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Index
— PRAISE FOR MICHAEL HUDSON'S WORK —
Acknowledgements
Preface
Sources
Introduction: Today’s Financial Crisis And the Crisis in Economic Theory
PART I: Fictitious Capital and Economic Fictions
1. Two Traditions of Financial Doctrine
2. The Magic of Compound Interest: Mathematics at the Root of the Crisis
3. How Economic Theory Came to Ignore the Role of Debt
4. The Industrialization of Finance and the Financialization of Industry
5. The Use and Abuse of Mathematical Economics
6. The Financial Character of Today’s Crisis and Why Economists Avoid Confronting It
PART II: Inflated Debt and Debt Deflation
7. A Property Is Worth Whatever a Bank Will Lend
8. The Real Estate Bubble at the Core of Today’s Debt-leveraged Economy
9. Junk-Bonding Industry
10. Privatizing Social Security to Rescue Wall Street
11. Saving, Asset-Price Inflation and Debt Deflation
12. Saving Our Way into Poverty: The Political Implications
PART III: The Global Crisis
13. Trade and Payments Theory in a Financialized Economy
14. U.S. Quantitative Easing is Fracturing the Global Economy
15. America’s Monetary Imperialism
16. How the Dollar Glut Finances America’s Military Build-Up
17. De-Dollarization and the End of America’s Empire
18. Incorporating the Rentier Sectors into a Financial Model
PART IV: The Need for a Clean Slate
19. From Democracy to Oligarchy: National Economies at the Crossroads
20. Scenarios for Recovery: How to Write Down the Debts and Restructure the Financial System
Michael Hudson
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