Saturday, September 7, 2019

Adam Booth - Marxism vs Modern Monetary Theory (MMT)

Adam Booth doesn't like MMT, but I can't see how there will ever be worker controlled, government run state. 

For example, when MMT talks about the state, what kind of state is being referred to? As Marx noted in the Communist Manifesto, under capitalism, “the executive of the modern state is nothing but a committee for managing the common affairs of the whole bourgeoisie”.
If we want a government that will run the economy in the interests of ordinary people, then we need a workers’ state. But where in MMT is the role of the organised working class in running and managing society?
Lenin once remarked that capitalism, far from being a democracy, represented the ‘dictatorship of the banks’. But instead of overthrowing this dictatorship, MMT’s advocates suggest replacing it with another: the dictatorship of one bank – the central bank.
In this future vision of the MMTers, who would be in charge of this omnipotent central bank – the working class or the capitalist class? Similarly with the big monopolies that dominate the economy under capitalism. Are these to remain in private hands, producing for profit?
A national bank, directing society’s resources around the economy, would certainly be a vital element of a socialist plan of production. But in this setup, such a bank would have to be under the control of the working class. Is this what MMT’s supporters envision? 


Bob Roddis said...

I am quite glad to inform average people that MMT is now associating itself with Marxism which was responsible for 100 million innocent people being slaughtered in the 20th Century.

Keep up the good P.R. work!

Kaivey said...

Communism is reaction to bad capitalism. If the ruling elite take too much, there's a rebellion. No one really wants communism, except the desperate.