Some observers of world affairs feel that Michael Hudson is the world’s greatest living economist.
Read Professor Hudson’s masterful perception/analyis of economic history and current economic conditions from his maximally-wide perspective – based on an immense knowledge of the subject obtained through decades of intense research and focused study, and there’s a very good chance you will agree and feel his Earth-sweeping message is of extraordinary significance for humanity now, during these unprecedented precarious days on Earth in July 2022…
Monday, 11 July 2022 — Michael Hudson
By Michael Hudson, a research professor of Economics at University of Missouri, Kansas City, and a research associate at the Levy Economics Institute of Bard College.
The greatest challenge facing societies has always been how to conduct trade and credit without letting merchants and creditors make money by exploiting their customers and debtors. All antiquity recognized that the drive to acquire money is addictive and indeed tends to be exploitative and hence socially injurious. The moral values of most societies opposed selfishness, above all in the form of avarice and wealth addiction, which the Greeks called philarguria– love of money, silver-mania. Individuals and families indulging in conspicuous consumption tended to be ostracized, because it was recognized that wealth often was obtained at the expense of others, especially the weak.
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