Put simply, if a social credit (a sum of money) was issued by the government to its citizens and recorded as an investment rather than a debt to be repaid, there would be a lot less commercial bank debt and therefore a lot …
I contend that current discussions on what the pandemic has taught us about monetary and fiscal policy are myopic. It is the purpose of this chapter to broaden the political economy horizon so that we might think anew about pathways …
Moreover, this chapter argues that while MMT has its virtues, it too misses two very important aspects of capitalism: (1) why there is a constant aggregate demand problem in a capitalist economy and; (2) that the majority of new money creation …
Covid 19 and the Global Political Economy: Crises in the 21st Century
After the folding of the last period of mass labour mobilisation – the post-war Fordist boom – capitalism entered its terminal crisis, where fictitious money is increasingly dissociated from labour-mediated value. Already in the 1980s, the irreversible erosion of capital’s labour-substance, triggered by …
PAUSE FOR THOUGHT: MONEY WITHOUT VALUE IN A RAPIDLY DISINTEGRATING WORLD
Trillion-dollar government spending programs have far exceeded the outlays following the 2008 financial crisis in Western countries, and go hand in hand with the gigantic government bond-buying programs and quantitative easing policies of central banks, which in turn flood the …
On August 16, 2021 President Biden addressed the nation to explain why the US military is pulling out of Afghanistan. To a lesser extent, he also tried to explain why the Afghan government and its 300,000 military forces imploded over …
Introduction: Beyond the Critique of Speculation This introductory chapter discusses the shortcomings of the heterodox critique of financial speculation as an irrational divergence from real values. It argues that the capitalist subject speculates not in defiance of fundamental values …