Michael Hudson makes the point that’s it not even just capitalism that economics departments don’t question anymore, but also specifically neoliberal economics. All the old timers like Adam smith, Ricardo, etc we’re concerned about keeping markets free from domination by rentier interests so that they’d be more productive. But they apparently got around that by just scrapping any study of the history of economic thought in Econ departments altogether. The term “Free market” has essentially been retconned to mean free FOR rentier exploitation, rather than free FROM it.
Michael Hudson makes the point that’s it not even just capitalism that economics departments don’t question anymore, but also specifically neoliberal economics. All the old timers like Adam smith, Ricardo, etc we’re concerned about keeping markets free from domination by rentier interests so that they’d be more productive. But they apparently got around that by just scrapping any study of the history of economic thought in Econ departments altogether. The term “Free market” has essentially been retconned to mean free FOR rentier exploitation, rather than free FROM it.