Ann Pettifor is another one for the heterodox clan. She'll be showing up as a guest on the Steve Keen and Friends stream in a few weeks, I think.
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https://annpettifor.substack.com/p/how-money-flows-uphill
How Money Flows Uphill
The Lucas Paradox, Anthony Minghella and the worst ever global debt crisisAnn Pettifor (System Change)
This entry was edited (3 weeks ago)
GhostOnTheHalfShell
in reply to GhostOnTheHalfShell • • •Kate Mackenzie and Tim Sahay explain:
" In 2023, the private sector collected $68 billion more in interest and principal repayments than it lent to the developing world. International financial institutions and assistance agencies extracted another $40 billion, while net concessional assistance from international financial institutions was only $2 billion—even as famine spread."
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GhostOnTheHalfShell
in reply to GhostOnTheHalfShell • • •"That process - of money flowing from the poor to the rich - is a bizarre economic phenomenon questioned by Robert Lucas in 1990, and since named the ‘Lucas Paradox’.
Lucas queried why capital defies the laws of physics and economics and, instead of flowing (downwards) from rich to poor countries, flows (upwards) from poor to rich countries. "
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