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Capitalism's tendency to Implode!
by T.E.C. - Iowa
Aug 15, 2017
Question: Does capitalism have a natural tendency to implode?

I am a fan of economist Michael Hudson, who is a fantastic economic historian. So I was reading "Finance is Not the Economy." The article says, "We live in 'two economies.' The "real" economy is where goods and services are produced" and "The rentier network of financial and property claims." The paper is saying that one economy is devouring the other. You know which is winning!

Marx predicted this! Yet, I had not heard of a modern economist saying the same, but now I have.

(Quote from Michael Hudson)

Minsky (1986) described financial systems as tending to develop into Ponzi schemes if UNCHECKED (my emphasis). Echoing Marx ([1887] 2016), he focused on the exponential overgrowth and instability inherent in the "miracle of compound interest," underlying such schemes and indeed financialized economies. For the economy at large, such growth sucks revenue and wealth from the broad base to the n...See More
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