as they say and

socializing uh the losses and

privatizing uh the profits and the uh

the financial gains uh but if you look

at public health education credit

creation what used to be Social

Democratic uh and uh labor parties have

turned thatcherite do they've they've

followed the British slave favorite

party uh and going even more to the

technocratic rights uh and largely this

is because uh Finance has become uh the

core now this is difficult to fit into

most people's class analysis of society

because uh Finance is not a class issue

as such Marx pointed out that interest

bearing debt and bank money creation are

external to the economy of production

and consumption uh they're imposed on it

uh and that's why he said economies

don't need a raunchier class economies

don't need a landlord class they don't

need a banking class uh uh and the role

of industrial capitalism to Marx was to

get rid of the rent-seeking classes to

get rid of the landlords to get rid of

the uh monopolists and uh get rid of the

uh predatory Banking and basically to

make all of this part of the industrial

economy uh and instead that hasn't uh

worked and the Socialist movements have

not analyzed uh how seriously this is

not worked uh and uh really what's that

issue is

what is exploitation today uh and how

has it gone beyond what uh the

traditional left has uh analyzed and

that's I think what uh radic is uh

focusing on uh labor is not only

exploited by being employed and having

the employer the capitalist sell its

products at a markup uh today Labor is

exploited by having to go into a

lifetime of debt if it uh wants to buy a

home of its own uh or to get an

education to get a job or to borrow to

buy a car to drive to the job uh and or

to pay for it for the medical bills all

of these things that were expected uh to

be uh socialized and uh under a rantier

economy that's dominated by the Banks

and landlords and monopolists uh you

hate you do have a rantier class that

obtains income uh at the overall

economy's expense and is not part of it

that's why I'm very dubious about uh uh

the idea of measuring American versus

China's uh economic power in terms of

GDP uh since uh a lot large part of

Veronica's book is how societies have

cope with the core the uh the virus uh

the coronal virus uh look at the fact

that in the United States uh Medical

Care and Health Care is 18 of GDP this

is more than any other country uh why in

other countries it could be maybe five

percent of GDP uh it's much lower in

China so all of this is what I think of

is empty GDP it's a rent seeking it's

exploitative it's unnecessary costs what

Marx called the faux Fray the false

costs of uh production so uh uh it's

bloat uh and do we really want to say

well Amir beta China and the race to

have a bloated economy

the largest part of the American GDP

turns out to be rent-seeking classes uh

how uh rising in the price of housing is

coated as part of GDP uh interest

charges are part of GDP if you're making

a credit you're late in your credit

cards and you interest rate those up

from 19 to 30 that's all added to GDP

America's winning that part of the GDP

uh uh race but it says empty GDP and uh

China's success is doing what uh a good

industrial capitalist country was

supposed to do and avoiding this bloat

uh getting uh avoiding the whole kind of

superstructure of financialization that

has prevented the United States from

actually uh competing uh with China

there's no way that somehow the United

States can say we're going to isolate

China and that's going to enable us to

go back to uh producing our own uh cars

and consumer goods and uh chips uh

nothing is going to enable the United

States to do it because of its high uh

Financial costs is how real estate costs

as high health care costs and it's a

Monopoly cost it's painted itself into a

corner uh and that's what uh somehow the

left has been part of this uh product uh

process because it's ignored uh the role

of rontier wealth uh and and it focuses

on uh industrial uh conflict between

employers and their workers and that

certainly is a very important point but

it misses uh the big Point uh the sort

of vulgar Marxist of you that really

came out of uh uh stalinism was just a

capitalists of exploitators exploiters

not uh the state not uh any other class

and uh the technocratic reformers uh

have looked at uh all of this in terms

of of profit uh I'm very wary of

comparing uh um the prophets of American

uh industry uh to uh profits of other

countries because uh the aim of a

corporation in America today is not to

make a profit it's to make absolutely no

profits at all everything is expensed

and counted as part of a GDP so that

there's no income tax on profits they do

this by uh offshore accounting by uh

Offshore Banking centers by uh fake fake

costs like a depreciation for Real

Estate uh if you look at the actual

statistics of what goes into how the GDP

sausage is made uh you find quite a

different uh picture uh than you get and

uh what's really an issue is what's

going to be the role between uh

government uh and the financial sector

and the industrial uh sector and I think

towards the end uh at the end of the

book radica makes the points of let's

