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Tag Archives: Marxism

Antony P. Mueller — The Neo-Marxist Roots of Modern Monetary Theory

The post is interesting from the POV of history of economics. Antony P. Mueller points out how MMT owes more to Kalecki than to Keynes. His criticism of MMT goes astray in assuming the conventional economic view of debt-financed fiscal deficits crowding out private sector productive investment. MMT shows how this assumption is erroneous in that the net spending after taxes injects the exact amount of bond issuance in offset. It's the spending that funds Treasury security issuance.  In...

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“Concepts of Structural Change: Mainstream, Heterodox and Marxist conceptions and the Greek crisis’ – S.Mavroudeas 24-4-2019 Universidad Computense de Madrid PRESENTATION

The presntation for the lecture at Universidad Computense (Madrid 24-4-2019) can be downloaded from the following sites: https://www.academia.edu/38916945/CONCEPTS_OF_STRUCTURAL_CHANGE_MAINSTREAM_HETERODOX_AND_MARXIST_CONCEPTIONS_AND_THE_GREEK_CRISIS https://www.scribd.com/document/407446210/Concepts-of-Structural-Change-lecture-in-Universidad-Computense-Madrid-2019...

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Magpie — Parallel Lives

Personally, I’d recommend Marxists to pay MMT closer attention. It has plenty to teach us. I would say the same to MMTers. Marxism is about emancipation of workers from wage-slavery, which Marx analyzes in terms of capitalism as concentrated private ownership of the means of production being based on rent seeking and rent extract. This is free riding on the system and is parasitical.  Under capitalism, workers are in a position similar to serfs and peasants under feudalism and the...

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Peter May — A communist manifesto for money?

I am reposting the article below by Wally Mooney (with permission) which was an indirect reply to Paul Mason’s recent article. I thought it was a very lucid and well-argued piece on why Modern Monetary Theory (MMT)’s conclusions as to how money is created is factually correct and that is the case whether you are a Marxist or a Capitalist or somewhere in between. For me it also illuminated Marxist ideas (with which I have to imagine, Paul Mason presumably agrees). Must-read, IMHO.Wally...

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Peter Cooper — MMT and Capitalism from a Marxist Standpoint

A perennial question for Marxists is how to overturn capitalism. Will institutional changes that improve the lot of workers but fall short of ending capitalism immediately help or harm this cause? To the extent that social struggle is a learning-by-doing process, it may be that the securing of small gains can whet the appetite for more significant gains and that institutional reforms of a transformational nature can place revolution on a more secure footing if and when it does occur. But...

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Is the Financialization Hypothesis a Theoretical Blind Alley? – World Review of Political Economy

World Review of Political Economy Vol. 9, No. 4, Journal Article Is the Financialization Hypothesis a Theoretical Blind Alley? Stavros Mavroudeas and Demophanes Papadatos World Review of Political Economy Vol. 9, No. 4 (Winter 2018), pp. 451-476 Published by: Pluto Journals DOI: 10.13169/worlrevipoliecon.9.4.0451 https://www.jstor.org/stable/10.13169/worlrevipoliecon.9.4.0451 Page Count: 26...

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Richard D. Wolff — The Narrowness of Mainstream Economics Is About to Unravel

Recent extreme volatility and sharp drops in US stock markets underscore the instability of capitalism yet again. As many commentators now note, another economic downturn looms. We know that all the reforms and regulations imposed in the wake of the Great Depression of the 1930s failed to prevent both smaller downturns between 1941 and 2008 and then another big crash in 2008. Capitalism’s instability has, for centuries, resisted all efforts to overcome it with or without government...

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Frigga Haug — Thirteen Theses of Marxism-Feminism

Didn't know that Marx was a feminist? Then you don't know about his wife, Jenny von Westphalen Marx. She was an aristocrat become social and political activist. Jacobin has the story of her life. ... we are in union with Marx, “to overthrow all relations in which man is a debased, enslaved, forsaken, despicable being”.... The German term Marx uses that is translated "man" here is Menschen. While it is correct to translate Menschen as "man" in the generic, non-gender specific sense, the...

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Merijn Knibbe — Thomas Sargent discovered his inner Marxist. Really. Two graphs.

The ‘Matching functions’ mentioined in the quote explain unemployment by assuming that finding a job or a worker takes time. And this does explain unemployment – part of it (2%-point?). The rest must be explained by crises and the inability of the market system to create jobs. As is clear from comparing graph 2, short-lived crises cause lower levels of job creation and higher levels of job destruction. Basically, these swings are not even that large. But together they lead to a fast...

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Sam Williams — Modern Money (Pt 2)

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...

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