Prof. Michael Hudson is a veteran of Wall Street and Distinguished Research Professor of Economics at the University of Missouri at Kansas City. His latest book is “…and forgive them their debts: Lending, Foreclosure and Redemption from Bronze Age Finance to the Jubilee Year.”
By Michael Hudson, Inequality.org
Today, the wealthy depict inequality in glowing colors as a byproduct of economies pulling ahead, “creating wealth” by innovations that add to prosperity. This view is unprecedented in history. From antiquity to quite recently, personal accumulation of large amounts of wealth was frowned upon, because it usually was achieved at the expense of others.