Michael Hudson
Biography of Michael Hudson
Full Name and Common Aliases
Michael Hudson is a name that resonates with those familiar with economic theory and financial history. While he is primarily known by his full name, he is sometimes referred to simply as Mike Hudson in more informal settings.
Birth and Death Dates
Michael Hudson was born on March 14, 1939. As of the latest available information, he is still actively contributing to his field.
Nationality and Profession(s)
Michael Hudson is an American economist, professor, and author. His work spans several disciplines, including economic history, finance, and sociology. He is particularly renowned for his critical analysis of debt and financial systems.
Early Life and Background
Michael Hudson was born in Chicago, Illinois, into a family that valued education and intellectual pursuit. His father was an industrial engineer, and his mother was a homemaker with a keen interest in literature and the arts. This environment fostered a deep curiosity in Hudson from a young age, leading him to pursue higher education with vigor. He attended the University of Chicago, where he developed a strong foundation in economics and history, setting the stage for his future endeavors.
Major Accomplishments
Throughout his career, Michael Hudson has made significant contributions to the understanding of economic systems, particularly in the context of debt and financial crises. He has served as a professor of economics at the University of Missouri–Kansas City and has been a research associate at the Levy Economics Institute. Hudson's work often challenges conventional economic thought, offering alternative perspectives on how economies function and the role of debt in economic cycles.
One of his major accomplishments is his extensive research on the history of debt, which has provided valuable insights into how ancient economies dealt with financial crises. His analysis of the Jubilee debt cancellations in ancient societies has been particularly influential, shedding light on how historical practices can inform modern economic policy.
Notable Works or Actions
Michael Hudson is the author of several influential books and articles that critique mainstream economic theories and propose alternative frameworks. His book, "Super Imperialism: The Economic Strategy of American Empire," is a seminal work that explores how the United States has used its financial power to influence global economics. Another notable work, "Killing the Host: How Financial Parasites and Debt Bondage Destroy the Global Economy," delves into the destructive impact of financialization on economies worldwide.
In addition to his written work, Hudson has been an advisor to governments and international organizations, providing expertise on economic policy and financial reform. His ability to articulate complex economic concepts in an accessible manner has made him a sought-after speaker and commentator on economic issues.
Impact and Legacy
Michael Hudson's impact on the field of economics is profound. His critical approach to understanding debt and financial systems has challenged traditional economic paradigms and inspired a new generation of economists to question established norms. His work has influenced policymakers, academics, and activists who seek to address the systemic issues within global financial systems.
Hudson's legacy is not only in his scholarly contributions but also in his role as a public intellectual who advocates for economic justice and reform. His insights into the cyclical nature of debt and the need for systemic change continue to resonate with those who seek to create more equitable economic systems.
Why They Are Widely Quoted or Remembered
Michael Hudson is widely quoted and remembered for his incisive critiques of economic orthodoxy and his ability to connect historical economic practices with contemporary issues. His work provides a critical lens through which to view the complexities of modern financial systems, making his insights valuable to economists, policymakers, and the general public alike.
Hudson's ability to distill complex economic theories into understandable concepts has made his quotes and ideas accessible to a broad audience. His emphasis on the importance of addressing debt and financial inequality resonates in a world increasingly aware of the disparities within economic systems. As a result, his work continues to be a touchstone for those seeking to understand and reform the financial structures that shape our world.
Quotes by Michael Hudson
Michael Hudson's insights on:
Debt leveraging is a major reason why the United States and Britain have lost their industrial advantage. Debt-inflated costs for housing, education and other basic needs have priced their labor out of markets abroad and at home.
When Hillary Clinton said she’s going to do just what Obama does and we’re going to continue to recover, most people know that we’re not recovering at all. We’re shrinking.
More and more money is being extracted from of the production and consumption economy to pay the FIRE sector. That’s what causes debt deflation and shrinks markets. If you pay the banks, you have less to spend on goods and services.
Debt deflation is when there’s less money that people have to spend out of their paychecks on goods and services, because they’re paying the FIRE sector. Oil going down is a function of the supply and demand of oil in the market. It’s a separate phenomenon.
The collapse of Inter-Ally debts and German reparations in the 1920s showed that “debts that can’t be paid, won’t be.” What blocks this awareness among neoliberal economists is their fantasy is that all debts can be paid by squeezing out a large enough fiscal surplus. Neoliberals are incorrigible in preferring to indulge their pro-creditor and anti-labor sentiments in the face of the reality that fiscal austerity shrinks the economy and hence the ability to produce a surplus to pay creditors.
Blaming the wolf would not help the sheep much. The sheep must learn not to fall into the clutches of the wolf.
The myth is that if housing prices go up, Americans will be richer. What banks – and behind them, the Federal Reserve – really want is for new buyers to be able to borrow enough money to buy the houses from mortgage defaulters, and thus save the banks from suffering from more mortgage defaults.
The euro and the ECB were designed in a way that blocks government money creation for any purpose other than to support the banks and bondholders. Their monetary and fiscal straitjacket obliges the eurozone economies to rely on bank creation of credit and debt. The financial sector takes over the role of economic planner, putting its technicians in charge of monetary and fiscal policy without democratic voice or referendums over debt and tax policies.
I don’t think that governments should permit speculation in raw materials, because they’re what the economy basically needs.
To set the stage for this discussion, it is necessary to explain that what is at work is an Orwellian strategy of rhetorical deception to represent finance and other rentier sectors as being part of the economy, not external to it. This is precisely the strategy that parasites in nature use to deceive their hosts that they are not free riders but part of the host’s own body, deserving careful protection.