by Summary:
Part 1 is here if you missed it when linked to here at MNE when it came out. The post begins with an analysis of geopolitics that is quite good. Its' a long piece and this is the most section that is most relevant to current events. Williams sets up a hypothetical scenario to examine the relevance of MMT to the issue has he has constructed it, which I think is a "good move." The future is uncertain, of course, so it makes sense to address a hypothetical case that seems to be necessitated by the flow of the historical dialectic from the perspective of class dynamism. From the Marxists perspective the "class struggle" is chiefly between capitalists (owners of capital and those that command capital) and ordinary workers, both production workers and lower level managers, and with
Topics:
Mike Norman considers the following as important: Marxism, MMT, MMT criticism
This could be interesting, too:
Part 1 is here if you missed it when linked to here at MNE when it came out. The post begins with an analysis of geopolitics that is quite good. Its' a long piece and this is the most section that is most relevant to current events. Williams sets up a hypothetical scenario to examine the relevance of MMT to the issue has he has constructed it, which I think is a "good move." The future is uncertain, of course, so it makes sense to address a hypothetical case that seems to be necessitated by the flow of the historical dialectic from the perspective of class dynamism. From the Marxists perspective the "class struggle" is chiefly between capitalists (owners of capital and those that command capital) and ordinary workers, both production workers and lower level managers, and with
Topics:
Mike Norman considers the following as important: Marxism, MMT, MMT criticism
This could be interesting, too:
Stavros Mavroudeas writes COVID-19 Pandemic and Vaccine Imperialism – Review of Radical Political Economics
Mike Norman writes Jared Bernstein, total idiot. You have to see this to believe it.
Steve Roth writes MMT and the Wealth of Nations, Revisited
Stavros Mavroudeas writes Financialization Hypothesis: A Theoretical and Empirical Critique Author(s): Turan Subasat , Stavros Mavroudeas Journal: World Review of Political Economy vol.14 no.2
The post begins with an analysis of geopolitics that is quite good. Its' a long piece and this is the most section that is most relevant to current events.
Williams sets up a hypothetical scenario to examine the relevance of MMT to the issue has he has constructed it, which I think is a "good move." The future is uncertain, of course, so it makes sense to address a hypothetical case that seems to be necessitated by the flow of the historical dialectic from the perspective of class dynamism. From the Marxists perspective the "class struggle" is chiefly between capitalists (owners of capital and those that command capital) and ordinary workers, both production workers and lower level managers, and with socialized labor and globalization, this is an international phenomenon. However, the driver the dialectic on a day-by-day basis is the struggle among factions of the elite that comprise elites with opposing interests, some of which are mutually exclusive, ruling out compromise.
The William introduces into the scenario he has erected an analysis of Chartalism and critique of MMT.
Williams then compares the MMT theory of money with the Marxist. For MMT proponents, it is worth reading to get a Marxist view and a summary of the Marxist theory of money.
Finally, Williams engages in the beginnings of a critique of MMT as a lead into future parts of this series. To his credit, Williams has undertaken more than a superficial study of MMT, which he regards as the only credible alternative to a Marxist view.
Modern Monetary Theory in a nutshell holds that anything the central government accepts for payment of taxes is money. MMT has the merit of being the most coherent and consistent alternative to Marx’s theory of money. Indeed, in terms of a coherent and logical theory of money, there are really only two, Modern Monetary Theory, on one side, and the theory of money developed by Marx as part of his theory of (labor) value, on the other. All other theories of money, whether advanced by mainstream bourgeois economists or Marxists who believe we are living in an era of “non-commodity money,” are simply eclectic mixes of the two fundamental theories of money....
A Critique of Crisis Theory From a Marxist Perspective
Modern Money (Pt 2)
Sam Williams
Sam Williams