285 - Richard Wolff & Michael Hudson: The Destruction of Modern Nations
Summary
This episode analyzes the Michigan election victory through the lens of classical political economy, arguing that industrial capitalism historically evolved toward socialist principles by minimizing economic rent. The hosts contend that modern financialization and colonialism derailed this path, contrasting Western decline with China’s state-led model. They critique mainstream economics for ignoring value theory and advocate for a mixed economy that prioritizes productive labor over rent-seeking interests.
Topics discussed
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Michigan election results and working class discontent
Classical economics: minimizing labor costs and rent
Colonialism, settler colonialism, and Gaza
Decline of British Empire and rise of US hegemony
WWII casualties and the fall of American empire
International banking, debt traps, and colonial control
China's economic model and hybrid state capitalism
Productive vs. unproductive labor in classical economics
Critique of modern mainstream economics curriculum
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Academic tunnel vision and the exclusion of economic history
History of international banking from Crusades to WWI
Possibility of US breakup and secession movements
EU foreign policy and the fantasy of defeating Russia
US immigration policy and capitalist weakness
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Global depression, oil wars, and European degradation
US decline, Iran alliance, and imperial constriction
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US domestic unrest, border policy, and police state risks
Future of global governance and US imperial decline
Conclusion and thanks to guests
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