Michael Hudson

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Michael Hudson

Michael Hudson (* 1939 in Chicago , Illinois ) is an American economist . He is Distinguished Research Professor at the University of Missouri – Kansas City , a financial analyst and advisor on Wall Street and President of the Institute for Long-Term Economic Development ( Institute for the Study of Long-Term Economic Trends, ISLET). As a founding member of an international research group (ISCANEE) he researched the origins of economics in the ancient Orient . His work in this area influenced David Graeber's book Debt: The First 5000 Years .

Life

Hudson is a fifth generation American of maternal line ancestors of the Ojibwe Indians . His father Nathaniel Carlos Hudson (1908-2003) studied economics at Minnesota University before he actively joined the union struggle in 1929, the year of the Great Depression . He became an active Trotskyist unionist, editor of Northwest Organizer and The Industrial Organizer, and wrote articles for other union publications . When Hudson was three years old, his father was arrested. The Smith Act , aimed to fight the Trotskyists in the United States. Hudson's politically active parents were supporters of Leon Trotsky . According to his own statements, he is Trotsky's godson.

Hudson received primary and secondary education in a private school at the University of Chicago Laboratory Schools. After graduating, he studied two subjects at the University of Chicago : German Studies and History. In 1959, Hudson earned his bachelor's degree. He then worked as an assistant to Jeremy Kaplan at Free Press in Chicago. He succeeded in obtaining the rights to the English-language editions of Georg Lukács' works as well as the rights to the works of Leon Trotsky after the death of his widow Natalia Sedova.

Hudson, who had been interested in music from childhood, moved to New York in 1960 in the hope of becoming a student of the conductor Dimitris Mitropoulos . In New York, however, his friend Gavin McFadyen introduced him to his girlfriend's father, the economist Terence McCarthy. Hudson was so impressed by his portrayal of the internal connection between natural and financial cycles, the nature of money and public debt that he decided to study economics instead of music. McCarthy became his spiritual mentor and teacher.

In 1961 Hudson enrolled in the Economics Department at New York University. His master's thesis was devoted to the development policy of the World Bank and special attention was paid to credit policy in the agricultural sector. Many years later, Hudson realized, "The subjects that interested me most - and were the focus of this book - were not taught at New York University, where I graduated in economics. (...) There was only one way to learn this: by working for banks ".

In a 2006 cover story for Harper's Magazine , he drew attention to the impending bursting of the speculative bubble in the US real estate market and the resulting consequences for the entire economy - at a time when this topic was still being ignored by the rest of the media and the established economics.

In 2007/08 he was senior economic advisor to Dennis Kucinich when he ran for president .

Hudson is a member of the Latvian think tank Reform Task Force Latvia (RTFL) and criticizes the conditions currently being imposed on the country by the European Union and the International Monetary Fund (IMF) in the wake of the current global economic crisis as a disadvantage in favor of Swedes and other foreigners Banks. With regard to the euro crisis , he advocates taking away the monopoly on credit creation from the banks .

In German media such as the Frankfurter Rundschau , the FAZ or Junge Welt , he positions himself on economic policy issues.

