“There are essentially two types of society: mixed economies with public checks and balances, and oligarchies that dismantle and privatize the state, taking over its monetary and credit system, the land and basic infrastructure to enrich themselves but choking the economy, not helping it grow.”

—  Michael Hudson (economist)

Source: The Destiny of Civilization https://michael-hudson.com/2022/05/the-destiny-of-civilization/, May 15, 2022

Adopted from Wikiquote. Last update June 1, 2022. History

Help us to complete the source, original and additional information

Do you have more details about the quote "There are essentially two types of society: mixed economies with public checks and balances, and oligarchies that disma…" by Michael Hudson (economist)?
Michael Hudson (economist) photo
Michael Hudson (economist)13
American economist 1939

Related quotes

Michael Hudson (economist) photo

“One way or another, today's debts will not be paid.... As long as savings mainly by the 1% takes the form of debt claims on the rest of society, they will grow exponentially to hold the 99% in deepening debt.... If debts to creditors are paid by forced privatization, the public domain and infrastructure will be turned into rent-extraction tollbooth opportunities and economies will be impoverished by rentier austerity.”

Michael Hudson (economist) (1939) American economist

pp 418-419
Dr. Michael Hudson, KILLING THE HOST: HOW FINANCIAL PARASITES AND DEBT BONDAGE DESTROY THE GLOBAL ECONOMY, Islet 2015

Barry Eichengreen photo

“The international monetary system is the glue that binds national economies together.”

Barry Eichengreen Introduction

Source: Globalizing Capital (2008), Chapter 1. Introduction

“Without the parallel development of systems of monetary - and credit-based exchange there could have been no development of economies beyond the most primitive organizational forms and the most geographically restricted sales.”

Peter Dicken (1938) British geographer

Source: Global Shift (2003) (Fourth Edition), Chapter 13, The Financial Services Industries, p. 437

Ai Weiwei photo

“What does it matter if China’s economy grows when there are no basic protections for its citizens?”

Ai Weiwei (1957) Chinese concept artist

2000-09, An Artist’s Ordeal. 2009

Sarah Palin photo

“Canada needs to dismantle its public health-care system and allow private enterprise to get involved and turn a profit.”

Sarah Palin (1964) American politician

[2009-12-18, Backlash boots Palin from hospital fundraising, Toronto Sun, http://www.torontosun.com/news/world/2009/12/18/12204771-qmi.html]
2014

Robert A. Dahl photo

“It would be more realistic to think of all economic enterprise as a public service. Thought of in this perspective, a private economy is a contradiction in terms. Every economy is a public or social (not socialist) economy.”

Robert A. Dahl (1915–2014) American political scientist

After the Revolution? (1970; 1990), Ch. 4 : From Principles to Problems

Justin Trudeau photo

“the commitment needs to be a commitment to grow the economy and the budget will balance itself”

Justin Trudeau (1971) 23rd Prime Minister of Canada; eldest son of Pierre Trudeau

a week before 18 February 2014 https://www.macleans.ca/politics/justin-trudeaus-sunny-ways/ per Aaron Wherry of Macleans

Anthony Giddens photo

“Political economy … founds its theory of society upon the self-seeking of the isolated individual. Political economy, in this way, “incorporates private property into the very essence of man.””

Anthony Giddens (1938) British sociologist

Source: Capitalism and Modern Social Theory (1971), p. 14 (Quote is from Marx, Early Writings (1964), p. 148).

Paul Krugman photo

“The usual and basic Keynesian answer to recessions is a monetary expansion. But Keynes worried that even this might sometimes not be enough, particularly if a recession had been allowed to get out of hand and become a true depression. Once the economy is deeply depressed, households and especially firms may be unwilling to increase spending no matter how much cash they have, they may simply add any monetary expansion to their board. Such a situation, in which monetary policy has become ineffective, has come to be known as a "liquidity trap"; Keynes believed that the British and American economies had entered such a trap by the mid-1930s, and some economists believed that the United States was on the edge of such a tap in 1992.
The Keynesian answer to a liquidity trap is for the government to do what the private sector will not: spend. When monetary expansion is ineffective, fiscal expansion—such as public works programs financed by borrowing—must take its place. Such a fiscal expansion can break the vicious circle of low spending and low incomes, "priming the pump: and getting the economy moving again. But remember that this is not by any means an all-purpose policy recommendation; it is essentially a strategy of desperation, a dangerous drug to be prescribed only when the usual over-the-counter remedy of monetary policy has failed.”

Paul Krugman book Peddling Prosperity

Source: Peddling Prosperity (1994), Ch. 1 : The Attack on Keynes

“The Liberal Party doesn't seem to know in its mind what to do about it—its ostensible view is that the mix of the mixed economy must be left as it is. This seems to be a slightly doubtful proposition…We have to reduce the public sector, the state-run sector, and hand it over to other bodies. The economy is probably unmanageable so long as the state attempts to do so much. The Liberals have not given nearly enough thought to the question of the bureaucracy of the state, what is suitable for the state to run…I personally agree with the SDP line, not with that of the Liberal unilateralists. I want to remain in NATO and I believe that a deterrent is essential and it promotes peace…I would not support unilateral disarmament either on moral or practical grounds.”

Jo Grimond (1913–1993) British soldier, politician and academic

In the Alliance magazine (December/January 1982–3).

Related topics