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What Was Lost When Political Economy Became Economics?

Discussion in 'Economics, Business, and Taxes' started by georgephillip, May 17, 2015.

  1. georgephillip

    georgephillip Governor

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    What was gained when "Economics" replaced "Political Economics" in the US? In his new book Killing the Host, Professor Michael Hudson claims a centrally planned economy was one (intended?) consequence of Wall Street's journey from its historical role of capital allocator to "its present-day parasitism..."

    "What has evolved, says Hudson, is that Wall Street banks have 'become the economy’s central planners, and their plan is for industry and labor to serve finance, not the other way around.'
    http://www.counterpunch.org/2015/09...sts-your-retirement-plan-and-the-u-s-economy/
    "To gloss over the collapse of this depraved economic model in 2008, Hudson says these Wall Street central planners simply depict 'any adverse ‘disturbance’ as being self-correcting, not a structural defect leading economies to fall further out of balance. Any given development crisis is said to be a natural product of market forces, so that there is no need to regulate and tax the rentiers.”
     

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