[Michael] Hudson argued that Marx had a vision that capitalism will
eventually create the objective conditions for a transition to
socialism. Instead, in the last 50 years finance capital has blocked
that vision with a form of ‘neo-feudalism’ represented by monopolies
extracting ‘rents’ and bankers extracting interest and capital gains.
And now the main enemy of workers was not the capitalist owners of
industrial companies, but rentier capitalists who exploit us through
mortgages, loan rates, housing rents etc. And now it was rising debt
that was the cause of capitalist crises and not the falling rate of
profit of productive capital. This was whereDavid
Harvey<https://thenextrecession.wordpress.com/2018/04/02/marxs-law-of-value-a-debate-between-david-harvey-and-michael-roberts/> andHyman
Minsky
<https://thenextrecession.wordpress.com/2020/01/14/minsky-and-socialism/>had
taken us forward from Marx.
I disagree. This classic financialisation’ thesis by Hudson has many
holes, in my opinion.
<https://thenextrecession.wordpress.com/2018/11/27/financialisation-or-profitability/>First,
modern capitalism can hardly be described as ‘neo-feudalism’ because
feudalism was never a mode of production based on monopoly rents or
usury. Under feudalism, the surplus created by the serfs and peasants
was appropriated by landed aristocracy directly from the produce of the
land. Commercial and financial activity was an adjunct, not the
dominant activity of feudalism.
https://thenextrecession.wordpress.com/2021/01/08/assa-2021-part-two-the-radical-answers/
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