Currency Acceptance, Currency Value, and Transcending Capitalism

While revisiting earlier discussions on Marx and Modern Monetary Theory (MMT), I came across an interesting comments thread. In it, a commenter raised an argument that seems worth addressing (the full comment can be found here). The commenter writes:

MMT treats money as a public utility, while Marxism treats it as an expression of value. And I think that no matter the engagement between these two schools of thought, one has to choose either one or another. Either money is an abstract public utility (grounded only in people’s accepting it, through the force of taxation or whatever), which can then be used quite unproblematically for public goods within any context whatsoever … or one realises that money is not an abstract public utility, but is concretely rooted in material processes, i.e. is a concrete expression of value. In which case the one can’t really treat it unproblematically as a public utility to be used by fiscal policy to achieve any ends under any circumstances.

Disregard the references to policy being viable “within any context whatsoever” and “under any circumstances”. MMT emphasizes that policy is constrained by the availability of real resources, as well as political factors. The focus, instead, can be on the substance of the comment, which concerns what I consider to be an insightful distinction between currency as public utility and currency as expression of value.

Continue reading