Keywords
neo-chartalism
theory of money
political economy
How to Cite
Abstract
This article is an attempt to discuss the issues represented by Modern Monetary Theory, one of the most popular post-Keynesian theories within the perspective of Marxist political economy. The subject of the analysis will be primarily MMT assumptions about the role of money in the modern world, in juxtaposition with contemporary research analyzing the Marxist theory of commodity money capital. The ideas of neo-chartalists on economic policy in capitalism and its influence on the dynamics of the whole system will also be commented on and evaluated. Another issue is the strictly political problems related to MMT, which will also be analyzed. Common points will be shown, combining some of the MMT concepts with Marxist concepts, while demonstrating the theoretical predominance of Marxist propositions. The author of this article is trying to prove that, while the realism of modern capitalism belongs to the descriptive part, some non-orthodox Marxist economists may accept that the normative part of this theory should be criticized because of its rather superficial repetition of some traditional Keynesian monetary and fiscal policy proposals.References
Aldasoro, Ińaki i Robert Unger. 2017. „External Financing and Economic Activity in Euro Area – Why are Bank Loans Special?” BIS Working Papers 622.
Arestis, Philip. 1996. „Post-Keynesian Economics: Toward Coherence.” Cambridge Journal of Economics 20.
Andresen, Trond. 2013. „Improved Macroeconomic Control with Electronic Money and Modern Monetary Theory.” Real World Economics Review 63.
Baran, Paul i Paul Sweezy. 1966. Monopoly Capital. New York: Monthly Review Press.
Bell, Stephanie. 2001. „The Role of the State and the Hierarchy of Money.” Cambridge Journal of Economics 25.
Bludnik, Izabela. 2015. Postkeynesizm. Teoria endogenicznej kreacji pieniądza. Poznań: Wydawnictwo Uniwersytetu Ekonomicznego w Poznaniu.
Bransbourg, Gilles. 2011. „Fides et Pecunia Numerata. Chartalism and Metallism in the Roman World Part 1: The Republic.” AJN Second Series 23.
Cambell, Martha. 2005. „Marx’s Explanation of Money Function: Overturning the Quantity Theory.” W Marx on Money. Red. Fred Moseley. New York: Palgrave Macmilian.
Carchedi, Guglielme. 2012. „Could Keynes End the Slump? Introducing the Marxist Multiplier.” International Socialism 136. http://isj.org.uk/could-keynes-end-the-slump-introducing-the-marxist-multiplier/ .
Disyatat, Piti. 2010. „The Bank Lending Channel Revisited.” BIS Working Papers 297.
Dolan, Ed. 2013. „Debt Sustainability, Growth, Interest Rates, and Inflation: Some Charts for Discussion and Some Inconvienient Truths for MMT.” http://www.economonitor.com/dolanecon/2013/01/28/debt-sustainability-growth-interest-rates-and-inflation-some-charts-for-discussion-and-some-inconvenient-truths-for-mmt/.
Domar, Evsey. 1962. Szkice z teorii wzrostu gospodarczego. Tłum. Lech Niżyński. Warszawa: Państwowe Wydawnictwo Naukowe.
Dymski, Gary. 2006. „Money and Credit in Hetorodox Theory: Reflections on Lapavitsas.” Historical Materialism 14.
Ericson, Richard. 1991. „The Classical Soviet-Type Economy: Nature of the System and Implications of Reform.” The Journal of Economic Perspectives 5.
Fine, Ben. 1985–1986. „Banking Capital and Theory of Interest.” Science & Society 69.
Fine, Ben i Costas Lapavitsas. 2000. „Markets and Money in Social Science: What Role for Economics?” Economy and Society 29.
Fontana, Giuseppe. 2000. „Post Keynesians and Circuists on Money and Uncertainty: an Attempt at Generality.” Journal of Post Keynesian Economics 23.
Fontana, Giuseppe. 2003. „Post Keynesian Approaches to Endogenous Money: a Time Framework Explanation.” Review of Political Economy 15.
Forstater, Matthew. 2004. „Tax-Driven Money: Additional Evidence from the History of Thought, Economic History and Economic History”. Working Paper 35. http://www.cfeps.org/pubs/wp-pdf/WP35-Forstater.pdf .
Foster, John i Harry Magdoff. 2009. The Great Financial Crisis. New York: Monthly Review Press.
