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How financial parasites and debt destroy the global economy. Professor Hudson continues the discussion on the financialization of capital and its global effects. KILLING THE HOST exposes how finance, insurance, and real estate (the FIRE sector) have gained control of the global economy at the expense of industrial capitalism and governments. The FIRE sector is responsible for today’s economic polarization (the 1% vs. the 99%) via favored tax status that inflates real estate prices while deflating the “real” economy of labor and production. The Great 2008 Bailout saved the banks but not the economy, and plunged the U.S., Irish, Latvian and Greek economies into debt deflation and austerity. This book describes how the phenomenon of debt deflation imposes austerity on the U.S. and European economies, siphoning wealth and income upward to the financial sector while impoverishing the middle class.

This book offers a comparative analysis of the major systems of servitude present in the world since 1500. Slavery, serfdom, debt bondage, indentured service and convict labour all provided labour and service through the legal subjection of one person to another, but remained very different. By comparison and contrast, this study seeks to establish their distinctive character. Servitude in Modern Times concentrates on the forms of servitude that figured in the process of early modernization: notably the white bonded labour, convict and indentured, used to settle North America; the slave systems of the Americas and the Ottoman Empire; and the serf regimes of central and eastern Europe. It also examines the servitude that survived the emancipations of the nineteenth century: the endurance of slavery and debt bondage in Africa and Asia; the extensive use of indentured service on colonial plantations; the forced labour provided by the concentration camps of Soviet Russia and Nazi Germany. Traditional assumptions are challenged: M. L. Bush argues against the standard, neo-abolitionist view that the servile were powerless victims, proposing that, in most cases, they ingeniously succeeded in acquiring rights and liberties. He shows how servitude contributed to the modernizing process by compensating for the shortage of waged labour which was frequently encountered by early capitalism. In this respect the book challenges the progressiveness with which modernization has normally been depicted. Servitude in Modern Times will be of great interest to students and scholars in history, politics and sociology, as well as to a general public horrified by man's inhumanity to man.

Whether peonage in the South grew out of slavery, a natural and perhaps unavoidable interlude between bondage and freedom, or whether employers distorted laws and customs to create debt servitude, most Southerners quietly accepted peonage. To the employer it was a way to control laborers; to the peon it was a bewildering system that could not be escaped without risk of imprisonment, beating, or death.   Pete Daniel's book is about this largely ignored form of twentieth-century slavery. It is in part "the record of an American failure, the inability of federal, state, and local law-enforcement officers to end peonage." In a series of case studies and histories, Daniel re-creates the neglected and frightening world of peonage, demanding, "If a form of slavery yet exists in the United States, as so much evidence suggests, then the relevant questions are why, and by whose irresponsibility?"   Peonage grew out of labor settlements following emancipation, when employers forbade croppers to leave plantations because of debt (often less than $30). At the turn of the century the federal government acknowledged that the "labyrinth of local customs and laws" binding men in debt was peonage. They outlawed debt servitude and slowly moved against it, but with no large success. Disappearing witnesses and acquitted employers characterized the cases that did go to court.   Daniel holds that peonage persists for many reasons: the corruption and apathy of law-enforcement, racist traditions in the South, and the impotence of the Justice Department in prosecuting this violation of federal law. He draws extensively on complaints and trial transcripts from the peonage records of the Justice Department.