Sunday, October 18, 2015

Michael Hudson again on Marx

From the Paradox of Financial Industrialization (These remarks were made at the World Congress on Marxism, 2015, at the School of Marxism, Peking University, October 10, 2015. The presentation was part of a debate with Bertell Ollman (NYU)).:
"Marx expected industrial capitalism to act in its own self-interest by industrializing banking, as Germany was doing along the lines that the French reformer Saint-Simon had urged. However, industrial capitalism has failed to break free of pre-industrial usurious banking practice."
In the comments, he corrects himself on a point about China "I should indeed have said that China was ADDRESSING the “Volume I” problem. No economy will ever solve it, until there is full socialism."
Check also Chris Dillow post Technical Change as a collective action problem

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