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America’s Best Economist Tells It Like It Is

The Middle Class Is Now The Company Store Class

Michael Hudson

Students usually don’t think of themselves as a class. They seem “pre-class,” because they have not yet entered the labor force. They can only hope to become part of the middle class after they graduate. And that means becoming a wage earner – what impolitely is called the working class.

But as soon as they take out a student debt, they become part of the economy. They are in this sense a debtor class. But to be a debtor, one needs a means to pay – and the student’s means to pay is out of the wages and salaries they may earn after they graduate. And after all, the reason most students get an education is so that they can qualify for a middle-class job.

The middle class in America consists of the widening sector of the working class that qualifies for bank loans – not merely usurious short-term payday loans, but a lifetime of debt. So the middle class today is a debtor class.

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Unser Autor Michael Hudson fasst einige wichtige Thesen aus seinem Buch »Der Sektor - Warum die globale Finanzwirtschaft uns zerstört« zusammen.
Das Interview fand anlässlich des 16. internationalen Literaturfestivals in Berlin zu einem Symposium unter dem Titel »Ungleichheit im 21. Jahrhundert. Fortschritt, Kapitalismus und globale Armut.«. Es sprachen die Autoren Angus Deaton, David Graeber und Michael Hudson, welche die wichtigsten Thesen ihrer aktuellen Bücher vorstellten.

Michael Hudson bei Klett-Cotta:
»Der Sektor - Warum die globale Finanzwirtschaft uns zerstört«

 

 

 

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