….Commentators have dubbed Podemos’ upset of Spain’s two-party system a political earthquake, while the international left is characterizing the battle ahead as source of great hope and an opportunity to bring real change to Europe. Here, however, we dampen the leftist enthusiasm now surrounding Podemos, putting pressure on what we argue to be the party’s under-theorized and rather conservative program for economic change. Specifically, we offer a critique Podemos’ commitment to so-called “sound finance,” as well as the tax-and-spend liberalism upon which its proposed solution to Eurozone austerity is supposed to hinge. But we also suggest a more promising way forward: that Podemos join forces with the fifth-ranking Unidad Popular party. Unidad Popular’s primary economist has turned to the heterodox school of political economy known as Modern Monetary Theory (MMT), coming to see what Podemos takes to be economic truths regarding the Eurozone as neoliberal myths that should be overtly politicized and rejected as such. By collaborating with Unidad Popular, we conclude, Podemos stands to not only issue a serious threat Eurozone austerity, but also help spur the dismantlement of the neoliberal order on the whole……
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