As New Zealand’s new prime minister claims that capitalism has failed, Double Down talks to economist, Dr. Michael Hudson, to ask him whether or not this is true. According to Marxist theory it has, indeed, failed, because Karl Marx believed that capitalism was good, that the fate of capitalism was to evolve into socialism. Capitalism’s role was to free society from feudalism and the landlord class, as Adam Smith also believed, but that evolution was interrupted by World War l and what we see now is a reversion to feudalism. And as to whether or not there is an alternative to the dramatically rising inequality and the nihilistic solution of apocalypse or war to restore equality, Michael Hudson suggests a less brutal model as long practiced by Babylonia and Byzantium — debt forgiveness and clean slates.
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