- 04 Dec 2023 03:14
#15297491
Trust me, this is a must watch video if you want the heterodox view point.
How Finance Capitalism Ruined the World -- Dr. Michael Hudson & Dr. Steve Keen, DSPod
Industrial Capitalism is good and Finance Capitalism is terrible.
They touch on the "so-called Nobel Prize in Economics" that stole his name and is a bad joke.
However, I need to add, Industrial Capitalism can be a lot better if it used MMT including its Federally funded but locally controlled Job Guarantee Program that offers a job to all who want one and curbs inflation automatically while raising the min. wage to a "socially inclusive wage".
Modern curricula of Econ. do NOT any longer teach the history of econ. thought. This is necessary, our 2 experts say, because Adam Smith was fighting feudalism where landlords ruled the economy because of what they owned and not what they did. Smith wanted Industrial Capitalists to rule the economy because of what they did and not what they owned. So, his "Free Economy" was an economy free from the drain of "unearned income", i.e. rent paid to landlords. Modern economists wanted to let Financial Capitalists back into the game so they changed the meaning of "Free Economy" to one free of Gov. regulation.
.
How Finance Capitalism Ruined the World -- Dr. Michael Hudson & Dr. Steve Keen, DSPod
Industrial Capitalism is good and Finance Capitalism is terrible.
They touch on the "so-called Nobel Prize in Economics" that stole his name and is a bad joke.
However, I need to add, Industrial Capitalism can be a lot better if it used MMT including its Federally funded but locally controlled Job Guarantee Program that offers a job to all who want one and curbs inflation automatically while raising the min. wage to a "socially inclusive wage".
Modern curricula of Econ. do NOT any longer teach the history of econ. thought. This is necessary, our 2 experts say, because Adam Smith was fighting feudalism where landlords ruled the economy because of what they owned and not what they did. Smith wanted Industrial Capitalists to rule the economy because of what they did and not what they owned. So, his "Free Economy" was an economy free from the drain of "unearned income", i.e. rent paid to landlords. Modern economists wanted to let Financial Capitalists back into the game so they changed the meaning of "Free Economy" to one free of Gov. regulation.
.
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