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this post was submitted on 16 May 2025
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I agree 100% but whenever I suggest that leftists should bother to learn a bit about MMT I get told that it’s all irrelevant because it doesn’t align perfectly with their own interpretation of something Marx said about money or value, or only applies to when you’re very late stages of socialism.
Funny considering that perhaps the greatest economic development that has occurred in the history of humanity, happened in the USSR under Stalin’s Five-Year Plans (1929-1955) that ran very much on the MMT principles (not exactly, but conceptually similar enough). No other socialist/Marxist economies, including China which is far more neoliberal post-reform and relied on foreign capital and cheap labor, ever comes close to achieving this.
100%. I do wish a Marxian economist who also understands MMT (and there are at least a few) would do a deep dive into the details of the Stalin’s Five Year plans, I think it’s a fertile area for understand how to run an economy in the early stages of socialist transition.
There's a Proles Pod episode on MMT just came out that seems to do a good job. I still can't 100% wrap my head around it but I'm getting there