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The Destiny of Civilization: Finance Capitalism, Industrial Capitalism or Socialism Hardcover – May 2, 2022

by Michael Hudson (Author)
4.8 out of 5 stars 128
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This book is based on the lecture series on finance capitalism Michael Hudson presented for the Global University for Sustainability. The book explains why the U.S. and other Western economies have lost their former momentum: A narrow rentier class has gained control and become the new central planner, using its power to drain income from increasingly indebted and high-cost labor and industry. The American disease of de-industrialization has resulted from the costs of industrial production being inflated by the economic rents extracted by this class under the system of financialized monopoly capitalism that now prevails throughout the West.

The book explains why the U.S.-China conflict cannot simply be regarded as market competition between two industrial rivals. It is a broader conflict between different political economic systems - not only between capitalism and socialism as such, but between the logic of an industrial economy and that of a financialized rentier economy increasingly dependent on foreign subsidy and exploitation as its own domestic economy shrivels. Professor Hudson endeavors to revive classical political economy in order to reverse the neoclassical counter-revolution.



Previous page
  1. Print length
    354 pages
  2. Language
    English
  3. Publisher
    Islet
  4. Publication date
    May 2, 2022
  5. Dimensions
    6.69 x 0.81 x 9.61 inches
  6. ISBN-10
    3949546065
  7. ISBN-13
    978-3949546068
  8. See all details
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Product details

  • Publisher ‏ : ‎ Islet (May 2, 2022)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 354 pages
  • ISBN-10 ‏ : ‎ 3949546065
  • ISBN-13 ‏ : ‎ 978-3949546068
  • Item Weight ‏ : ‎ 1.73 pounds
  • Dimensions ‏ : ‎ 6.69 x 0.81 x 9.61 inches
  • Customer Reviews:
    4.8 out of 5 stars 128

Customer reviews

4.8 out of 5 stars
4.8 out of 5
128 global ratings

Top reviews from the United States

Conor Knapp
5.0 out of 5 stars Prophetic.
Reviewed in the United States on February 8, 2024
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Dr. Michael Hudson possesses an uncanny ability to see into the very soul of capitalism, no doubt because of his relationship with classical economics. This book will no doubt be looked back on as a landmark text in the analysis of competitive economic systems.
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Dmitry Jr
5.0 out of 5 stars The book you need to read in order to better understand economics
Reviewed in the United States on August 11, 2022
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In this fantastic book, Michael Hudson explains that the New Cold War is not about competing economic forces vying for markets but a war of economic ideologies between socialism and finance capitalism. Using his experience in the financial world and economic data, Hudson demonstrates what finance capitalism really is: the extraction of rent from lands deemed valuable. Through this action, people (the 1%) who simply own the land get rich while the people who work on the land (the 99%) get poorer. Socialism (the economic system in China) and old fashioned capitalism (Hudson calls it industrial capitalism) are the exact opposite system, in that the people who get rich are those who work on the land and curb the power of the landlords so they do not get influential power, although the socialists take it a step further and provide basic social services towards the workers, who in turn provide greater innovation and productivity towards the economy instead of being “enserfed” to the land (what finance capitalism wants).
This book looks to the past to explain the problems of today, and Hudson does a really good job at explaining that todays’ conflict is nothing new: it has always been a war between landlords and productive people (or a government for the people and pro-debt cancellation). I just wish I read a book like this in my classes. For those who plan to teach, definitely check this book out, tell it to your classroom, and spread the word!
19 people found this helpful
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Amazon Customer
5.0 out of 5 stars A most readable book revealing the unbridled greed of ruthless 'western' imperialism.
Reviewed in the United States on September 18, 2022
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This book should be prescribed reading in all secondary & tertiary education courses. It opens one's eyes to the harsh reality of our corrupted 'leaders' conscious inhumanity to fellow human beings. Unbridles greed is destroying life as we know it on the Earth.
Hudson's accrued experience of real world macroeconomic reality is set out in a such a no nonsense way in this book that every reader can understand why the world is in such a mess.
Greed and evil conquers all -- until it collapses enslaved civilian society into a hollowed out hell.
10 people found this helpful
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H. Keeton
5.0 out of 5 stars WHAT'S NOT WORKING FOR YOU...AND FOR ALL WORKING-PEOPLE....."FINANCE-CAPITALISM"....
Reviewed in the United States on April 8, 2023
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THIS IS A BOOK FOR WORKING PEOPLE. THOSE IN THE FINANCE-WORLD, WHO FEED-OFF OF US WORKING-FOLKS, WILL NOT LIKE THIS BOOK. IT REVEALS EXACTLY WHAT'S WRONG WITH WESTERN-STYLE ECONOMICS...
5 people found this helpful
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David E. Stewart
5.0 out of 5 stars Essential reading
Reviewed in the United States on June 3, 2022
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This marvelous book is essential reading for anyone who wishes to understand the past, the present, and the possibilities for the future. While reading, an understanding develops which cuts through the intentional obfuscation of those who wish to exploit and control. This book pulls no punches, and each observation, conclusion, and recommendation rests on the explaining and clarifying of events, resulting in the Reader emerging with increased understanding and the ability to express this knowledge. Highly recommended.
14 people found this helpful
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Niels C. Laughlin
5.0 out of 5 stars The Textbook I Should Have Had In University
Reviewed in the United States on June 21, 2022
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I learned economics from Samuelson in the 1960's. This book is what I should have had.
15 people found this helpful
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Frank VOso
5.0 out of 5 stars Yo
Reviewed in the United States on June 19, 2022
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Can’t Scud the Hud!
5 people found this helpful
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Greg LaMotta
4.0 out of 5 stars Explains how finance capitalism is weakening the United States
Reviewed in the United States on July 28, 2022
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Explains how finance capitalism has replaced industrial capitalism as the most important aspect of the U.S. economy. This has shifted the main focus of the economy towards speculation rather than production. In contrast, China is getting stronger because it is pursuing a policy of socialist industrialization. The one weakness of the book is that it is a compilation of lectures which makes it somewhat repetitive.
8 people found this helpful
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Sérgio Carvalho Trindade
5.0 out of 5 stars Trata-se de um excelente livro
Reviewed in Brazil on February 25, 2024
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Ótimo livro
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Jerin T Shaji
5.0 out of 5 stars Destiny of civilization
Reviewed in Canada on September 30, 2023
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A very important book for someone who needs to understand role of rentier class in a capitalist economy.
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MAC
5.0 out of 5 stars Hudson's Best Book Yet
Reviewed in the United Kingdom on November 19, 2022
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In my view, this is Michael Hudson's best book.