compare the analysis that she's using

and that I use to what uh other people

that

represent What's called the left are

saying she quotes Maria uh masicato is

urging a private public partnership uh

for a greater efficiency without profit

but profit's supposed to be the aim of

the private sector what is the private

sector after and uh uh when it makes a

deal with the uh the the government uh

public-private partnership like Thames

Waters uh you have in tamed water nearly

bankrupt uh but it's made a fortune for

its privatizers by going going bankrupt

uh

under Finance capitalism you make a

profit by driving a company bankrupt and

leaving it as a shell Thames Slaughter

borrowed an enormous amount of money

what did it use the money for it did not

use it to produce clean water uh and uh

make a capital investment and fixing the

leaks and all of its water pipes or

doing what it promised to do it borrowed

money and it paid it to itself as a

dividend as a special dividend as a

management fees uh it borrowed money

paid to itself leaving a bankrupt shell

in its wake this is uh how the Savings

and Loan associations uh were looted in

the 1980s uh for instance uh and there

have been a lot of studies about how uh

making making money financially uh

because financed in uh the West is

primarily predatory making money by

Finance leaves the whole economy is an

emptied out shell where there's an

enormous amount of debt that's owed by

the economy at large to maybe the one

percent of uh the financial class that

still isn't looked at as a financial

class uh and uh leaves the economy

uncompetitive as an industrial economy

uh that's what China has uh trying to

avoid and that's really the task uh

before Russia uh before other countries

and I'm surprised that uh uh masutaro

didn't discuss someone like Simon Patton

uh he doesn't appear in today's

discussions very much but he was

America's first economics professor at

the first business school the Wharton

School at the University of Pennsylvania

in the night in the 1880s and 1890s and

Simon Patton said that public

infrastructure should be looked at is a

force factor product action

government spending but the aim of this

factor of production is not to make a

profit uh it's not trying to make wages

or rents or uh profit at a capital it's

trying to help the rest of the economy

uh make higher real wages higher uh

profits for Capital by providing the

basic needs uh education uh

Transportation uh Public Health at a

loss and if the government's role and

infrastructure is to provide Public

Health uh at a loss then corporations

don't have to pay it and uh if they

provide uh Transportation at a loss then

uh labor doesn't have to pay uh bear the

cost of Transportation in getting to

work uh the capitalists don't have to

bear uh the cost of Transportation the

whole idea of public uh infrastructure

of socializing medicine

socializing education socializing uh

transportation and Communications is to

help industrial capitalism and that's

why it was the Industrial capitalists

themselves in the United States and

Germany uh in every successful

Industrial company that moved towards uh

socializing uh uh the basic needs in

order to create a low-cost economy that

could undersell and compete with other

capitalist economies more efficient in

the most more efficient uh economy would

be the one that can undersell uh its

opponents by being more socialist than

they were and that's what led Marx and

the Socialists of the 19th century to

think well industrial capitalism is

going to evolve into socialism uh and uh

they their assumption was that

industrial capitalists would act in

their own self-interest that hasn't

happened that what has happened is a

financial capitalism that is not in the

self-interest of the dynamic of

industrial capitalism it's become

something entirely different it's become

a rantier a financialized society it's

become what we call Finance capitalism

instead and the Victory of Finance

capitalism is basically to undo the

whole industrial capitalist Revolution

to free economies the free markets from

the landlords from the banks from the

monopolists and uh produce a low-cost

economy that was the whole idea of

efficiency that socialism was supposed

to be a

efficient by creating its own uh markets

uh and I think uh radica makes that

point very clearly in her book uh the

one uh I think she's a little unfair

when she uh critiques mmt uh I I think

her discussion is too partial uh and as

one of the uh uh founders of mmt I I

have to uh point out

well what I mean by it and what most of

us mean by it uh it's it's Point uh it

doesn't discuss class interests as such

uh that's uh radicals uh critique and

she's absolutely right it's not a

doctrine of class interest it's a

doctrine of how money creation Works uh

and its point is that government money

creation is no more inflationary than

private sector lending uh to finance a

budget deficit that government's running

a budget deficit pump money into the

economy uh and every economy needs money

and credit to operate on and if the

government does not provide this credit

by running a budget deficit then uh the

economy is going to have to do what it

did in the late years of the Bill

