Michael Hudson: Where Western Civilization Went Wrong

In Michael Hudson’s presentation on debt in history, he draws on the work of the anarchist David Graeber. He contrasts the stability of the great Sumerian state civilization to modern capitalist societies. He explains that the Sumerian rulers’ ability to forgive debt stabilized them. In contrast, beginning with the Romans, debt was not forgiven and economic decline was fast upon them. Industrial capitalist societies have apparently learned nothing from the Romans.

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