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Tag Archives: Political Economy

What’s wrong with modern money theory (MMT): macro and political economic restraints on deficit financed fiscal policy

The essential claim of MMT is sovereign currency issuing governments, with flexible exchange rates and without foreign currency debt, are financially unconstrained. This paper analyzes the macroeconomic arguments behind that claim and shows they are suspect. MMT underestimates the economic costs and exaggerate the capabilities of deficit financed fiscal policy. Those analytic shortcomings render it […]

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The political economy of the COVID – Michael Roberts talks to Prof. Stavros Mavroudeas

Michael Roberts has been publishing a series of very interesting videos in his YouTube channel. I participated in one of them and gave a talk on ‘The Political Economy of COVID-19″. Below are (a) the links for the video of the talk and (b) the powerpoint of my talk [embedded content] https://www.scribd.com/document/466531494/The-Political-Economy-of-the-Covid-19-Pandemic-Roberts-Video...

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The impact of Covid-19, Interview with Stavros Mavroudeas – CASS (Chinese Academy of Social Sciences)

Following is an interview for a course conducted by the Chinese Academy of Social Sciences (CASS). It will appear in a chinese publication. The impact of Covid-19 Prof. Yu Haiqing, CASS Interview with Stavros Mavroudeas (Professor of Political Economy, Panteion University, Athens, Greece) It is said that the COVID-19 epidemic is the most prominent systemic risk test in the field of public health that the world has faced since the Second World War, highlighting the contrast between...

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The Political Economy of Modern Epidemics by S.Mavroudeas – MARXIST STUDIES, YORK UNIVERSITY

Marxist Studies in a Global and Asian Perspective (MSGAP) is a research initiative within the York Centre for Asian Research: https://ycar.apps01.yorku.ca/msgap/ Working Hypotheses for the Political Economy of Modern Epidemics [embedded content] Working Hypotheses for the Political Economy of Modern Epidemics By Stavros Mavroudeas 1. During the last 30 to 40 years, capitalism has become more and more prone to epidemics, in contrast to the prevailing belief that the advances in medicine...

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Tax Justice and Modern Monetary Theory – A Guide — Yves Smith

Yves Smith: I think Modern Monetary Theory proponents have made acceptance of their ideas a bit more difficult by not drawing a bright line between their theory, which is a description of how government spending works in a fiat currency system, versus what they believe are resulting sound policy approaches, such as setting the price of labor (a Job Guarantee) rather than the price of money. Some folks seem slow on the uptake. How loud to MMT economists need to shout? (shakes head) Why...

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Trump Budget Seeks Deep Non-Defense Appropriations Cuts, in Break With Bipartisan Agreement — David Reich & Jennifer Beltrán

The Trump Administration’s 2021 budget calls for major new cuts in programs funded through non-defense appropriations. This budget category, often called non-defense discretionary (NDD), supports veterans’ medical care, aid to education, environmental protection, low-income housing, scientific research, infrastructure, public health, national parks, justice and law enforcement, job training, and many other important services and investments.[1]"THE BUDGET ABANDONS THE BIPARTISAN AGREEMENT...

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Bill Mitchell — Our sequel to Reclaiming the State in now in progress

As part of my recent European speaking engagements, I went to Rome on February 5, 2020 to speak at the Italian Senate on Modern Monetary Theory (MMT) and the dysfunctional state of the European Union. The next day I had long discussions with one of my co-authors, Thomas Fazi, who I wrote – Reclaiming the State: A Progressive Vision of Sovereignty for a Post-Neoliberal World (Pluto Books, September 2017) with. We have been working on the sequel to that book for some time, and, in the...

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Michael Hudson — In a struggle between oligarchy and democracy, something must give

Until Nevada, all the presidential candidates except for Bernie Sanders were playing for a brokered convention. The party’s candidates seemed likely to be chosen by the Donor Class, the One Percent and its proxies, not the voting class (the 99 Percent). If, as Mayor Bloomberg has assumed, the DNC will sell the presidency to the highest bidder, this poses the great question: Can the myth that the Democrats represent the working/middle class survive? Or, will the Donor Class trump the voting...

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Bernie Sanders: Nothing to Fear Except Fear Itself

“The only thing we have to fear is fear itself.” Eighty-seven years ago those were the words of Franklin Delano Roosevelt in his 1933 inaugural speech. Today, they resonate with Senator Bernie Sanders’ presidential campaign, which confronts a barrage of attack aimed at frightening away voters. Fear is the enemy of change and the friend […]

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