Publications

  • A Payments-Flow Analysis of US International Transactions: 1960-1968 . In: The Bulletin. NYU Graduate School of Business Administration. Nos. 61-63. March 1970
  • with Denis Goulet: The Myth of Aid: The Hidden Agenda of the Development Reports. Orbis Books, 1971
  • Super imperialism. The Economic Strategy of American Empire. Holt, Rinehart and Winston, New York 1972, ISBN 0-03-085996-4 ; Revised new edition: Pluto Press, London 2003, ISBN 0-7453-1989-0 ( PDF; 1.53 MB )
  • Economics and Technology in 19th Century American Thought: The Neglected American Economists. Garland Publishing, New York 1975, ISBN 0-8240-1037-X
  • Global Fracture: The New International Economic Order. Harper and Row, New York 1977, ISBN 0-06-012004-5 ; 2nd edition: Pluto Press, 2005 ISBN 0-7453-2394-4
  • Canada in the New Monetary Order: Borrow? Devalue? Restructure! Butterworth, Toronto 1978, ISBN 0-920380-06-9
  • Trade, Development and Foreign Debt: A history of theories of polarization and convergence in the international economy. Pluto Press, London 1993
  • The Lost Tradition of Biblical Debt Cancellations. The Henry George School of Social Science, New York 1993 ( PDF; 939 kB )
  • with CJ Miller, Kris Feder: A Philosophy for a Fair Society. Shepheard-Walwyn, London 1994, ISBN 0-85683-159-X
  • with Baruch Levine (Ed.): Privatization in the Ancient Near East and Classical World. Peabody Museum of Archeology and Ethnology, Cambridge (Mass.) 1996 ISBN 0-87365-955-4
  • with Baruch Levine (Ed.): Urbanization and Land Ownership in the Ancient Near East. Peabody Museum of Archeology and Ethnology, Cambridge (Mass.) 1999 ISBN 0-87365-957-0
  • The mathematical economics of compound interest: a 4,000-year overview. In: Journal of Economic Studies. Volume 27, No. 4/5, 2000, doi: 10.1108 / 01443580010341853 , pp. 344–363 ( Part I , Part II )
  • with Marc Van De Mieroop (Ed.): Debt and Economic Renewal in the Ancient Near East. CDL Press, Baltimore 2002, ISBN 1-883053-71-4
  • with Cornelia Wunsch (Ed.): Creating Economic Order: Record-Keeping, Standardization, and The Development of Accounting In The Ancient Near East. CDL Press, Baltimore 2004, ISBN 1-883053-85-4
  • Trends that can't go on forever, won't: Financial bubbles, trade and exchange rates. In: Eckhard Hein , Torsten Niechoj, Heinz-Peter Spahn , Achim Truger (eds.): Finance-led Capitalism? Macroeconomic Effects of Changes in the Financial Sector. Metropolis, Marburg 2008, ISBN 978-3-89518-705-6 , pp. 249-272
  • The use and abuse of mathematical economics. In: real-world economics review . No. 55, December 2010, pp. 2–22 ( PDF; 120 kB )
  • The Bubble and Beyond: Fictitious Capital, Debt Deflation and Global Crisis. ISLET, 2012 ISBN 3-9814842-0-7
  • Killing the Host: How Financial Parasites and Debt Bondage Destroy the Global Economy. ISLET, 2015 ISBN 978-3-9814842-8-1

Filmography

  • Når boblene brister. Director: Hans Peter Moland; Norway, USA, Greece 2012
  • Four Horsemen. Directed by Ross Ashcroft, GB 2012
  • End of the line progress? Directed by Mathieu Roy, Harold Crooks, Canada 2011
  • Plunder: The Crime of Our Time. Director: Danny Schechter, USA 2009
  • In Debt We Trust: America Before the Bubble Bursts. Director: Danny Schechter, USA 2006

Web links

Footnotes

  1. ↑ Frank Schirrmacher : Euro crisis: And forgive us our debts . In: Frankfurter Allgemeine Zeitung . November 13, 2011.
  2. ^ "Worse than the bad are the functioning loans." November 12, 2016, accessed March 2, 2019 .
  3. ^ Michael Hudson, The New Road to Serfdom: An illustrated guide to the coming real estate collapse. In: Harper's Magazine . May 2006, pp. 39-46 ( PDF; 1.25 MB ).
  4. ↑ Dirk J. Bezemer: "No One Saw This Coming": Understanding Financial Crisis Through Accounting Models. MPRA Paper No. 15892, June 16, 2009, p. 9 and 37 f. ( PDF; 652 kB ).
  5. ↑ Michael Hudson: Latvia's Stockholm Syndrome . RTFL website, September 2009.
  6. ↑ Michael Hudson: Debt Crisis: Good Bank, Bad Bank . In: Frankfurter Allgemeine Zeitung . February 6, 2012.
  7. ↑ See for example: "The big eat the small". Capital concentration increases during the crisis, in: Junge Welt, March 19, 2020, p. 3.
personal data
SURNAME Hudson, Michael
BRIEF DESCRIPTION American economist
DATE OF BIRTH 1939
PLACE OF BIRTH Chicago , Illinois