Glenn Diesen - Greater Eurasia Podcast Prof. Michael Hudson: End of Globalization & Return of Economic Nationalism?
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Apr 18, 2025 
Prof. Michael Hudson, a leading economist and historian of economic thought, discusses the end of American-centric globalization and the misguided push toward 19th-century industrial capitalism. He highlights the dangers of free trade as a form of imperialism that stifles industrial growth, calls for public ownership to combat monopolies, and critiques Trump's approach to tariffs as ineffective without comprehensive industrial policy. Hudson also warns about the financial burdens of privatization and the need for a reconsideration of America's economic traditions.
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Tariffs Plus Public Investment
- Protective tariffs, public investment and national banking were seen as prerequisites for creating domestic industry and technological capacity.
- Americans framed this as development policy, not imperialist nationalism, to prevent being mere suppliers of raw materials.
Energy Costs Drive Competitiveness
- Peshine Smith emphasized energy cost per worker and mechanization as central to lowering production costs and gaining competitiveness.
- Technological energy inputs, not just labor or rent, determined value in the American developmental view.
Land-Grant Colleges And Textbook Revival
- The Republicans created land-grant colleges funded by land rents to teach industrial and technical skills for nation-building.
- Hudson reprinted many forgotten American School texts and wrote America's Protectionist Takeoff to document this history.
