The Impact of a Global Drought and the Rise of Creditor Oligarchies in Ancient Greece and Italy

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Dr. Michael Hudson is President of the Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, and Distinguished Research Professor of Economics at the University of Missouri, Kansas City. He is the author of Super-Imperialism: The Economic Strategy of American Empire (Editions 1968, 2003, 2021), “…and forgive them their debts” (2018), The Collapse of Antiquity, and his latest book, Temples of Enterprise.

In this episode, we focus on The Collapse of Antiquity. We start by talking about the historical origins of the notions of debtor and creditor, the invention of debt cancellation, and interest-bearing debt. We discuss the social consequences of not cancelling debts, and the relationship between debt and wage labor. We explore the rise of creditor oligarchies in classical Greece and Rome, the legacy of pro-creditor ideology, and the fall of the Roman Empire. We talk about debt cancellation in early Christianity, and how Catholic doctrine changed over time. Finally, we discuss what we can learn from what happened in Greece and Rome, and our current predicament.

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