I’m not an economist. I came across this 13 minute video featuring economist Michael Hudson. I think he’s a Marxian thinker of some sort. I’d be interested in any comments on what he’s saying:
Without reading the other comments here, the first thing that comes to my mind in evaluating this criticism is that it is essentially a criticism of "corporatism" a la Ron Paul. (Now I could be misreading this as I am not especially economically literate.)
Corporatism as I understand it is a situation where the government coordinates with corporations to ensure that "the division of spoils" is directed at favored parties or groups (in particular the elites or those groups that direct funds toward government) at the expense of those who are part of the "labor" class. In that light it is hard for me to disagree with anything Hudson is saying. The only question is how culpable "capitalism" as a theory in action is for this. I'm confused by what he calls "privatization" as I do believe what he criticizes is a sort of fascistic collaboration between government and the other agents of a financialized economy.
Without reading the other comments here, the first thing that comes to my mind in evaluating this criticism is that it is essentially a criticism of "corporatism" a la Ron Paul. (Now I could be misreading this as I am not especially economically literate.)
Corporatism as I understand it is a situation where the government coordinates with corporations to ensure that "the division of spoils" is directed at favored parties or groups (in particular the elites or those groups that direct funds toward government) at the expense of those who are part of the "labor" class. In that light it is hard for me to disagree with anything Hudson is saying. The only question is how culpable "capitalism" as a theory in action is for this. I'm confused by what he calls "privatization" as I do believe what he criticizes is a sort of fascistic collaboration between government and the other agents of a financialized economy.
Matt Taibbi reviews The Lords of Easy Money:
https://www.zerohedge.com/political/taibbi-people-versus-unelected