what do y’all think of this? It makes some good points and Micheal Hudson is probably not right, but I have one criticism to make. One of his arguments that the richest people are still industrial capitalists (because they started businesses that do stuff), not finance capitalists, but as Cory Doctorow points out, those companies are basically just rentiers at this point. Amazon makes most of its money hosting other businesses on their site, “Meta” makes most of its money hosting being a middleman connecting advertisers and unpaid content creators poorly. Thus, it seems at least the emperial core has increased rentierism. This doesn’t mean it’s not built on peripheral industry and that reindustrializing the west would benefit average people, but it does seem to be good news about the decline of empire. Other thoughts?
I feel like Hudson work here is just a simplificaton of Lenin’s book “Imperialism, highest stage of capitalism”. To butcher some of it, finance capitalism took over when banks turned big enough (monopolies), they had access to the entire money capital of all the industrial capitalists.
I will write my full thoughs later.
I mentioned that in a comment below. I feel like the title suggests that he could make a good point about Lenin’s argument showing that you can’t return from finance capitalism, but instead the piece is just trying to say capitalism has always been exactly the same in terms of industry and finance, which is simply not true.