Dr. Michael Hudson
119-49 Union Turnpike
Forest Hills, N.Y. 11375
(718) 520-8645 (or -8675)
Ph.D., New York University, 1968 (economics). Dissertation on American economic and technological thought in the nineteenth century.
M.A., New York University, 1963 (economics). Thesis on the World Bank's philosophy of development, with special reference to lending policies in the agricultural sector.
B.A., University of Chicago, 1959 (philology, minor in history).
High school and grade school completed at the University of Chicago's Laboratory School.
Most of my
professional life since 1962 has been spent in applying flow-of-funds and
balance-of-payments statistics to forecast interest rates, capital and real
estate markets. Academically, my focus has been on financial history and,
since 1980, on writing a history of debt from Sumerian times through antiquity
and feudal Europe to the present.
President, Institute for the Study of Long Term Economic Trends (ISLET)
preparing reports on the U.S., Japanese, Norwegian and Russian financial
systems. Since 1998 my reports on dollar-yen relations and Japan's financial
bubble have been published monthly in Japan. These, along with a number of my
books, have been translated and published in Japanese. In Russia I wrote a
series of reports and testified on numerous occasions before the Duma with
regard to its land policy and financial reforms. For the Norwegian Shipowners'
Association I produced a series of reports on the financial dimension of
technology assessment. And for U.S. clients I traced the role of debt service
relative to wages, profits and capital formation.
My second duty at
ISLET has been to organize and co-edit a series of conferences on the evolution
of property and credit since the Bronze Age. I chaired conferences on the
Mesopotamian roots of urbanization, interest-bearing debt and land
redistribution, the origins of account-keeping and money, at New York
University, the Oriental Institute (St. Petersburg, Russia), Columbia
University, and the British Museum. The published colloquia include Urbanization
and Land Ownership in the Ancient Near East (Harvard, Peabody Museum, 1999),
Debt and Economic Renewal in the Ancient Near East (CDL Press, 2001), and
Origins of Account-Keeping and Money in the Ancient Near East (CDL Press, in press).
Director, Henry George School, preparing a statistical chart book demonstrating
real estate's role in the U.S. economy, and organizing the International
Scholars' Conference on Ancient Near Eastern Economies (ISCANEE) to trace the
economic origins of modern civilization back to Mesopotamia in the third
millennium BC. The first conference, held in November 1994, was on Privatization
Ancient Near East and Classical World (published by Harvard University, Peabody Museum, 1996).
Consultant to institutional investors on balance-of-payments and flow-of-funds
In 1989 I used my
balance of payments country risk model to advise Scudder, Stevens & Clark on
setting up its Sovereign High Yield Investment Co. N.V., an offshore fund traded
on the London Stock Exchange. Starting business in November, by 1990 this fund
ranked second worldwide in rate of return and capital appreciation. In the
process of marketing this fund, I wrote a special report for Scudder on
Sovereign High Yield Bonds: A Major New Investment Vehicle for the 1990s
(published in Russian in 1993 by the state Economic Institute).
During the late
1980s, when the trade deficit was the single major influence on 30 year Treasury
bond movements, my quarterly financial reports on the direction of long and
short term interest rates (and, as a derivative, the stock market) forecast
within month movements on these bonds as well as medium-term trends.
to the United Nations Institute for Training and Research (UNITAR) defining
instability mechanisms inherent in the world economy and evaluating possible
Third World strategies
and U.S. responses to the proposed New International Economic Order.
to Canadian government agencies. My main reports were to the Science Council on
the implications of the New International Economic Order for Canadian industrial
and trade prospects; to the Institute for Research on Public Policy on the
adverse long term consequences of Canada's foreign borrowing, high interest
rates and its commercial banking structure; and to the Secretary of State on the
implications of information-transfer technology for national communications
policy, and to the Cultural Policy Task Force on the prospective impact on
Canada of foreign domination of its television and film
1976: Consultant to
The Futures Group (Glastonbury, Conn.) for the National Science Foundation
analyzing the economic and financial conseqences of life extending technology in
two reports: When We Live Longer: Prospects for America (with Herb Gurjuoy et
al., 1977) and A Technology Assessment of Life Extending Technologies (Vol. 5:
Demography, Economics and Aging, 1977). I believe these were the first reports
to pinpoint the implications for the Social Security system of an aging
population and its inter-
generational financial tensions.
economist for the Montreal brokerage house Molson Rousseau, writing a bimonthly
market report on U.S. economic conditions and international financial
developments, and making oral reports to clients.
