New Liberalism: A Real Road To Serfdom

Michael Hudson is an independent American financial and economic expert, as well as one of the earliest critics of Neo-liberalism. He writes many books about American dominant position in finance, which questions and criticizes the western-oriented economics. Based on the catastrophic consequences of implementing Neo-liberalism, this thesis conducts a comparative study on the mainstream international economics, Marxism international economics and Hudson’s international economic thought. It reveals the nature of mainstream international economics, especially the Neo-liberalism international economics, that is, the theoretical system of international monopoly capitalism. Neo-liberalism has never been implemented in developed countries. But the governments of developed countries have worded hard to promote Neo-liberalism in the developing countries and the Third World. It aims to impede the economic development of developing countries and the Third World, to be more concrete, they are creating ’a new road to Serfdom’. After analyzing Hudson’s international economic thought, the thesis gets a clear understanding of the nature of the mainstream international economics, and tries to explore the development road which is suitable for the developing countries and the Third World.In addition to the introduction, this thesis is divided into three parts. The first part is the basis and starting point of this thesis, which introduces Hudson’s life and social activities and his main economic thought and research significance. The second part is the main part of this thesis. Based on the thought of Marxism International Economics that Hudson inherits, it criticizes the mainstream international economics, and exposes the nature of the Western mainstream international economics after analyzing the international trade and finance theory. The third part illustrates the significance of Hudson’s international economic thought for the developing countries including China and the Third World.Learning from Hudson’s international economic thought, this study aims to promote the construction of the Marxism International Economics, and provide a good platform for the developing countries to understand the nature of the Western mainstream economics and to change the old international economic order through personal efforts.