Michael Hudson: Finance Capitalism vs. Industrial Capitalism
ฝัง
- เผยแพร่เมื่อ 28 ก.ย. 2024
- Support the channel:
Patreon: / dannyhaiphong
Substack: chroniclesofha...
Cashapp: $Dhaiphong
Venmo: @dannyH2020
Paypal: paypal.me/spir...
#Neoliberalism #Finance #Capitalism
I could listen to Michael Hudson all day
Michael Hudson, best track.
This is where Proffessor Hudson describes the difference between his ideas and the ideas of other so-called marxists like Richard Wolff.
"finance capitalism is not based on surplus value like industrial capitalism was and by canibalzing idustrial capital it basicly dries out the economy"
Wolff goes with the new ideas that marx proposed as a transition from capitalism to a new form, call it socialism. Wolff feels that we are at the pinicle of capitalism but ignores that we are destroying the surpluss value that this new econmic form was to redisistribute. Frustrating listening to wolff struggle with this... I have my ears open to wolff for that understanding but I haven't heard it yet.
What Wolff doesn't understand is that industrial capitalism is neccessary for life, finance capitalism is empire, and more similar to cannibalism than capitalism. People think all capitalism is destructive, but it is only empire. Capitalism can make fair deals, empire seeks to come out on top. Russia and China have figured this out.
@@theheatinferno8420 It is clear that all models that are against neolberalism are not thinking streight....
Neoliberalism is a model put forward by reagan that Hudson describes in how the west is canibalizing it's self. Other models that are not real are something like that in that they don't describe what is happening or prescribe ways of making things better.
Wolff's model of 'democracy at work' neglects the over all structures of finance capitalism that a coop has to serve to exist in in this country.... You can have a coop and still be canibalized by these other stuctures.
Take the Jehu pill. The commodity form has been abolished since at least 1971 with the end of Bretton Woods.. We are living in a kind of socialism already albeit a Fabian bourgeois one.
The Unipolar moment of US is over in barely twenty years. The Squandering of it is basically self inflicted. Paul Volker the man credited with saving America from stagflation answered when asked how America is going to make money with such High interest rates? Well he answered with Selling Arms and Wall street finance USD Treasury bonds. At the time ofcourse he didn't know that his answer would become a self fulfilling prophesy.
seventy. the US has been the unipolar hegemon of the world since the end of WW2. unlike typical empires which takes other territories to increase it's share of resources, wealth and production, the US empire is focused on looting it's own host country - which is why it's collapsing so quickly
@redcapitalist
You don't have to "loot" the world if you sell to it. The British Empire, where the word loot was invented, was never looted. It was exploited. That's what America has been doing to the same world since WW2.
The fact that America is corrupt is bad for its people, but not necessarily for its international hegemony. The most honest and best run ciuntries have little indepedent poser. Scqndinavia, Japan, Switzerland, Singapore - None of them, not even Japan, has any genuine power.
Whereas China is corrupt and it does. So I don't think corruption alone is going to end hegemony. Some consequences of that corruption perhaps, but not "looting" ad a whole.
As it said in the Global South: No need to send in the tanks, just send in the banks.
Germany and other European nations like China and Russia have subsidize education, healthcare, etc in Germany University is free and the students living costs are subsidized also as an example, healthcare is high quality and affordable . I could go on for hours even with some of the changes over the last decade most of Europe still has a very strong social aspect to their society . China and Russia they also invest in their people . Contrary to belief the Eurozone runs large trade surpluses and has a manufacturing base 250% larger than the USA while China has the largest manufacturing base . Russia also has a sizable manufacturing base and huge natural resource base . Too often commentators group the entire world into one group as if everyone is like the USA or UK and they are not ! At the present time Europe has an energy crisis because friction with Russia this is normal geopolitical power plays and will pass within a year Europe and Russia will sit down and makeup the thing is Germany has no choice most of its exports go to Asia and pass through Russia and other Eurasian nations the USA is not the main market for Germany or most of European countries they can't cut Eurasia off that would lead to their collapse they claim to have cut off Russian oil and gas yet they import the same Russian oil and gas through India and China they are playing a game Germany/Eurozone has been drifting away from the USA since the Euro came into existence they are slowly separating from the USA/UK why the UK left the EU because of the difference in philosophies . The primary creditors of the world are China, Japan, Germany, Netherlands, Norway, Switzerland, with other creditors like Russia, South Korea. The USA is the largest debtor and these creditors have been buying up massive amounts of hard assets inside America that has been how the USA paid its way since becoming a debtor in the mid 1980s . Michael Hudson is a brilliant guy but I lived in Germany and they are planets apart . They work together at times for geopolitical projects but Germany no longer relies on the USA for economic and a decreasing military role the bases in Europe are left over from the cold war and have been downsized even with the uptick lately because of Ukraine the USA has 7 times or maybe 8 times less military forces inside of Europe compared to the 1960s and Europe has its own military and nuclear armed . The Europeans want those American troops on stand bye in Europe it allows them to call upon those 50,000 or so troops for logistics or if they have a tough spot the marines can go into a warzone and take heavy loses because Americans will accept that while European citizens will not ! Along with the $250-300 billion yearly trade surplus the EU runs with America they have had a free ride since the end of the cold war . That is changing now because the USA is weakening and the EU now must pick up the slack militarily and also fined new markets like Russia, China, etc and they have been doing this over the last 20 years . The world is changing ! I'd say the American Empire was over around 911 symbolically when the trade towers came down and the pentagon was damaged that was the end of the empire ! And after 2008 definitely the case the USA economy never recovered since that time ! Europe and Russia and China and Iran and Turkey and others have their own interests and occasionally they fight with each other hot and cold wars and trade frictions and so forth to make the USA front and center for all world activity is going against facts the USA is more of a proxy for these creditors now being the largest debtor in history and whoring itself out ! The problem for those that have been born in the USA and even those that are highly educated and experienced in these matters they tend to get caught up in the past when this was an Empire and sometimes don't see the changes which is normal not seeing the forest through the trees .
What you have to say is intriguing but the run-on sentences and lack of punctuation make it near-incomprehensible. A pity.
I'm sure people get the drift ! @@edzzup
Honestly I lost interest about twelve sentences in when I realized there were no paragraphs and, much worse, no punctuation and even run-on sentences.
The truth shall set you free you keep saying the same thing over and over and over because the truth is not liked
@@davidchou1675
“and other European countries like China”
So the implementation of finance capitalism if I understood you correctly is a political change as well as businesses changing focus from labor to support the 1%
Very helpful summary!
Maybe it's 1789 time again.
michael hudson is a legend ❤
God hear and save Michael Hudson
So cool that DH is aware of Hudson. I thought he might have been a Socialist Ideologue.
Democracy is mob rule, so how exactly does that fit with his thesis? People vote themselves free stuff and more social welfare, it doesn't seem very privatised in that aspect. I do agree that finance capitalism is rapacious but government is equally rapacious of industrial capitalism look at Germany industry is taxed to the hilt
Lol😂 there will be no capitalism if there's no government. Why did liberal like you never seems to understand that