Professional Staff, Hudson Institute. Published studies on world monetary reform
(with Herman Kahn), the balance of payments implications of the energy crisis,
Project Independence (coal liquefaction), technology transfer between the United
States and Soviet Union, and related topics for the Dept. of Energy, Energy
Research Development Agency (ERDA), NEH, White House Staff, Dept. of Defense and
other U.S. agencies. In addition, undertook personal consulting for clients of
the Institute's Corporate Environment Study, including Ciba Geigy (Basel) and
the Bank of Mexico.
economist, Continental Oil Company (Coordinating and Planning Dept), where I
wrote the company's domestic and international economic environment studies, and
special reports on U.S. trade
policy, and evaluations of the copper and real estate industries.
1968-69: Balance of
payments specialist, Arthur Andersen and Company. Employed specifically to write
a monograph on A Financial Payments Flow Analysis of U.S. International
Transactions: 1960 1968, published by NYU's Institute of Finance as a triple
issue of its Bulletin in March 1970. This report was the first study to pinpoint
that the entire U.S. payments deficit derived from government account,
the military sector (i.e., the Vietnam War), not foreign aid or private investment abroad.
editor for the publisher Augustus M. Kelley in the history of economic thought
while completing dissertation. Also did statistical model building for banks (in
financial accounting techniques), and New Mexico's Home Education Livelihood
Program (HELP) in the economics of rural
1964-67: Balance of
payments economist, Chase Manhattan Bank (economic research division). Prepared
country risk analyses, wrote the bank's studies on The Balance of Payments of
the Petroleum Industry (1966), and prepared speeches for bank officers on
balance of payments topics. I left the bank
to complete my doctoral dissertation.
Savings Banks Trust Company. Wrote the quarterly Deposit Statistics, the annual
Income and Expense Analysis and the Summary of Mortgage Statistics covering New
York's 126 savings banks.
Associate, Peabody Museum (Harvard), and Visiting Scholar, New York University
(during 1988-89 in its Economics and Classics Departments, from 1990-94 at its
Institute of Fine Arts) specializing in the economic archaeology. At the IFA I
co taught the 1989 course on Mycenaean archaeology. At the Skirball Dept. of
Hebrew Studies (1994-98) I organized a series of economic colloquia on how Near
Eastern debt practices and related economic institutions diffused to the
Mediterranean (see Publications for the 1996, 1994 and 1990 colloquia).
sponsored by ISLET have been published by the Peabody Museum, at which I became
a Research Associate in Babylonian economic development in 1985. My research
deals with the Bronze Age origins of enterprise and credit in Sumer's temple and
palace institutions, and the debt crises of classical Greece and Rome.
Professor of Economics, The New School for Social Research, Graduate Faculty.
Taught international trade and investment; money and banking; and
balance-of-payments analysis, as well as third world economic development,
theories of social accounting and a seminar in theories of inflation.
Books and Monographs
Economic Renewal in the Ancient Near East (ed. with Marc Van De Mieroop)
(CDL Press, Baltimore, 2001).
Land Ownership in the Ancient Near East (ed. with Baruch Levine)
(Cambridge, Mass: Peabody Museum (Harvard), 1999).
Real Estate and
the Capital Gains Debate (with Kris Feder), The Jerome Levy Economics
Bard College, Working Paper No. 187 (March 1997).
the Ancient Near East and Classical Antiquity (ed. with Baruch Levine)
(Cambridge, Mass: Peabody Museum (Harvard), 1996).
A Philosophy for a Fair Society (with C. J. Miller and Kris Feder) (London: Shepheard-Walwyn, 1994).
The Lost Tradition of Biblical Debt Cancellations (New York: Henry George School, 1993).
Trade, Development and Foreign Debt: A History of Theories of Polarization v. Convergence in the World Economy (London: Pluto Press, 1992, 2 vols.).
Canada in the
New Monetary Order: Borrow? Devalue? Restructure! (Toronto: Butterworth,
Global Fracture: The New International Economic Order (New York: Harper and Row, 1977), translated into Japanese (1979).
Technology in 19th Century American Thought: The Neglected American
(New York: Garland Press, 1975).
