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Modern Monetary Theory and Practice: An Introductory Text

2 min read

Prof W F Mitchell (Author), Prof L R Wray (Contributor), Prof M J Watts (Contributor)

The Global Financial Crisis demonstrated beyond any doubt the poverty of the mainstream, free-market economic approach that is almost universally taught in university courses around the world. The failure of the system to self-regulate exemplified what Marx, Keynes, Kalecki and other heterodox economists have known for a long time – that the Capitalist system is inherently unstable and requires strong government oversight.

This text goes further though because it is the first teaching program based on what is now known as Modern Monetary Theory (MMT), which has emerged over the last two decades and now presents itself as the only viable body of macroeconomic thought that can not only detail the operational realities of the monetary systems that nations employ but also explain why the mainstream approach is inherently misleading and erroneous.

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