PDF Ebook THE BUBBLE AND BEYOND
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THE BUBBLE AND BEYOND
PDF Ebook THE BUBBLE AND BEYOND
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Product details
Paperback: 558 pages
Publisher: ISLET; 2014 Update edition (June 20, 2014)
Language: English
ISBN-10: 398148424X
ISBN-13: 978-3981484243
Product Dimensions:
6.7 x 1.1 x 9.6 inches
Shipping Weight: 1.9 pounds (View shipping rates and policies)
Average Customer Review:
4.6 out of 5 stars
48 customer reviews
Amazon Best Sellers Rank:
#783,542 in Books (See Top 100 in Books)
I've been teaching political economy and economics for at least 30 years, am finishing up my own book and I make a point of reading just about everything I can on contemporary political economic issues. Hudson's book is as good as they get, and better. The scholarship, understanding of the details of finance and historical literacy on display is quite stunning. This is a remarkable book and the best of its kind I've read, by far. The current edition has an index, a huge plus over the first edition.This is the best you'll find. Most highly recommended.
Truly an actual "MUST Read" -- Lord I hat that phrase! -- for anyone working on the 2008 crisis, Macro-Economics in general, the history of the nearly universal neglect of the always crucial role of debt accumulation in Capitalism, especially as its cycles mature, the problem of recurring and ever worsening "liquidity trap recessions and depressions, some fascinating critiques of Smith, Ricardo, Marx, Keynes, etc., a total evisceration of the "Voodoo Economics" of Neoliberalism, with its ridiculous self-immunization strategy of repeating the thoroughly false mantra "there is no alternative" to repeating ad nauseum some of the most egregious and disingenuous intellectual and policy errors that the ruling class has attempted to force on virtually every country in the world in the last four decades, without a single instance of it improving society, and several other related areas. Prof. Hudson is, at least in my opinion, the single most important Political-Economist, -- or "Economist" of an sort -- still living and sharpening his theories. His is by far the clearest and most far-sighted work of our day. He certainly doesn't pretend to know how to solve all the enormous problems posed by the FIRE sector coup against, and capture of, all other social institutions, including nearly all of world's the supposedly "sovereign" national governments, but he can sure explain, and use thousands of historical examples to back up his views, which strategies -- like the current mania for cutting fiscal spending and imposing "austerity" upon vast majority of a nation's population, while lowering taxes still further on the billionaire set -- have NEVER, and he goes back thousands of years on the point, EVER pulled an economy in deep recession back into prosperity, or created significant numbers of new and decently-paid jobs.
Michael Hudson is an independent research analyst based at the University of Missouri, Kansas City.His latest publication represents a collection of essays that have formed the backbone of his thinking over many years. Taken together they offer a hefty rebuke to the flawed political economic practices issuing from the Federal Reserve and the neo-liberal camp that has so emphatically decriminalised fraudulent behaviour in the financial sector.The book opens with Michael taking us back through the nineteenth century to give us `Two Traditions of Financial Doctrine' that led us to our present impasse; Finance Capital (which has regressed into todays FIRE sector - Finance, Insurance, Real Estate) - and Industrial Capital, which represents the manufacturing, labour sector. It is the dichotomy between these two traditions and their present offspring that drives the narrative; the `scorched earth' practices of debt magnified through compound interest and the `free lunch' tax subsidies of the FIRE sector, versus the `circular flow' of the real economy between the producer/consumer of Industrial Capital.There is much else besides of course, ancient civilizations are discussed to show how societies debts were written off as a means of reviving the economy (hence `clean slate'), while those that didn't (the Roman Empire) become mired in debt, rebellion and bankruptcy.Michael also draws our attention to the principle of Fraudulent Conveyance; the paragraph is worth quoting in full . . ."The basic principle of Fraudulent Conveyance is that loans which cannot be paid under normal conditions were made irresponsibly at best, and with predatory intentions at worst. In either case they should be written down. The ethical principle is that the debtor suffers less than the creditor, especially in a world where international credit is now created electronically on computer keyboards - while repayment of such credit polarises and impoverishes debtor economies."This is a rambling, repetitive narrative full of great insight and quotable paragraphs on every one of its 481 pages. There are useful diagrams and graphs and a fabulous interview with Michael on YouTube conducted by Lauren Lyster back in 2010 is a good introduction to Michael's vigorous arguments.As if `The Bubble' wasn't bad enough, the real threat is not only to . . . "industrial capitalism and national self-determination but beyond that, the Enlightenment ideology of economic freedom and democracy". . . "All this threatens to turn the final stage of finance capitalism into debt-ridden austerity. That is what a neo - rentier economy means. Once entered into, it cannot be escaped from except by a violent political clash. The end game of finance capitalism will not be a pretty sight".
I am sorry to say this isn't a good book. But it is a necessary book, a book that every literate American ought to force himself to read, because until a significant number of people understand the lessons of this book nothing good is going to happen in America.Hudson understands economics as almost nobody does who bothers to write about it. He isn't part of any toadying establishment, academic or otherwise, and he tells the truth, all of it, no punches pulled. It has taken me over forty years to understand money and economics, and Hudson gives you everything you could possibly want to know for about $30 bucks. Does he repeat himself endlessly, garble sentences, tenses, just about anything that can be garbled? Yes, he does. Maybe he wrote the book in a hurry. Maybe his typist and proofreader didn't pay attention. So what? The book is important, necessary and dead on.For your own good and the good of the Country, read it!
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