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Housing Bubbles and Trade Deficits: The Latvian Extreme(ZT)

(2007-07-18 20:37:37) 下一個
Housing Bubbles and Trade Deficits: The Latvian Extreme

July 18, 2007, iTulip

“Radical neoliberal extremism has created a world where the easiest way to build up wealth is to seek this free lunch. It does not pay anywhere near as much to invest in building up new industrial capital and creating new markets as it pays to borrow money to speculate on the inflation of land prices and stock market prices. The result is that most ‘investment’ today is done by going into debt to buy assets already in place, not by creating new means of production.” - Dr. Michael Hudson

Editor’s Note: Dr. Michael Hudson is Distinguished Professor of Economics at the University of Missouri, Kansas City, the author of many books, and a leading expert on economic history, with special expertise in trade and interest rate policy, and is consulting to the governments of Latvia, Estonia, China, and others on monetary and tax policy. We interviewed Dr. Hudson March 2007 here and re-printed his article New Road to Serfdom, with his and Harper’s Magazine’s permission, here.

The title “New Road to Serfdom” relates Hudson’s thesis to NobelPrize winning economist Friedrich Hayek’s 1944 book “The Road to Serfdom,” which, according to WikiPedia, is among the most influential and popular expositions of classical liberalism and libertarianism.
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