Tuesday, May 12, 2009
Michael Hudson on Economic Rent - or proving the Old Man Right
Thanks to Renegade Economist for this video http://www.youtube.com/user/RenegadeEconomist
I cannot watch this video without thinking of Henry George and his solution to the ills of capitalism the single tax on land rental income.
What is interesting is that Henry George's ideas always seem to surface in a crisis of capitalism and of course Hong Kong capitalism is a classic version of Henry George's ideas in practice, the Hong Kong government generates more than 35% of its revenue from land taxes, and keeps its other tax rates low.
There is nothing inherently socialist in Henry George's ideas just like with John Maynard Keynes utilising the capitalist State to preserve capitalism has nothing to do with socialism.
"Last Ditch" that was that perceptive old man Karl Marx's remark after reading Henry George's Progress and Poverty and just maybe the resurrection of Georgeism by Renegade Economist and Michael Hudson at this moment in global capitalism's systemic crisis may prove the old man right.
Posted by nickglais at 12:25 PM