SOAS University of London

Department of Economics

Modern Monetary Theory (MMT) and Current US Monetary Policy

Costas Lapavitsas (SOAS) and Nicolás Águila (Centro Interdisciplinario para el Estudio de Políticas Públicas, CIEPP)

Date: 12 May 2021Time: 5:00 PM

Finishes: 12 May 2021Time: 6:30 PM

Venue: Virtual Event

Type of Event: Virtual Event

This presentation compares and contrasts Modern Monetary Theory and Marxist monetary theory focusing on the relationship of money to commodities, the role of state power in monetary processes, and the significance of global hierarchy for world money. Money is a social relation, as MMT claims, but for Marxist theory capitalist money is specifically a relation of class, both domestically and internationally. The room for state policy is correspondingly constrained, not least because the international monetary system is hierarchical.

These issues are placed in a contemporary context by analyzing the current bout of monetary expansion in the USA and its impact on the rate of interest, the money supply, and debt. Constraints are identified on US government policy.

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Meeting ID: 926 8008 2756

Passcode: SOASEcon21