this post was submitted on 29 Jun 2024
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I agree with the skepticism but it’s a little more complicated than that, I think. It could still benefit the bourgeoisie to keep the US labor force in a system of debt peonage. The workers are paid a wage that exceeds the value of labor power, but that money eventually returns in the form of interest. The main point of Hudson is that the West is highly financialized and receives value primarily through economic rent (value transfer) rather than surplus value (value creation through industry).
One of the reasons shit is so expensive in the US is precisely because of the artificially high price of land which allows landowners to extract rent from individuals and businesses. This shows up in high cost of goods and in very large mortgages.