[Marxism] Modern monetary theory – part 1: Chartalism and Marx | Michael Roberts Blog

Louis Proyect lnp3 at panix.com
Mon Jan 28 06:50:14 MST 2019

Modern monetary theory (MMT) has become flavour of the time among many 
leftist economic views in recent years.  The new left-wing Democrat 
Alexandria Ocasio-Cortez is apparently a supporter; and a leading MMT 
exponent recently discussed the theory and its policy implications with 
UK Labour’s left-wing economics and finance leader, John McDonnell.

MMT has some traction in the left as it appears to offer theoretical 
support for policies of fiscal spending funded by central bank money and 
running up budget deficits and public debt without fear of crises – and 
thus backing policies of government spending on infrastructure projects, 
job creation and industry in direct contrast to neoliberal mainstream 
policies of austerity and minimal government intervention.

So, in this post and in other posts to follow, I shall offer my view on 
the worth of MMT and its policy implications for the labour movement. 
First, I’ll try and give broad outline to bring out the similarities and 
difference with Marx’s monetary theory.


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