Friedman, Milton. 1994. Intrygujący pieniądz. Tłum. Krzysztof Szlichciński. Łódź: Wydawnictwo Łódzkie.
Friedman, Milton. 2010. „Quantity Theory of Money”. W Monetary Economics. Red. Steven Durlauf i Lawrence Blume. London: Palgrave Macmillan.
Fullwiler, Scott T., Stephanie Kelton i L. Randall Wray. 2012. Modern Money Theory: A Reponse to Critics. http://cas2.umkc.edu/economics/people/facultyPages/wray/papers/Working%20Papers/Fullwiler%20Kelton%20Wray%20MMT.pdf .
Grossman, Henryk. 1929. Das Akkumulations- und Zusammenbruchsgetz des kapitalistischen Systems. Leipzig: Verlag Neue Kritik.
Graziani, Augusto. 1997. „Marxist Theory of Money.” International Journal of Political Economy 27.
Gruszecki, Tomasz. 2015. „Problemy z rozumieniem współczesnego pieniądza.” Acta Universitatis Lodziensis. Folia Economica 317.
Hudson, Michael. 2003. Super Imperialism. London: Pluto Press.
Husson, Michel. 2011. Kapitalizm bez znieczulenia. Tłum. Zbigniew Marcin Kowalewski. Warszawa: Książka i Prasa.
Kapuściński, Mariusz, Andrzej Kocięcki, Halina Kowalczyk, Tomasz Łyziak, Jan Przystupa, Ewa Stanisławowska, Anna Sznajderska i Ewa Wróbel. 2016. „Mechanizm transmisji polityki pieniężnej w Polsce. Co wiemy w 2015 roku?”. Materiały i Studia NBP 323.
Jackson, William. 1999. „Basic Income and the Right to Work: A Keynesian Approach.” Journal of Post-Keynesian Economics 21.
Kalecki, Michał. 1980a. „Teoria dynamiki gospodarczej”. W Michał Kalecki. Dzieła. T. 2. Warszawa: Państwowe Wydawnictwo Ekonomiczne.
Kalecki, Michał. 1980b. „Walka klas a podział dochodu narodowego”. W Michał Kalecki. Dzieła. T. 2. Warszawa: Państwowe Wydawnictwo Ekonomiczne.
Kalecki, Michał. 1980c. „Trzy drogi do pełnego zatrudnienia”. W Michał Kalecki. Dzieła. T. 1. Warszawa: Państwowe Wydawnictwo Ekonomiczne.
Kalecki, Michał. 1980d. „Polityczne aspekty pełnego zatrudnienia”. W Michał Kalecki. Dzieła. T. 1. Warszawa: Państwowe Wydawnictwo Ekonomiczne.
Keen, Steve. 2000. „The Nonlinear Economics of Debt Inflation.” W Commerce, Complexity and Evolution. Red. William Barnett. Cambridge: Cambridge University Press.
Keynes, John Maynard. 1930. A Treatise on Money. New York: Harcourt, Brace and Company.
Knapp, Georg. 1924. State Theory of Money. Tłum. H.M Lucas i J. Bonar. London: Macmillan & Company Limited.
Kołodko, Grzegorz. 1989. „Economic Reforms and Inflation in Socialism: Determinants, Mutual Relationships and Prospects.” Communist Economies 1.
Kubiczek, Sebastian. 2015. „Od barteru do pieniądza wirtualnego – charakterystyka procesu dematerializacji pieniądza”. Zeszyty Naukowe Uniwersytetu Ekonomicznego w Katowicach 236.
Lapavitsas, Costas. 1997. „Two Approaches to the Concept of Interest Bearing Capital.” International Journal of Political Economy 27.
Lapavitsas, Costas. 2012. Crisis in the Eurozone. London: Verso Books.
Lavoie, Don. 1986. „Marx, the Quantity Theory, and the Theory of Value.” History of Political Economy 18.
Lavoie, Marc. 1984. „The Endogenous Flow of Credit and the Post Keynesian Theory of Money.” Journal of Economic Issues 18.
Lavoie, Marc. 1992. Foundations of Post-Keynesian Economic Analysis. Cheltencham: Edward Elgar.
Lavoie, Marc. 2011. „The Monetary and Fiscal Nexus of Neo-Chartalism: A Friendly Critical Look.” https://www.boeckler.de/pdf/v_2011_10_27_lavoie.pdf.
