Glenn Diesen - Greater Eurasia Podcast Michael Hudson: The Economics of a Civilizational Conflict
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Jul 16, 2025 
Economist Michael Hudson, known for his expertise in classical political economy, delves into the clash between Western financial capitalism and BRICS industrial strategies. He discusses how the post-war order favored industrial powers while critiquing the IMF and World Bank for stifling development in the Global South. Hudson highlights China’s model as a path to sovereignty and challenges European leaders for sacrificing their national interests. The conversation even touches on whether peaceful political change or revolution is necessary for restoring economic independence.
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Industrial Capitalism's Anti-Rent Origins
- The 19th-century industrial takeoff aimed to eliminate economic rent from land, monopolies, and finance to lower production costs.
- Classical political economy promoted free trade in inputs and state support to make industrial labor productive and competitive.
Postwar Institutions Locked In Dependency
- Colonial and postcolonial economies were shaped into raw-material exporters and forced into debt, blocking their industrial development.
- IMF/World Bank policies after WWII institutionalized dependency by promoting austerity instead of public investment.
From Industrial Power To Finance Rentierism
- Western economies shifted from industrial capitalism to finance-centered rent extraction, with banks becoming the main rentiers.
- Financialization replaced productive investment and hollowed out industrial capacity in the US and Europe.
