The Unheard-of Center: Critique after Modern Monetary Theory

Huvitav lugemine. MMT ei süüdista ahneid pankureid ja kapitaliste või laisku ja lolle töölisi, isegi kapitalismi mitte. MMT süüdistab poliitikat ja poliitikuid. MMT ei ole vasak- ega parempoolne.

The Unheard-of Center: Critique after Modern Monetary Theory

After Modern Monetary Theory or “MMT,” nothing looks the same: not political economy; not everyday caretaking; not paintings, pop songs, or porn sites.

Everyone knows that money makes the world go round. Yet MMT shows us that, far from being a private and finite commodity or an unwieldy network of global exchange, money operates as a centralized political architecture that is public, limitless and, above all, answerable to social needs and contestation. Thus critique after MMT assumes a singular aim, which is to make money’s answerability perceptible.

Both historically and ontologically money arises from the polity that issues it. Government establishes a money economy, MMT avers, by demanding taxes be paid in a currency that it alone supplies. And because political governance remains the source of money’s abstract value, there are no limits to how much government can spend toward the public purpose. As MMTer Warren Mosler will variously put it, demanding to know whence a political union will procure the funds it requires to support its population is tantamount to the absurdity of querying a sports referee regarding the source of the points she intends to award during a match. With this, MMT reveals that every currency-issuing government can “afford” to take care of the peoples and environs it subsumes and that the cause of modern economic mystification is not money’s mediation of commodity production, as Karl Marx famously argued, but the commodification of money as such…….

About Kristjan

Defitsiidi terrorismi vastase pataljoni eriüksuslane (finantsignorantsuse vastu võitlemise osakond). Treening: MMT, postkeinsism, Tartu Ülikool Majandusteadus
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