3 ms·
That's a much better term, and I agree, with one caveat - more and more the owning class don't invest in production (the 'real economy') but in financial instru
by stephen_g 10y ago
That's a much better term, and I agree, with one caveat - more and more the owning class don't invest in production (the 'real economy') but in financial instruments that really at the heart make money by extracting value from the productive sectors.
Michael Hudson has some interesting writing on the subject, such as this journal article, 'Finance is not the Economy' - http://michael-hudson.com/2016/08/finance-is-not-the-economy/ http://michael-hudson.com/2016/08/finance-is-not-the-economy...
- eli_gottlieb 10y agoYeah, I really like Michael Hudson. His work does a lot to illuminate what makes neoliberalism different from earlier kinds of capitalism (such as the Industrial Revolutions and the social-democratic period).