281 - Michael Hudson: How Debt Destroys Empires

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. This is Michael’s Seventh appearance on the show. On past episodes, including with Richard Wolff, he and Robinson have neoliberalism, industrial capitalism, the rentier economy, Marxism, and the role of economics in political history. In this episode, Michael and Robinson talk about debt and the destruction of empires. Michael’s most recent book is Temples of Enterprise (ISLET, 2024). Michael’s Website: https://michael-hudson.comTemples of Enterprise: https://a.co/d/a3c53dmOUTLINE00:00 Keeping Governments Under Control07:01 Understanding the Church17:27 Why Debts Grow Too Fast to Be Paid22:57 Understanding the BRICS26:50 How Can Countries Get Rich?32:47 Where Is the United States’ Debt Dragging Us?46:26 Why Michael Hudson Is Not a Mainstream Economist48:59 The Historical Approach to Economics01:06:01 Controlling Governments Through Tax Policy01:23:55 How Michael Researches01:33:31 The Myth of Economic Rent01:38:47 The United States’ Hereditary Oligarchy01:41:04 Why the United States Can’t Go Bankrupt01:44:42 Closing ThoughtsRobinson Erhardt researches symbolic logic and the foundations of mathematics at Stanford University, where he is also a JD candidate in the Law School.