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THE BUBBLE AND BEYOND, by Michael Hudson
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PROFESSOR MICHAEL HUDSON is one of the foremost critics of contemporary finance capitalism and the worldwide power "the 1%" weilds because of government tax breaks and other favorable legislation. In THE BUBBLE AND BEYOND, he illuminates how the expansive and successful forces of 19th and 20th century industrial capitalism have been subverted by today's predatory finance capitalism, putting the entire world in a financial mess - and what can be done about it. A confusing labyrinth of geo-political issues impacts economic health and growth, and few are studied in the classroom or given space in the press. There is a way out of the labyrinth, however, as Professor Hudson demonstrates across 20 readable topics. PROFESSOR HUDSON'S most controversial claim is that "Debts that can't be paid, won't be," leaving in question whether or not debt non-payment will lead to worldwide foreclosures - including sell-offs of public domain assets by debt-strapped local and national governments. This is already happening locally and globally - exactly what some of the 1% would like - creating a newly-poor feudalistic society with the 1% collecting all the usage "fees." Alternatively, he suggests that the debts be written down in line with the ability to pay, as has been done by corporations via Chapter 11 bankruptcies and reorganizations throughout a more enlightened modern economic history as well as biblical record. In Professor Hudson's bold view, debt write-downs versus privatization and sell-offs of public domain assets are the economic issues that will dominate politics over the next generation. THE BUBBLE AND BEYOND is a compendium and brief history of economic thought and why it matters not only to Americans, but to people all over the world. You will find that you refer to it again and again as a fount of information, much of which has been out of favor for decades and/or suppressed by the financial interests. Professor Hudson provides chapter and verse, names names, and explains the mistakes and outright fraud that have often been committed in the name of political ideology - by both the right and the left. You will encounter all of the heroes and miscreants of economics, industry, and politics from the Bible and Babylon to present day banksters, misguided Fed policy-makers, and captains of the finance/insurance/real estate (FIRE) sector and the military-industrial complex. In one chapter after another, Professor Hudson tells who did what to whom - as well as who wins and who loses. This updated edition makes it plain where money goes versus where it might go - and ought to go. UPDATED EDITION with a NEW INDEX, LIST OF 47 EXHIBITS (illustrations, charts, graphs and models), a BONUS CHAPTER and BONUS SUMMARY, contemporary quotes, and author pull-out quotes.
- Sales Rank: #954076 in Books
- Published on: 2014-06-20
- Original language: English
- Number of items: 1
- Dimensions: 9.61" h x 1.13" w x 6.69" l, 1.83 pounds
- Binding: Paperback
- 558 pages
Most helpful customer reviews
22 of 22 people found the following review helpful.
the cream of the crop
By Alan G. Nasser Sr.
I've been teaching political economy and economics for at least 30 years, am finishing up my own book and I make a point of reading just about everything I can on contemporary political economic issues. Hudson's book is as good as they get, and better. The scholarship, understanding of the details of finance and historical literacy on display is quite stunning. This is a remarkable book and the best of its kind I've read, by far. The current edition has an index, a huge plus over the first edition.
This is the best you'll find. Most highly recommended.
5 of 5 people found the following review helpful.
An Incisive Attack on Neoliberal Economics
By Dick_Burkhart
Michael Hudson’s book is full of memorable insights and quotes on the corruption and dysfunction produced by the financialization of our economy. Such as “mortgage bankers receive the rents formerly taken by a hereditary aristocracy” and “’free markets’ for predatory lending and unearned income”. But with a good editor, the book would be a thin volume with many readers instead of a fat volume with few.
Hudson writes in an expository style but for readers with some familiarity with the vocabulary and concepts of economics, from “monetarization” to “debt deflation”. Yet he elaborates on these concepts until the reader gets a good understanding (and outrage) via both historical thought (Adam Smith, Ricardo, Marx, etc.) and current examples (US housing bubble and corporate raiders, dollar imperialism and IMF austerity, etc.).
He has some strong recommendations related to debt, such as ending the tax deductibility of interest, raising taxes on capital gains, and debt forgiveness. Yet his treatment lacks the sweeping historical breadth of Piketty, especially in regard to economic growth and sustainability.
Hudson really tears into the “junk science” of the Chicago School of economics, starting with their failure to incorporate the key role of debt and compound interest in their economic models. In fact, he says that over 99% of financial transaction are involved, not with commerce and industry, but with things like bidding up asset prices, especially real estate and stocks, and arbitrage with foreign currencies and the like. He clearly exposes the underlying motive: to distract the public and politicians from what is really going on so that insiders and speculators can make a killing by avoiding taxes and regulations.
His mathematical analysis focuses on the role of compound interest and how this makes financial crashes inevitable, as the exponential growth of interest eventually overwhelms the economic growth of any real world economies. Even the Babylonians understood this, along with the necessity of periodic “jubilee years” of debt forgiveness, either that or unplanned defaults. Debt deflation happens when the public is paying so much in interest that their demand for goods and services declines, lowering consumer prices. Ironically this happens subsequent to asset inflation, which both absorbs all the savings in a Ponzi scheme and generates the debt that enriches Wall Street while impoverishing the public after the crash. Junk bonds and asset stripping are the corporate version of the predatory lending usually targeted at homeowners or struggling workers.
Yet the academic focus on microeconomics, or the marginalist economics of consumerism, ignores such real world dynamics. So Hudson calls for a mathematics that includes positive feedback to describe booms and busts, not just the equilibrium dynamics of negative feedback where bubbles are impossible. “To the extent that economics uses mathematics, the spirit is closer to numerology than to the natural sciences”. Yet he fails to cite Steve Keen, who actually has a simple, but effective, mathematical theory of debt.
In historical context, finance has come to control industry, rather than industry controlling finance, as the optimistic 19th century economists had predicted, including Marx. I saw that clearly when I used to work at Boeing, with all the talk about the “bean counters” taking over – “pennywise but pound foolish”- yet actually reflecting quite well the focus on short term “shareholder value” demanded by would-be corporate raiders and benefitting top executives via their stock options.
In the end Hudson comes across as aiming to reform capitalism by dethroning Wall Street, not by deeper structural reforms of a more socialist nature that might involve a variety of means of public or cooperative ownership of the productive assets of society.
3 of 3 people found the following review helpful.
Understanding why we all got screwed over... and why we're letting ourselves still get screwed over
By EugeSchu
Fantastic book, falls in the general line of Joseph Stieglitz and Yanis Varoufakis... wish price was a little bit lower to help distribution to a wider audience. Thank you
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