Reform or Revolution, MMT or Marx

Marxists, in contrast to reformers, call for an end to the capitalist system rather than a preservation of it. This can predispose them to dismissing Modern Monetary Theory (MMT) on the supposed grounds that the theory is in some way inherently reformist. However, taking a position on reform versus revolution is actually a separate question from whether Marxists should accept the MMT understanding of currency sovereignty. This understanding opens up a wide range of social possibilities. An MMT understanding of currency sovereignty rules out neither socialism nor revolution.

Continue reading