by Michael Hudson
October 17, 2011
As published in American Journal of Economics and Sociology, Vol. 70, No. 4 (October, 2011).
*The author acknowledges funding from Prosper Australia in support of this article.
ABSTRACT. Reflecting the Progressive Era’s reform agenda Simon Patten (1852–1922) argued that freeing markets from one source of economic rent (by taxing land rent) would merely leave the surplus to be taken by other monopolists and rent extractors (railroads, Wall Street trusts, and basic privatized utilities). Continue reading