Lerner, Abba. 1943. „Functional Finance and the Federal Debt.” Social Reasarch 10.
Lee, Frederic. 1994. „From Post-Keynesian to Historical Price Theory.” Review of Political Economy 3.
Lukàcs, György. 1984. Wprowadzenie do ontologii bytu społecznego. Tłum. Kazimierz Ślęczka. Warszawa: Państwowe Wydawnictwo Naukowe.
Luksemburg, Róża. 2011. Akumulacja kapitału. Tłum. zbiorowe. Warszawa: Książka i Prasa.
Łagosz, Marek. 2012. Marks. Praca i czas. Warszawa: PWN.
Manjarin, Edgar i Maciej Szlinder. 2016. „A Marxist Argumentative Scheme on Basic Income and Wage Share in an Anti-Capitalist Agenda.” Basic Income Studies 11.
Marks, Karol. 1953. Przyczynek do krytyki ekonomii politycznej. Tłum. Edward Lipiński. Warszawa: Książka i Wiedza.
Marks, Karol. 1955. Kapitał. T. 2. Tłum. Julian Maliniak. Warszawa: Książka i Wiedza.
Marks, Karol. 1956. Kapitał. T. 1. Tłum. zbiorowe. Warszawa: Książka i Wiedza.
Marks, Karol. 1959. Kapitał. T. 3, cz. 2. Tłum. Edward Lipiński, Julian Maliniak. Warszawa: Książka i Wiedza.
Marks, Karol. 1986. Zarys krytyki ekonomii politycznej. Tłum. Jan Wyrozembski. Warszawa: Książka i Wiedza.
Martin, Peter. 2014. „Economic Imperialism: Fact or Fiction?” https://petermartin2001.wordpress.com/2014/06/09/economic-imperialism-fact-or-fiction/.
McLeay, Michael, Amar Radia i Thomas Ryland. 2014. „Money Creation in Modern Economy.” Bank of England Quaterly Bulletin 1. http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q1prereleasemoneycreation.pdf. Menger, Carl. 2007. Principles of Economics. Tłum. James Dingwall i Bert F. Hoselitz. Auburn: Ludwig von Mises Institute.
Milios, John, Dmitri Dimoulis i George Economakis. 2002. Karl Marx and the Classics. Hampshire: Ashgate Publishing Company.
Mitchell-Ins, Alfred. 1914. „The Credit Theory of Money.” The Banking Law Journal 31.
Mitchell, Bill i Joan Muskyen. 2008. Full Employement Abandoned Shifting Sands and Policy Failures. Cheltencham: Edward Elgar.
Mitchell, Bill. 2009. „Deficit Spending 101 Part 1.” http://bilbo.economicoutlook.net/blog/?p=332.
Mitchell, Bill. 2009. „Deficit Spending 101 Part 3.” http://bilbo.economicoutlook.net/blog/?p=381.
Mitchell, Bill. 2013. „Exploring Pro-Cyclical Budget Positions.” http://bilbo.economicoutlook.net/blog/?p=22542.
Mitchell, William i Warren Mosler. 2001. „Fiscal Policy and Job Guarantee.” Australian National University Discussion Paper 441. https://openresearch-repository.anu.edu.au/bitstream/1885/40582/3/DP441.pdf.
Mitchell, William i Martin Watts. 2005. „A Comparison of the Macroeconomic Consequences of Basic Income and Job Guarantee Schemes.” Rutgers Journal of Law & Urban Policy 2.
Moseley, Fred. 1992. The Falling Rate of Profit in the Postwar United States Economy. New York: St. Martins Press.
Moseley, Fred. 2005. „Introduction.” W Marx’s Theory of Money. Red. Fred Moseley. New York: Palgrave Macmilian.
Moseley, Fred. 2010. „Is the U.S Economy Headed for a Hard Landing?” Mount Holyoke College Working Paper http://www.mtholyoke.edu/courses/fmoseley/HARDLANDING.doc
Moseley, Fred. 2011. „The Determination of the »Monetary Expression of Labor Time« (»MELT«) in the Case of Non-Commodity Money”. Review of Radical Political Economy 43.
Mosler, Warren. 2014. Siedem śmiertelnie niewinnych oszustw polityki ekonomicznej. Tłum. Mariusz Kuciel. Warszawa: Warszawski Instytut Nowoczesnej Teorii Monetarnej.
