by Modern Monetary Theory (MMT) is an alternative economic framework that challenges the conservative neo-liberal narrative of ‘free trade’ and ‘competition’ which has held sway for many decades as the way to global prosperity. In simple terms, MMT makes us see that money is completely a creation of the State, and hence, a sovereign government does not need our money (either through taxes or borrowing) in the first place to strategically spend it, that is, without causing inflation. And that frees the ‘fiscal’ constraint to address the most pressing problems of our times: socio-economic inequality, exclusion and climate change.Fadhel Kaboub, Associate Professor of Economics at Denison University, Ohio (US), and President of the Global Institute for Sustainable Prosperity, is a leading voice
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Modern Monetary Theory (MMT) is an alternative economic framework that challenges the conservative neo-liberal narrative of ‘free trade’ and ‘competition’ which has held sway for many decades as the way to global prosperity. In simple terms, MMT makes us see that money is completely a creation of the State, and hence, a sovereign government does not need our money (either through taxes or borrowing) in the first place to strategically spend it, that is, without causing inflation. And that frees the ‘fiscal’ constraint to address the most pressing problems of our times: socio-economic inequality, exclusion and climate change.News Click (India)Fadhel Kaboub, Associate Professor of Economics at Denison University, Ohio (US), and President of the Global Institute for Sustainable Prosperity, is a leading voice in the global MMT community and among a handful of economists who speaks of MMT’s relevance for emerging countries like India. In this first part of a two-part ilong-distance nterview with independent journalist Sowmya Sivakumar, he explains how MMT is slowly shifting the debate in the US, with important lessons for India and rest of the world. Edited excerpts:
There’s a Whole Ideological Package That Goes With Raising Interest Rates: Fadhel Kaboub
Sowmya Sivakumar
Dr. Kaboub earned his bachelor’s degree in economics from the University of Tunis – El Manar, and his Master’s and Ph.D. in economics from the University of Missouri-Kansas City. Before settling at Denison University in 2008, he taught at Simon’s Rock College of Bard (Massachusetts) and at Drew University (New Jersey) where he also directed the Wall Street Semester Program.