4 Matching Annotations
  1. Sep 2021
    1. He reminds us that the original meaning of "free market" was "a market free from rents," where unproductive creditors were not allowed to lay a private tax on productive manufacturers. https://locusmag.com/2021/03/cory-doctorow-free-markets/

      The original meaning of free market was a "market free from rents," in which unproductive credtors are not allowed to place a private tax on productive manufacturers. (ie, it's harder to be a leech on the productive sector.)

    2. Without some way to escape debt's gravity, all productive labor becomes oriented toward debt-service, and the economy grinds to a halt.

      Michael Hudson's thesis, apparently with nods to Babylonian history of the jubilee, is that without a way to escape the burden of debt, all productive labor becomes captured by servicing debt and causes economies to grind to a halt.

    3. Hudson, meanwhile, is the debt-historian and economist whose haunting phrase "Debts that can't be paid, won't be paid," is a perfect and irrefutable summation of the inevitable downfall of any system that relies on household debt to drive consumption.

      With this description, I want to read Michael Hudson's work.