This edition of Super Imperialism is the finalized version of the analysis that Michael Hudson first published in the wake of President Nixon severing the dollar's link to gold in August 1971. Closing the gold window had been imminent since the London Gold Pool was disbanded in 1968 in response to the U.S. overseas military spending that had pushed the balance of payments into steadily deepening deficit since the Korean War (1950-51).

The twelve articles collected in this volume describe how the most basic features of Western economic organization - money, markets, land tenure and enterprise - were created in the temples and palaces of the ancient Near East. The perspective on these topics originated in the five international colloquia organized by the Institute for the Study of Long-term Economic Trends (ISLET) with Harvard University's Peabody Museum from 1994 to 2015. When these meetings began, most Assyriology, Egyptology and classical studies tended to accept the views of modern economic orthodoxy. Archaic social values were so different from today's views that there was resistance to recognizing the extent to which the Bronze Age economic takeoff, 3500-1200 BC, followed policies radically unlike our own.

Endorsements

Michael Hudson is the foremost expert on the financial and monetary systems of the antiquarian Western/Near Eastern World, from Mesopotamia to the Fall of the Roman Empire. In this work he totally demolishes the myth that money developed from a need to simplify barter transactions. Instead, money developed as a complement to credit/debt relationships, initially mainly between Temples and Kings as creditors and merchants and small farmers as debtors.

A second main theme is that many small farmers borrowed out of desperation, e.g. after bad harvests, so that the only way to prevent growing inequality was to introduce occasional debtor holidays via Jubilees or clean slates. But rich creditors, outside the ruling family, did not like to do this, and, whenever they controlled policy, land holding became centralized, and tax revenue declined, leading to collapse. Hudson's analysis poses the issue of whether debt forgiveness is feasible and/or desirable in the modern world.

-Charles Goodhart, author of Goodhart's Law and initial external member of Bank of England Monetary Policy Committee

While David Graeber's Debt: The First 5000 Years exposed the myth of barter, Michael Hudson's brilliant book demonstrates that money's origins can be found in the temples and palaces of the Ancient Near East. Money was created to denominate debts to authorities incurred as rents and fees, and for the advance of land, seeds, animals and beer. As debts tended to grow faster than ability to pay, periodic debt cancellations restored liberty and the ability of communities to support themselves. Hudson warns that the rise of Western civilization's doctrine of the inviolability of debt drowns the majority of the world's population in unpayable debts and servitude to oligarchies. Social balance, growth, liberty, and resilience can only be restored with debt cancellations and Clean Slates.

-L. Randall Wray, Professor of Economics, Levy Economics Institute of Bard College

Michael Hudson's research was a major influence on my husband David Graeber's anthropology of debt. David considered Michael the most innovative and important economic historian of the last half century. In this volume he describes how the most basic features of Western economic organization - money, markets, land tenure and enterprise - were created in the temples and palaces of the ancient Near East, not by individuals transacting on their own account.

-Nika Dubrovsky, David Graeber's partner and founder of the David Graeber Institute

KILLING THE HOST exposes how finance, insurance, and real estate (the FIRE sector) have gained control of the global economy at the expense of industrial capitalism and governments. The FIRE sector is responsible for today's economic polarization (the 1% vs. the 99%) via favored tax status that inflates real estate prices while deflating the real economy of labor and production. The Great 2008 Bailout saved the banks but not the economy, and plunged the U.S., Irish, Latvian and Greek economies into debt deflation and austerity. This book describes how the phenomenon of debt deflation imposes austerity on the U.S. and European economies, siphoning wealth and income upward to the financial sector while impoverishing the middle class.

The Collapse of Antiquity: Greece and Rome as Civilization's Oligarchic Turning Point

The Collapse of Antiquity, the sequel to Michael's ...and forgive them their debts, is the second and latest book in his trilogy on the history of debt. It describes how the dynamics of interest-bearing debt led to the rise of rentier oligarchies in classical Greece and Rome, causing economic polarization, widespread austerity, revolts, wars and ultimately the collapse of Rome into serfdom and feudalism. That collapse bequeathed to subsequent Western civilization a pro-creditor legal philosophy that has led to today's creditor oligarchies.

In telling this story, The Collapse of Antiquity reveals the eerie parallels between the collapsing Roman world and today's debt-burdened Western economies.

Endorsements

Scope

The Collapse of Antiquity is vast in its sweep, covering:

• the transmission of interest-bearing debt from the Ancient Near East to the Mediterranean world, but without the safety valve of periodic royal Clean Slate debt cancellations to restore economic balance and prevent the emergence of creditor oligarchies;
• the rise of creditor and landholding oligarchies in classical Greece and Rome;
• classical antiquity's debt crises and revolts, and the suppression, assassination and ultimately failure of reformers;
• the role played by greed, money-lust (wealth-addiction) and hubris, as analysed by Socrates, Plato, Aristotle and other ancient writers;
• Rome's End Time collapse into serfdom and pro-creditor oligarchic legacy that continues to shape the West;
• the transformation of Christianity as it became Rome's state religion, supporting the oligarchy, dropping the revolutionary early Christian calls for debt cancellation and changing the meaning of the Lord's Prayer and sin, from a focus on the economic sphere to the personal sphere of individual egotism;
• how pro-creditor ideology distorts recent economic interpretations of antiquity, showing increasing sympathy with Rome's oligarchic policies.

This book is based on the lecture series on finance capitalism Michael Hudson presented for the Global University for Sustainability. The book explains why the U.S. and other Western economies have lost their former momentum: A narrow rentier class has gained control and become the new central planner, using its power to drain income from increasingly indebted and high-cost labor and industry. The American disease of de-industrialization has resulted from the costs of industrial production being inflated by the economic rents extracted by this class under the system of financialized monopoly capitalism that now prevails throughout the West.

The book explains why the U.S.-China conflict cannot simply be regarded as market competition between two industrial rivals. It is a broader conflict between different political economic systems - not only between capitalism and socialism as such, but between the logic of an industrial economy and that of a financialized rentier economy increasingly dependent on foreign subsidy and exploitation as its own domestic economy shrivels. Professor Hudson endeavors to revive classical political economy in order to reverse the neoclassical counter-revolution.

The twelve articles collected in this volume describe how the most basic features of Western economic organization - money, markets, land tenure and enterprise - were created in the temples and palaces of the ancient Near East. The perspective on these topics originated in the five international colloquia organized by the Institute for the Study of Long-term Economic Trends (ISLET) with Harvard University's Peabody Museum from 1994 to 2015. When these meetings began, most assyriology, Egyptology and classical studies tended to accept the views of modern economic orthodoxy. Archaic social values were so different from today's views that there was resistance to recognizing the extent to which the Bronze Age economic takeoff, 3500-1200 BC, followed policies radically unlike our own.

This volume addresses the extent to witch accounting activly shaped economic life. The volume traces the aimes and functions of accounting practices from early Uruk down through the Neo-Babylonian period as well as Egyptian practice.