[unable to retrieve full-text content]Michael Hudson discusses the evolving disconnect between modern economics and practical economic realities, using the example of American capitalism and its global influence. He critiques the shift towards finance capitalism and deregulation, comparing it to Thatcher-era England’s libertarian model, which minimized state intervention in the economy. This trajectory, according to Hudson, has led to a situation where government influence is overridden by corporate donors and financial interests, sidelining public welfare. Hudson explains his approach to economics, likening it to taking apart and reassembling an engine; it’s not just surface-level phenomena but understanding fundamental structures like balance of payments and GDP. He emphasizes how
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Michael Hudson discusses the evolving disconnect between modern economics and practical economic realities, using the example of American capitalism and its global influence. He critiques the shift towards finance capitalism and deregulation, comparing it to Thatcher-era England’s libertarian model, which minimized state intervention in the economy. This trajectory, according to Hudson, has led to a situation where government influence is overridden by corporate donors and financial interests, sidelining public welfare.
Hudson explains his approach to economics, likening it to taking apart and reassembling an engine; it’s not just surface-level phenomena but understanding fundamental structures like balance of payments and GDP. He emphasizes how mainstream economics often ignores these practical frameworks, contributing to a distorted economic vision and misguided policy decisions.
The post Beyond Surface Economics: The Case for Structural Reform first appeared on Michael Hudson.