Partly summing up nicely much of his other work from trade to finance, part potted history of his country's (the USA) economic transgressions, part warning to us about the future and manifesto for change, I feel that it also his best edited and easy to read book too. It is a brilliant and comprehensive summary of his critical career and the issues that have been addling us this last 40 or so years.

I think that Hudson is one of contemporary capitalism's best critics ever. He is able to utilise Marxist analysis without becoming self-conscious about it and make it seem credible and relevant today with authority. Why? Because he has actually worked in those private sectors that are creating the problems that societies seemingly everywhere are facing. Gamekeeper turned poacher. Sure - why not?

Even his forays into the middle-class relationship with labour are worth noting. Instead of coming across as superficial identity politics, his questions and analysis here are well thought through and plausible, at least to me. If people are that focussed on becoming rich, that they see work as just transitionary factor, then is it any wonder that labour/work is still undervalued every day.

Critics will not like him for giving prominent Russians like Putin and Lavrov the opportunity to remind the U.S. and the West what they look like through their eyes in his book. Hudson seems unapologetic about this (his book seems to have gone to print as the events in Ukraine were unfolding) and one worries about the fact that he does not mention Russian government criminality at all. But then again, why should he? Hudson is quite sure - and goes to great lengths to remind us - who the Russians have been emulating. Why - the U.S. and the West of course! Except that the Russians - being far more straight forward - don't dress up what they do as 'freedom' and 'democracy'. They've all lived through enough lies during the Soviet era.

The fact though that behind the scenes, the Wests financial system has enabled Russia to be what it is today could have been made more explicit by Hudson or acknowledged even slightly though this is implied by his authoritative account of how criminality masquerading as legitimate business is at the heart of Western markets.

China is also included in Hudson's analysis and here one can find more empathy perhaps as the country is used as a lens by which to compare and contrast with the U.S. and the West. China is not portrayed as a threat but as a possible answer and way forward. All China does is threaten Western neo-liberal hegemony. Whilst that hegemony has been creating tent cities for its people in the U.S and Europe, China has been lifting more people out of poverty. I rest my case.

A criticism I've read about the book is that Hudson repeats himself. I think Hudson uses tautology to just keep bringing us back to the main points which culminate into one big point, the one big issue being that in plain sight of everyone, the top 1% of the global financial elite are absolutely determined to make sure that they get all Government produced money for themselves and prevent national and social investments that benefit everyone, from being made.

He will not thank me for saying this, but this could actually be the only Michael Hudson book you might ever need!

An excellent read and highly recommended - a fantastic piece of work that is actually a fantastic intellectual endowment to future generations to not to make the same mistakes that we have if they can.

Bravo Michael, bravo!
10 people found this helpful
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Ricardo Manuel Ferreira de Almeida
5.0 out of 5 stars Livro fundamental
Reviewed in Spain on October 23, 2022
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É um livro fundamental para entender o neoliberalismo e a sua crise.
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Axel Jung
5.0 out of 5 stars MUST READ - a real eye-opener.
Reviewed in Germany on July 11, 2022
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Good summary of Michael Hudson's thinking. This book will change the way how you see and understand the world.
Absolutely recommended reading.
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