Unleashing Usury: How Finance Opened the Door for Capitalism Then Swallowed It Whole
Apr 2016 · SCB Distributors
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238
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About this ebook
Usury laid medieval society
to waste.
Western civilization was
saved by the rise of
capitalism, which tamed
the activities of money
lending, and endowed
them with socially
redeeming value, tethering
finance to expanding
production of material
goods and increased social
wealth.
Now, as the 21st century begins, bloating tides of money
with no possibility of ever being converted into real capital
wash over the world.
Finance again has turned to its dark side, using money to
make money with no socially redeeming purpose. Such
is the endgame of economies managed by capitalists
without capitalism. As Marx foresaw, capitalist society,
like all others, is destined to be outpaced by history as the
conditions of its existence decompose and become a drag
on the human future. Either we will succeed in bringing
about new politico-economic structures—or civilization will
collapse into barbarism, just as usury broke it down in the
past.
to waste.
Western civilization was
saved by the rise of
capitalism, which tamed
the activities of money
lending, and endowed
them with socially
redeeming value, tethering
finance to expanding
production of material
goods and increased social
wealth.
Now, as the 21st century begins, bloating tides of money
with no possibility of ever being converted into real capital
wash over the world.
Finance again has turned to its dark side, using money to
make money with no socially redeeming purpose. Such
is the endgame of economies managed by capitalists
without capitalism. As Marx foresaw, capitalist society,
like all others, is destined to be outpaced by history as the
conditions of its existence decompose and become a drag
on the human future. Either we will succeed in bringing
about new politico-economic structures—or civilization will
collapse into barbarism, just as usury broke it down in the
past.
About the author
Richard Westra is Designated Professor at the Graduate School of Law, Nagoya University, Japan and Visiting Professor at the Institute of Political Economy, Carleton University, Canada. He has authored and edited 13 books and is co-editor of Journal of Contemporary Asia. His Ph.D. was completed in 2001 at the Department of Political Studies, Queen’s University, Canada. Among his numerous international publications he authored The Evil Axis of Finance, Clarity Press, 2012 and Exit from Globalization, Routledge, 2014.
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