Michael Hudson

Michael Hudson is an American economist, a professor of economics at the University of Missouri–Kansas City, and a researcher at the Levy Economics Institute at Bard College. He is a former Wall Street analyst, political consultant, commentator, and journalist. You can read more of Hudson’s economic history on the Observatory.

Street in Babylon

Some Myths Regarding the Genesis of Enterprise

Not only were “modern” elements of enterprise present and even dominant already in Mesopotamia in the third millennium BC, but the institutional context was conducive to long-term growth.

May 22, 2024

Forum of Gerasa with trader stalls

Seven Features of Ancient Enterprise

The changing context for enterprise through the centuries reminds us that business activities are not universal but fluid and alter according to society’s practical priorities and ethics.

May 15, 2024

Relief from Dilmun culture

Parallels Between Archaic Entrepots and Modern Offshore Banking Centers

Offshore banking and tax-avoidance centers are nothing new; they’ve been with us for millennia.

May 10, 2024


The Mechanics of a Bond Market and its Impact on the Banking Crisis

It would be wrong to think of this as a “bank run” – much less as a panic. The depositors were not irrational or falling subject to “the madness of crowds” in withdrawing their money. The banks simply were too selfish…

April 5, 2023

Judgement of the dead

Debt, Land and Money, From Polanyi to the New Economic Archaeology

Behind today’s ‘free market’ advocacy is the power of financial wealth to appropriate the political, fiscal and central planning role that Polanyi, Marx and other socialists hoped to see expanded in the hands of democratic government.

October 22, 2020


Breaking the Chains of Debt: Lessons from Babylonia for Today’s Student Crisis

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.

November 26, 2018