Credit: www.marketplace.org/2019/01/24/modern-monetary-theory-explained/ Modern Monetary Theory (MMT) is an idea that’s gathered growing support since the term was first coined in Full Employment Abandoned, a book published by Bill Mitchell and Joan Muysken, both academic economists, in 2008. This is recent…
Category: Money
UK economy on the brink as Bank of England prepares for a public digital currency
UK Chancellor of the Exchequer Rishi Sunak has appointed a task force that will investigate the possibility of setting up a Central Bank Digital Currency (CBDC) as Britain’s response to the rise of Bitcoin and other forms of electronic money.…
Why the monetary system is not fit for purpose
The global monetary system is no longer fit for purpose and requires radical reform to promote sustainable and equitable economic development, independent consultant Shann Turnbull told the annual Association for Heterodox Economics conference in Glasgow last week. He said that…
Cashless experiment in Manchester today; bankless economy everywhere tomorrow
On 21 June, a street in Manchester in the UK tested cashless shopping. For a single day shops and businesses on the city’s Beech Road accepted only debit and credit card payments and no notes or coins. The results were…
The money test that economics fails
Monetary theory is a central element of economics. Its significance has risen since the monetarist counter-revolution led by Milton Friedman. And yet, the theory is profoundly unsatisfactory as even a cursory reading of basic text books will suggest. Conventional monetary fails…