
Understanding money and the dollar system's contradictions with Radhika Desai & Michael Hudson
Geopolitical Economy Report
00:00
Is There a Cost of Production?
Land doesn't have a cost of production, but if you privatize it, there's an excess price that you have to pay for excess to the land and that's economic rent. Similarly with money, it doesn't has a cost ofProduction, but you have topay in order to get excess to it - interest. So instead of having money as a private ownership, it should be public utility. That's really what Carl Toulani was talking about and the same thing with labor of course. You don't have slavery anymore. The governments should protect labor. But maybe Michael, we can now go to the theory of how the dollar has served as the world's money. What would
Transcript
Play full episode