Michael Hudson: Marxism, Economic Parasites, and Debt Cancellation

Michael Hudson is Distinguished Research Professor of Economics at the University of Missouri, Kansas City and President of the Institute for the Study of Long-Term Economic Trends. He researches domestic and international finance, the history of economics, and the role of debt in shaping class stratification, among many other topics. Michael was also a guest on episode 180, where he and Robinson discussed neoliberalism, industrial capitalism, and the rentier economy. In this episode we continue the discussion, focusing on his book Killing the Host (ISLET, 2015). More particularly, they discuss the rhythm of debt and economic crashes, the role of history in the study of economics, the history of debt cancellation, Marxism, economic parasites, and how to heal ailing economies. Michael’s most recent book is The Collapse of Antiquity (ISLET, 2023).

00:00 Introduction
8:27 The Role of History in Economic Thought
17:09 The Fascinating History of Debt Cancellation
25:52 Aristotle, Plato, and the Cancellation of Debt
31:49 Ancient Greek Debt Cancellation
41:10 The Problems with Today’s Neoliberal Economics
47:21 The Lord’s Prayer, Christianity, and Debt Cancellation
56:34 FIRE and Economic Parasites
1:09:57 Are We Hosts for Economic Parasites?
1:19:32 What’s Wrong With Austerity Measures for Economic Crashes?