Contents
Introduction to Modern Money Theory, Yeva Nersisyan and L. Randall Wray
SECTION I THE NATURE AND ORIGINS OF MONEY
1 On the nature and origins of money, Alla Semenova
2 Civic and temple origins of Greek coinage, Michael Hudson
3 Modern Money Theory: sociology and economics, Geoffrey Ingham
4 Redemption, Eric Tymoigne
5 The paper money of colonial America, Farley Grubb
6 Monetary dissent and the erasure of state power in American history, David M. P. Freund
7 Modern Money Theory and international law working together, John D. Haskell
SECTION II MODERN MONEY THEORY FUNDAMENTALS
8 Modern Money Theory and economic theory, Eric Tymoigne
9 Consolidation technique, Eric Tymoigne
10 Sector financial balances and Modern Monetary Theory, Robert W. Parenteau
11 Financial balances, Gennaro Zezza
12 Government debt in the modern money system, Joelle Leclaire
13 Unpacking the dynamics of fiscal deficits and debt, Martin Watts
14 Buffer stock approaches to inflation control, William Mitchell
15 The Job Guarantee: Modern Money Theory’s proposal for full employment and price stability, Pavlina R. Tcherneva
16 Why Hyman Minsky matters for Modern Money Theory, L. Randall Wray
SECTION III RESOURCE CONSTRAINTS
17 Resource constraints, Sam Levey
18 Resource constraints and economic policy, Yeva Nersisyan
19 Why Social Security can’t go “broke”, Kerry Pechter
20 The Modern Money Theory approach to provisioning for an aging population, Yeva Nersisyan, Xinhua Liu and L. Randall Wray
SECTION IV MODERN MONEY THEORY AND THE EXTERNAL SECTOR
21 The Modern Monetary Theory perspective on the external economy, William Mitchell
22 Modern Money Theory and exchange rates, John Harvey
23 Money, foreign exchange and the balance of payments, Michael Hudson
SECTION V MODERN MONEY THEORY AND ECONOMIC DEVELOPMENT
24 Modern Monetary Theory as an analytical framework and a policy lens: an African perspective, Ndongo Samba Sylla
25 Harnessing sovereign money for development finance and solving the debt conundrum: the case of China, Yan Liang
26 Job Guarantee as sustainable development policy: balancing China’s economic development and ecological civilization, Yijiang Huang
SECTION VI MODERN MONEY THEORY AND ECONOMIC POLICY
27 The politics of apolitical money: Paul Volcker and monetary policy in action, David Stein
28 Fiscal policy in the Eurozone, Dirk Ehnts
29 Sovereign currency and non-sovereign budgets: the Modern Money Theory approach to provincial, state, and local government budgets, L. Randall Wray
30 Is Overt Monetary Financing a viable option in the post-pandemic era?, Martin Watts
31 Electricity provisioning under the Green New Deal: a Modern Monetary Theory approach, Avraham I. Baranes and Mitchell R. Green
32 The regional Job Guarantee: fostering economic democracy and promoting public participation, Michael J. Murray
SECTION VII RESPONSES TO CRITICS
33 Modern Money Theory and the monetary system: a response to critics Eric Tymoigne
34 Modern Money Theory policymaking praxis: a response to critics, Eric Tymoigne
35 Modern Money Theory policymaking praxis and financial and economic stability: a response to critics, Eric Tymoigne
Index 465