Sam Williams — Modern Coin (Pt 2)

Part 1 is here if yous missed it when linked to hither at MNE when it came out.

The postal service begins amongst an analysis of geopolitics that is quite good. Its' a long slice together with this is the around department that is around relevant to electrical flow events.

Williams sets upwards a hypothetical scenario to try the relevance of MMT to the number has he has constructed it, which I intend is a "good move." The hereafter is uncertain, of course, hence it makes feel to address a hypothetical instance that seems to hold upwards necessitated past times the catamenia of the historical dialectic from the perspective of shape dynamism. From the Marxists perspective  the "class struggle" is chiefly betwixt capitalists (owners of upper-case alphabetic lineament together with those that ascendency capital) together with ordinary workers, both production workers together with lower score managers, together with amongst socialized task together with globalization, this is an international phenomenon. However, the driver the dialectic on a day-by-day footing is the create out amid factions of the elite that contain elites amongst opposing interests, around of which are mutually exclusive, ruling out compromise.

The William introduces into the scenario he has erected an analysis of Chartalism together with critique of MMT.

Williams hence compares the MMT theory of coin amongst the Marxist. For MMT proponents, it is worth reading to larn a Marxist stance together with a summary of the Marxist theory of money.

Finally, Williams engages inwards the beginnings of a critique of MMT every bit a Pb into hereafter parts of this series. To his credit, Williams has undertaken to a greater extent than than a superficial written report of MMT, which he regards every bit the entirely credible option to a Marxist view.

Modern Monetary Theory inwards a nutshell holds that anything the key regime accepts for payment of taxes is money. MMT has the merit of beingness the around coherent together with consistent option to Marx’s theory of money. Indeed, inwards damage of a coherent together with logical theory of money, at that topographic point are actually entirely two, Modern Monetary Theory, on i side, together with the theory of coin developed past times Marx every bit business office of his theory of (labor) value, on the other. All other theories of money, whether advanced past times mainstream bourgeois economists or Marxists who believe nosotros are living inwards an era of “non-commodity money,” are exactly eclectic mixes of the 2 fundamental theories of money....

H5N1 Critique of Crisis Theory From a Marxist Perspective

Modern Money (Pt 2)
Sam Williams