It's outrageous that US universities are working with gambling companies. But it's the logical outcome as the economy was taken over by parasitic financial capital in the neoliberal era
c 10% of US GDP is from the financial sector, which is mostly just speculation (ie, gambling)
c 10% of US GDP is from the financial sector, which is mostly just speculation (ie, gambling)
The IMF's former chief economist wrote in 2009 that the US has the world's "most advanced oligarchy," with a "cult of finance."
He said "the finance industry has effectively captured our government" in a "quiet coup."
It has only gotten worse since then.
theatlantic.com
He said "the finance industry has effectively captured our government" in a "quiet coup."
It has only gotten worse since then.
theatlantic.com
Ex IMF chief economist: "Elite business interests—financiers, in the case of the U.S.—played a central role in creating the [Great Depression] crisis, making ever-larger gambles, with the implicit backing of the government, until the inevitable collapse"
theatlantic.com
theatlantic.com
From 1973-1985, the financial sector made 16% of US domestic corporate profits
In 1986, it made 19%
1990s, 21-30%
2000s, 41%
Parasitic financial capital destroys real economic production. The system can only sustain itself by sucking wealth from producers in the Global South
In 1986, it made 19%
1990s, 21-30%
2000s, 41%
Parasitic financial capital destroys real economic production. The system can only sustain itself by sucking wealth from producers in the Global South
Economist Michael Hudson warns the world is at a fork in the road:
-neoliberal finance capitalism leads to neofeudalism with a rentier oligarchy ruling over the indebted majority
-alternative path is mixed-economy industrial capitalism leading to socialism
michael-hudson.com
-neoliberal finance capitalism leads to neofeudalism with a rentier oligarchy ruling over the indebted majority
-alternative path is mixed-economy industrial capitalism leading to socialism
michael-hudson.com
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