On Michael Hudson’s ‘SuperImperialism’ & Debt Jubilee Propositions

Jack Rasmus

There is much that Michael Hudson and I agree on, especially with regard to the growing economic and political influence of finance capital in the last half century. We differ, however, in our analyses of how the growing global weight of finance capital destabilizes the global capitalist economy (and especially USA & UK variants) as well as its role in the US economic empire–that is, imperialism.

Another difference between Hudson and I is Hudson sees debt as the centerpiece and lynchpin to reform of the current capitalist economic system. He thus calls for a ‘debt jubilee’ in which by a political-legal action debt is expunged from the capitalist system. In my view, however, a debt jubilee is politically naive call for reform. Capital cannot function without debt, and as it financializes it necessarily creates more debt to function. To therefore call for a ‘jubilee’ in which debt is expunged requires…

View original post 988 more words

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.