Imperialism: The Economic Strategy of American Empire (New York: Holt,
Rinehart and Winston,
1972), translated into Spanish (1973) and Japanese (1975, 2nd ed., 2001), 2nd ed., Pluto Prss, 2003.
The Myth of Aid (with Dennis Goulet), (Orbis Books, 1971).
A Payments Flow
Analysis of U.S. International Transactions: 1960 1968, NYU, Graduate School
Business Administration, The Bulletin, Nos. 61 63 (March 1970).
UNITAR (published by Pergamon Press)
"The Logic of Regionalism in History and Today," "The Objectives of Regionalism in the 1980s," and "A Regional Strategy to Finance the New International Economic Order," in Davidson Nicol, Luis Excheverria and Aurelio Peccei, eds., Regionalism and the New International Economic Order (1981).
"The Structure of the World Economy: A Northern Perspective," in Erwin Laszlo and Joel Kurtzman, eds., The Structure of the World Economy and Prospects for a New International Economic Order (1980).
States and the NIEO," in Laszlo and Kurtzman, eds., The United
States, Canada and the New International Economic Order (1979).
Cartalist/Monetarist Debate in Historical Perspective," in Edward Nell
and Stephanie Bell eds.,
The State, The Market and The Euro (Edward Elgar, 2003).
"Debt Forgiveness and Redemption: Where do the Churches now stand," Geophilos, No. 2 (Autumn 2002):8-33.
"Reconstructing the Origins of Interest-Bearing Debt and the Logic of Clean Slates," in Debt and Economic Renewal in the Ancient Near East (2002):7-58.
Interest Rates Were Set, 2500 BC - 1000 AD: Má, tokos and fænus as
metaphors for interest
accruals," Journal of the Economic and Social History of the Orient 43 (Spring 2000):132-161.
did ancient bureaucrats set their interest rates?" Archaeological
Odyssey 2 (July/August
"The Use and Abuse of Mathematical Economics," Journal of Economic Studies 27 (2000):292-315.
Mathematical Economics of Compound Interest: A Four-Thousand Year
Overview," Journal of
Economic Studies 27 (2000):344-363.
"The Economic Roots of the Jubilee," Bible Review 15 (Feb. 1999): 26-33, 44.
"Karl Bücher's Role in the Evolution of Economic Anthropology," [Annual Heilbronn Symposium, 1997: Karl Bücher], in Jürgen Backhaus (ed.), Karl Bücher. Theory, History, Anthropology, Non-Market Economies (Marburg: Metropolis Verlag 2000):301-336.
Taxation in Mesopotamia and Classical Antiquity," in Robert Andelson,
Taxation Around the World (New York: Robert Schalkenbach 1998):17-35.
Victorian Views on Financial Development," Journal of Economic
Studies 22 (Spring
in History and Today: A Survey of the Unresolved Controversies," and
of Privatization, from the Bronze Age to the Present," in Privatization.
"Land Monopolization, Fiscal Crises and Clean Slate 'Jubilee' Proclamations in Antiquity," in A Philosophy for a Fair Society:33-79 (also in Robert C. Hunt and Antonio Gilman, eds., Property in Economic Context, University Press of America, Monographs in Economic Anthropology 14 (1998): 139-169.
Archaeology of Collapse: A 4000 Year Perspective" (with Fred Harrison,
in A Philosophy for a
Phoenicians Introduce the Idea of Interest to Greece and Italy - And if So,
When?" in Gunter
Kopcke, ed., Greece Between East and West: 10th 8th Centuries BC (Berlin: 1992):128-143.
capitalist vs. Private enterprise Imperialism," paper delivered at the
Sept. 1973 meeting of the
American Political Science Association.
Factors in the International Economy," Review of Social Economics,
March 1972 (paper
delivered at the 1971 meeting of the Association for Social Economics).
"Latin America's Role in U.S. European Diplomacy," Cross Currents 21 (Summer 1971).
"Does Economics Deserve a Nobel Prize?" Commonweal 93 (Dec. 18, 1970).
"Review of the Pearson Report: Partners or Pawns?" Commonweal 92 (March 17, 1970).
"Financing the World Empire," Commonweal, 91 (Nov. 21, 1969.)
"Epitaph for Bretton Woods," Journal of International Affairs 23 (Winter 1969).
of Gold," Ramparts, May June 1968.