In a recent post, Tom Hickey (courtesy of Clonal Antibody) drew attention to a talk from a few years ago by Bernard Lietaer. The talk sheds light on what an uphill battle it is to take on entrenched, deeply flawed doctrines concerning money. Challenging them, it seems, can be damaging to an economist’s career.
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.