Clinton administration is going to have

to borrow from the commercial Banks uh

and uh at interest and uh an enormous

interest and it's going to have to uh

do what banks lend uh money for and that

is things that helped the financial

sector not to help the industrial uh

economy grow so uh mmt is a way of

government uh controlling the allocation

of uh credit the allocation of resources

and foreign

forward planning and if the government

does not take the lead uh in uh as

planner then uh the the neoliberal idea

of getting rid of government is uh means

uh a kind of uh

uh privatization it means that the

center of planning is going to be in

Wall Street in the financial sectors

that's what the libertarian philosophy

is it's a central planning much more

centralized than any any democratic

government because it's centralized in

the hands of the one percent the

Libertarians and uh the neoliberal left

want a centralized planning in the hands

of the wealthy people because they say

most wealth is created financially so if

we want an efficient economy let's

create wealth and you can create much

more wealth financially by uh

cannibalizing an industrial firm and

actually investing in uh

and uh uh uh industry so uh the whole

point of mmt is how is money created by

the government

well uh that's not the whole of mmt

analysis because it's true that's uh

Stephanie uh Kelton uh who she

criticized it doesn't discuss class

interest in the talk and uh she just

explains uh what it is uh uh what money

creation is but uh mmt we've gone around

the world together and her role is to

give the introductory technical uh

discussion at mmt and then uh my role is

to come on second and say the key is

what are you going to create money for

you can create money in the way that

Donald Trump uh and uh Vice President

Dick Cheney created money you can create

money to go to war you can create money

to bail out the banks uh as Obama did

you you can create uh money for tax cuts

As Trump did or you can create money by

actually spending money on

infrastructure on on labor on employment

on social uh socially productive forms

of investment so

this is the whole point of the mmt is is

that money should not be uh created for

the use by the financial sector to do

what radica quite rightly create uh uh

criticizes the financial sector for

money should be created by the state to

promote economic growth that is what is

enabled China's economy to become so

much more efficient than the US economy

because it's treated money as a public

utility uh it is not commoditized money

like occurs in the United States and in

the west uh and is uh the neoliberal uh

left wants to do is treated uh if the

government creates money then it can

decide what do we want to create money

for to lower the economy's cost to

production to increase capital

investment and to uh to become

economically independent uh as China's

become independent and I like to comment

before that was made about uh Huawei uh

the United States has imposed sanctions

uh on uh uh China thinking that well if

we impose sanctions on Russia and China

then uh they're going to be they're

going to uh uh be crowded out of uh this

field and what they don't realize is

that imposing sanctions on a country has

the same effect as this country produce

a an acting protective tariffs on itself

it forces the country either to become

self-sufficient or to become dependent

on the United States that would love to

monopolize uh computer chips and high

technology uh and as intellectual

property rights to yield Monopoly rent

uh and what happened that countries

obviously uh the uh the global majority

today uh wants to realize is the need to

avoid becoming uh dependent on

rent-seeking the United States by being

uh independent and Essentials and so

everything that the West the United

States and Europe imposes as a sanction

ends up losing this Market forever

because once other countries become

independent creating their own computer

chips or whatever technology you're

using they don't need to import anymore

no uh the point has been made that

China's spent has been spending more

money on importing computer chips than

on importing oil well just imagine this

whole Market has been lost to the United

States and Europe and that means that

instead of uh successfully consolidating

control and centralizing it in the

United States companies and com and

companies that are under U.S control

it's lost it's lost the market it's lost

uh everything forever and that is a

basic Dynamic that uh Reddick and I talk

about in our uh our program that I think

that's uh the basic Dynamic uh in that

she described in the book why hasn't the

left realized that this is the way to go

uh what what

why are they suddenly let themselves be

hijacked uh I think uh and indeed uh to

save the rest of society from this what

what is really important and

understanding economy that I think is

what the the book uh is a great

contribution for and to me that's the

whole point of it

thank you I'm Michael Hudson I'm

appearing here for the international

Manifesto group if you like this video

and once you like it please subscribe

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[Music]