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What You Should Know / August 2, 2011

michael-hudson.com -- How much poverty is unnecessary? Is poverty simply the result of bad economic policy? ... today’s poverty does not stem from technological or other “objective” causes such as low productivity. Rather, it stems from special interests carving out privileges to extract income without any technologically necessary cost of production, but simply by ownership of “tollbooths”: land, mineral rights, or basic monopolies and banks privileged to create credit.

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