09 February, 2018

Hudson and Keen: The New Economics

The works of Michael Hudson and Steve Keen are demonstrating the limitations of only looking backwards to Marx's Das Kapital as the sole means of understanding contemporary Capitalist Economics. For, though Marx's contributions were both brilliant and revealing, they did reflect not only Capitalism as it was then, but also Marx's understanding of it at that time, as well as his approach!

For, though, due to his revolutionary Dialectical Materialist philosophical stance, he was able to see things more clearly than all other economists of his time, Capitalism was not, and is not, a fixed and unchanging system: it certainly developed due to its own internal contradictions and its own significant transforming effects it had upon the World. Indeed, already by later in the 19th century, it had so expanded across the World that Lenin had finally to explain its effects in his book Imperialism, and, of course, further, often devastating changes have been frequently unavoidable since then. Clearly, as with all such systems, the nature of Capitalist Economics isn't fixed, but changes due to its own internal developments, and the responses of active participants to maintain, amplify or even safeguard what they are able to extract from it!

So, after the major slump in the 1930's, by the 1970's the crises within Capitalism were changing, which necessitated a remarkable increase in Debt at all levels to delay an ultimate terminal decline. It was, in one sense a return to the old pre-Capitalist rentier methods of accumulation, and rapidly began to replicate the vast Inequalities of wealth of that prior era, and it is this that Hudson and Keen have increasingly addressed over recent years.

Now, Democracy at Work in their Left Out series of YouTube videos have made available revealing interviews with both of these "new economists", while both Hudson and Keen have also written extensively, and also published via YouTube. Clearly, though this marxist philosopher (Jim Schofield) is making original contributions in Marxist Philosophy, especially with regard to Modern Sub Atomic Physics, he must recommend the current contributions of these economists as absolutely vital in the fight to overthrow Capitalism.

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