this post was submitted on 04 May 2024
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The primary thing to understand is that MMT isn’t fundamentally a policy or policies, but rather is an explanation of the underlying mechanisms of currency. So in that sense, it’s applicable to a socialist economy that still has currency because, it explains how currency is functioning in the political economy.
In that sense it’s not that different than state ownership of the means of production. The state can own that and it’s still not socialism if the ruling class is an aristocracy or oligarchy or despot instead of the working class. It’s just a tool. That’s why the best retort to liberals poo-pooing MMT is to point out that the state already accepts MMT every time it passes a military budget.