Tuesday, February 12, 2019

Peter Cooper — MMT and Capitalism from a Marxist Standpoint

A perennial question for Marxists is how to overturn capitalism. Will institutional changes that improve the lot of workers but fall short of ending capitalism immediately help or harm this cause? To the extent that social struggle is a learning-by-doing process, it may be that the securing of small gains can whet the appetite for more significant gains and that institutional reforms of a transformational nature can place revolution on a more secure footing if and when it does occur. But there is also the possibility of complacency in which workers come to tolerate capitalism so long as their own situation is not so dire.
The increasing prominence of modern monetary theory (MMT) has once again brought the perennial question to the forefront for some socialists. Is knowledge of MMT going to make it easier to extend the life of capitalism? What should a Marxist make of the theory?
In my view, there are several aspects to consider:
  • the correctness of MMT;
  • the broad analytical applicability of MMT;
  • the implications of MMT for capitalism....
MMT and Capitalism from a Marxist Standpoint
Peter Cooper

1 comment:

AXEC / E.K-H said...

Links on Peter Cooper’s ‘MMT and Capitalism from a Marxist Standpoint’

Because Public Deficit = Private Profit Marxism and MMT are absolutely antithetical.

MMT ― backstop or advanced life support for the Oligarchy?

MMT and Marxism ― blather as immunizing stratagem

Here is the long overdue scientific death certificate for Marx and Marxists

Marxism is one of four instances of Derponomics

Socialism and scientific incompetence

Egmont Kakarot-Handtke