The great progressive Harvard economist and prolific best-selling author, John Kenneth Galbraith, wrote that “Ideas may be superior to vested interest. They are also very often the children of vested interest.” I wished he had written that assertion before I took Economic 101 at Princeton. One of the vested ideas taught as dogma then was the comparative advantage theory developed by the early 19th-century British economist, David Ricardo. He gave the example of trading Portuguese wine for British textiles with both countries coming out winners due to their superior efficiencies in producing their native products.
The Peace Report on Jun 8, 2022
In the previous video, we discussed how the capitalist-imperialist system developed over the past century. Today, in the current phase, we will discuss its 4 main characteristics, as laid out by Pao-Yu Ching in the highly recommended book, Lenin’s Imperialism in the 21st Century published by the Institute of Political Economy.
with Michael Parenti
Writer, Dandelion Salad
May 23, 2022
“You can’t have rich corporate conglomerates unless you have wage and salary workers who will work a whole lifetime and at the end of that lifetime not know any kind of economic security of any sort, own nothing but maybe a mortgage on the house or whatever, if that. So the secret to getting rich, ladies and gentlemen, is not to work hard but to get others to work hard for you.” — Michael Parenti
More than two years on, it is hard to imagine there could be someone who is not sick of the pandemic. Although we can point to multiple reasons for the inability to bring Covid-19 under control, a prominent factor is corporate greed.
“Studying the contemporary expressions of monopoly-capitalism’s key features shows that the logic and dynamic of the monopoly capitalist system remains fundamentally unchanged from Lenin’s time. However, it shows that the forms and means of exploitation and oppression that characterize imperialism have evolved and intensiﬁed.” — Paul Quintos
It is exceedingly rare for a major congressional committee to hold hearings on “corporate greed” leading to corporate profiteering and surging prices on consumer goods. On April 5, 2022, Senate Budget Chairman, Senator Bernie Sanders (I-VT) chartered uncensored territory on corporate avarice with a lead witness, former Secretary of Labor, Robert Reich, now a professor at the University of California, Berkeley.
theAnalysis-news on Mar 14, 2022
Will China resist financialization and lead the way on climate policy, or is it a form of capitalism that will not reduce inequalities much further and isn’t serious about phasing out fossil fuel? Michael Hudson and Patrick Bond in a discussion about what we can expect from the CCP.
Ross [00:00:29] Welcome to Renegade Inc. Whatever the outcome in Ukraine, one thing is for sure the economic reverberations will be felt by everyone for years to come as the world divides between the West and a rapidly reshaping Eurasia.
But nobody thought that it would happen this fast.
Empires often follow the course of a Greek tragedy, bringing about precisely the fate that they sought to avoid. That certainly is the case with the American Empire as it dismantles itself in not-so-slow motion.
The U.S. aim is to keep them from trading with China and Russia
The Iron Curtain of the 1940s and ‘50s was ostensibly designed to isolate Russia from Western Europe – to keep out Communist ideology and military penetration. Today’s sanctions regime is aimed inward, to prevent America’s NATO and other Western allies from opening up more trade and investment with Russia and China. The aim is not so much to isolate Russia and China as to hold these allies firmly within America’s own economic orbit. Allies are to forego the benefits of importing Russian gas and Chinese products, buying much higher-priced U.S. LNG and other exports, capped by more U.S. arms.
Washington’s “strategic ambiguity” towards China and its breakaway territory of Taiwan seems to be more mercurial and menacing. Ironically, that mixed signalling from the US is only making China more determined to take control of Taiwan – by force if necessary.
In this wide-ranging discussion on the Moderate Rebels podcast, Hudson addresses US sanctions on Venezuela and Iran, the policies of the Joe Biden administration, Beijing’s economic model, cryptocurrencies, and dedollarization – the potential end to the dollar as the global reserve currency.