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Top US economist explains how MMT works
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this post was submitted on 04 May 2024
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I have heard others say - but haven’t looked into it myself yet - that Stalin implemented in part of sort of proto-MMT and that was a contributor to the USSR’s breakneck growth. That is until Khrushchev got all panicky about Soviet debt levels (even though he shouldn’t have) and focused on trying to lower debt.
One area in which MMT intersects with socialism is more that MMT really explains well how money works. And until a socialist country eliminates the money form - and we’re a long ways off from that - theories of money will be useful.
Steve Grumbine is an MMT guy who has a good podcast, “Macro and Cheese”. I don’t want to put words in Steve’s mouth and say he’s a Marxist, but he talks about Marx all the time, has clearly read some of his works, and frequently has Marxian economists / thinkers like Michael Hudson and C Derek Varn on.