Michael Hudson on Financialization and Deindustrialization

Naked Capitalism has a post that features the interview Michael Hudson on Financialization and Deindustrialization.

Yves here. Michael Hudson provided a pre-election take on how Trump policies haven’t changed the trajectory of America’s decline as a manufacturer. We’ve stressed that achieving that goal would take a long term commitment to what amounts to industrial policy…something that America is officially allergic to but in fact practices all the time, witness huge explicit and tax subsidies to favored sectors like real estate, finance, higher education, medicine, and of course armaments.

I wish this had come to my attention before the election. It puts the lie to many of what Trump bragged about as his accomplishments. It also has cautions for people who call themselves Capitalists or Socialists. In this interview you can also see the tendencies of Paul Jay to insert his own interpretations to muddy the message of the interviewee. There is so much packed into this interview, that it might be hard for a newcomer to the topic to digest. All I can advise newcomers is not to be discouraged. If you keep at it, you will eventually understand more and more.

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