Nelson, Anitra. 2001. „Marx Theory of the Money Commodity.” History of Economics Review 31.
Palley, Thomas. 2013. „Money, Fiscal Policy, and Interest Rates: A Critique of Money Monetary Theory.” IMK Working Paper 109. https://www.econstor.eu/bitstream/10419/105973/1/imk-wp_109_2013.pdf .
Ricardo, David. 1817. „Principles of Political Economy and Taxation.” https://www.marxists.org/reference/subject/economics/ricardo/tax/ch28.htm.
Semenova, Alla. 2011. „The Origins of Money: Evaluating Chartalist and Metallist Theories in the Context of Ancient Greece and Mesopotamia.” https://mospace.umsystem.edu/xmlui/bitstream/handle/10355/10843/SemenovaOriMonEva.pdf.
Shaikh, Anwar. 1987. „Falling Rate of Profit and the Economic Crisis in the US.” W Imperiled Economy. Red. Robert Cherry. New York: Monthly Review Press.
Szlinder, Maciej. 2017. „Problemy z argumentacją zwolenników Nowoczesnej Teorii Pieniężnej przeciw dochodowi podstawowemu. Komentarz do tłumaczenia”. Praktyka Teoretyczna 24.
Sweezy, Paul. 1961. Teoria rozwoju kapitalizmu. Tłum. Edward Lipiński. Warszawa: Państwowe Wydawnictwo Naukowe.
Trigg, Andrew. 2006. Marxian Reproduction Schema: Money and Aggregate Demand in Capitalist Economy. New York: Routledge.
Umiński, Paweł. 2014. „Modern Monetary Theory jako alternatywne podejście do pieniądza i polityki pieniężnej”. Folia Oeconomica 299.
Warufakis, Janis. 2015. Globalny Minotaur. Tłum. Joanna Bednarek. Warszawa: PWN.
Vianello, Ferdinando. 1989. „Effective Demand and the Rate of Profit: Some Thoughts on Marx, Kalecki and Sraffa.” W Kalecki’s Relevance Today. Red. Mario Sebastiani. London: Palgrave Macmilian.
Weeks, John. 2012. „The Theory and Empirical Credibility of Commodity Money.” Science & Society 76.
Winczewski, Damian. 2016. „Kryzys emerytalny w Unii Europejskiej”. Bez Dogmatu 109.
Winczewski, Damian. 2015. „Pieniądz i zagregowany popyt w polskiej ekonomii marksistowskiej”. Nowa Krytyka 35.
Wray, Randall. 1992. „Commercial Banks, the Central Bank, and Endogenous Money.” Journal of Post-Keynesian Economics 14.
Wray, Randall. 2013. „How Big is Big Enough: Would the Basic Income Guarantee Satisfy the Unemployed?” Economonitor. http://www.economonitor.com/lrwray/2013/07/09/how-big-is-big-enough-would-the-basic-income-guarantee-satisfy-the-unemployed/ .
Wray, Randall i Eric Tymoigne. 2013. „Modern Money Theory 101: A Reply to Critics.” Levy Economics Institute Working Paper 778: http://www.levyinstitute.org/pubs/wp_778.pdf.
Wray, Randall. 2015. Modern Monetary Theory. London: Palgrave Macmillan.
License
“Theoretical Practice” seeks to put into practice the idea of open access to knowledge and broadening the domain of the commons. It serves the development of science, thinking and critical reflection. The journal is published in open-access mode under the CC-BY-NC-SA 4.0 license (detail available here: http://creativecommons.org/licenses/by-nc-sa/4.0/). Articles published in the journal may be freely distributed, stored, printed and utilized for academic and teaching purposes without restrictions.
They should not be, however, used for any commercial purposes or be reconstructed into derivative creations. Access to the journal may not be limited or offered for a fee by any third party.
Prospective authors are obliged to fill in, sign and send back the publishing contract compliant with the CC licencing. [PL.pdf, PL.doc, EN.pdf,EN.doc].
According to this contract, authors grant the journal a non-exclusive right to publish their work under the creative commons license (CC-BY-NC-SA 4.0) without any financial obligation on both sides of the contract.
Before submission authors should make sure that derivative materials they use are not protected by copyright preventing their non-commercial publication. Authors are responsible for any respective copyright violations.