The Alchemy of Interest, Usury and Modernity

I just finished an interesting essay; here’s some excerpts:

‘Capitalism and socialism are based on materialism. Production and utility alone areconsidered goods, and efficiency in methods is considered the sine qua non of ethicalcontemplation. Both systems are oriented to technology, hold to a linear view of history, and seek the mechanization of all aspects of humanity. As they both develop, the economic system and the state merge into a single machine. The error of the libertarians has always been their insistence that the state and private capital are opposed. Quite the opposite is true. Large concentrations of capital are deeply embedded in the state, using it as both a personal bodyguard and as a regulator that keeps market entry impossibly high. The defeat of the Justice Department by Microsoft in 2010-2012 shows the imbalance of power between private capital and the state.’


‘While the media has been quick to argue that North Dakota’s success is exclusively
due to its diminutive petroleum industry, this kind of development has certainly not occurred in Alaska, which has far more oil than North Dakota. Nigeria is drowning in oil, and yet, she remains poor. Somalia and Chad, too, sit on rivers of oil, as does Indonesia and Burma, but all of these states also remain fairly undeveloped. Apparently, oil only benefits North Dakota and the Beverly Hillbillies.
Indeed, the central strength of Goodson’s book is its consistency. It has one thesis:
wherever state banks [as opposed to international-Roger] rule the financial universe of a society, that economy does very well. His analysis of 1930s Germany, Italy and early 20th century Japan all feature state controlled banks, low interest loans, state directed investment and a general loathing of libertarian free markets. They also feature triple digit growth rates, zero unemployment and low inflation. In our own day, China, Taiwan and Belarus all are in the same boat.’
The whole thing is interesting.




One thought on “The Alchemy of Interest, Usury and Modernity

  1. Pingback: The Alchemy of Interest, Usury and Modernity | Rifleman III Journal

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