Modern monetary theory on money, sovereignty, and policy: A marxist critique with reference to the Eurozone and Greece

References

• Akyuz, Y. 2014. “Internationalization of Finance and Changing Vulnerabilities in Emerging and Developing Economies.” UNCTAD Discussion Papers, No.2014/3. UNCTAD, Geneva.
   Google Scholar
• Athanassiou, P. 2009. “Withdrawal and expulsion from the EU and the EMU: Some reflections,” Legal Working Paper Series, No 10/December. https://www.ecb.europa.eu/pub/pdf/scplps/ecblwp10.pdf
   Google Scholar
• Bell, S. 2000. “Do Taxes and Bonds Finance Government Spending?” Journal of Economic Issues 34 (3):603–620. doi:10.1080/00213624.2000.11506296.
   Web of Science ®Google Scholar
• Bell, S. 2001. “The Role of the State and the Hierarchy of Money.” Cambridge Journal of Economics 25 (2):149–163. doi:10.1093/cje/25.2.149.
   Web of Science ®Google Scholar
• Bonizzi, B., A. Kaltenbrunner, and J. Michell. 2019. “Monetary Sovereignty is a Spectrum: modern Monetary Theory and Developing Countries.” Real-World Economics Review 89 :46–61.
   Google Scholar
• Bonizzi, B., A. Kaltenbrunner, and J. Powell. 2020. “Subordinate Financialization in Emerging Capitalist Economies.” In The Routledge International Handbook of Financialization, edited by P. Martens, D. Merten, and N. Van der Zwan, 177–187. London; New York: Routledge.
   Google Scholar
• Caligaris, G., and G. Starosta. 2016. “Explicación Sistemática y Análisis Histórico en la Crítica de la Economía Política. Un Aporte Metodológico a la Controversia Sobre la Naturaleza Mercantil Del Dinero.” In Dinero y Capital. Hacia Una Reconstrucción de la Teoría de Marx Sobre el Dinero, edited by R. Escorcia Romo and M. L. Robles Báez, 123–158. Mexico City: Universidad Autónoma Metropolitana-Unidad Xochimilco and Editorial Itaca.
   Google Scholar
• De Brunhoff, S. 2015. Marx on Money. London: Verso.
   Google Scholar
• Durand, C., and S. Villemot. 2016. “Balance Sheets After the EMU: An Assessment of the Redenomination Risk,” OFCE, Sciences-Po, Working Paper 2016-31, October.
   Google Scholar
• Dwyer, G., and J. Lothian. 2002. “International money and common currencies in historical perspective,” Working Paper, No. 2002-7, Federal Reserve Bank.
   Google Scholar
• Epstein, G. 2019. What is Wrong with Modern Monetary Theory? London: A Policy Critique, Palgrave Macmillan.
   Google Scholar
• Evans, T. 1997. “Marxian Theories of Credit Money and Capital.” International Journal of Political Economy 27 (1):7–42. doi:10.1080/08911916.1997.11643940.
   Google Scholar
• Flassbeck, H., and C. Lapavitsas. 2013. “The Systemic Crisis of the Euro: True Causes and Effective Therapies,” Rosa Luxemburg Stiftung Studien. http://www.rosalux.de/fileadmin/rls_uploads/pdfs/Studien/Studien_The_systemic_crisis_web.pdf
   Google Scholar
• Forstater, M. 2005. “Taxation and Primitive Accumulation: The Case of Colonial Africa.” Research in Political Economy 22 (4):51–64.
   Google Scholar
• Forstater, M. 2006. “New Roles for Government Green Jobs Public Service Employment and Environmental Sustainability.” Challenge 49 (4):58–72. doi:10.2753/CHA0577-5132490405.
   Google Scholar
• Fullwiler, S. 2016. “The Debt Ratio and Sustainable Macroeconomic Policy the Debt Ratio and Sustainable Macroeconomic Policy.” World Economic Review 7 :12–42.
   Google Scholar
• Fullwiler, S., R. Grey, and N. Tankus. 2019. An MMT response on what causes inflation. https://ftalphaville.ft.com/2019/03/01/1551434402000/An-MMT-response-on-what-causes-inflation/
   Google Scholar
• Galbraith, J. 2016. Welcome to the Poisoned Chalice: The Destruction of Greece and the Future of Europe. New Haven: Yale University Press.
   Google Scholar
• Germer, C. 1997. “Credit Money and the Functions of Money in Capitalism.” International Journal of Political Economy 27 (1):43–72. doi:10.1080/08911916.1997.11643941.
   Google Scholar
• Goodhart, C. A. E. 1998. “The Two Concepts of Money: Implications for the Analysis of Optimal Currency Areas.” European Journal of Political Economy 14 (3):407–432. doi:10.1016/S0176-2680(98)00015-9.
   Google Scholar
• Graeber, D. 2011. Debt. The First 5,000 Years. Brooklyn: Melvin House Publishing.
   Google Scholar
• Grierson, P. 1977. The Origins of Money. London: Athlone Press and University of London.
   Google Scholar
• Iñigo Carrera, J. 2007. Conocer el capital hoy. Usar críticamente El capital, Imago Mundi.
   Google Scholar
• Innes, M. 2004. “What is Money?” In Credit and State Theories of Money. The Contributions of A. Mitchell Innes, edited by R. Wray. Cheltenham, UK; Northampton, MA: Edward Elgar.
   Google Scholar
• Itoh, M., and C. Lapavitsas. 1999. Political Economy of Money and Finance, New York: Palgrave MacMillan.
   Google Scholar
• Ivanova, M. N. 2013. “The Dollar as World Money.” Science & Society 77 (1):44–71.
   Web of Science ®Google Scholar
• Kaltenbrunner, A., and J. P. Painceira. 2018. “Subordinated Financial Integration and Financialisation in Emerging Capitalist Economies: The Brazilian Experience.” New Political Economy 23 (3):290–313. doi:10.1080/13563467.2017.1349089.
   Web of Science ®Google Scholar
• Kelton, S. 2020. The Deficit Myth. London: John Murray.
   Google Scholar
• Labrinidis, G. 2014. “The Forms of World Money,” Research on Money and Finance Discussion Papers, 45. SOAS University of London.
   Google Scholar
• Lapavitsas, C., T. Mariolis, with, and K. Gavrielidis. 2017. “Eurozone failure, German policies, and a new path for Greece: Policy analysis and proposals, Rosa Luxemburg Stiftung Publikationen, January (a version in Italian was published in Il Ponte, vol. LXXIII, n. 5-6, pp. 105-133). http://www.rosalux.de/fileadmin/rls_uploads/pdfs/sonst_publikationen/Online-Pub_Eurozone_Failure.pdf
   Google Scholar
• Lapavitsas, C. 2005a. “The Emergence of Money in Commodity Exchange, or Money as Monopolist of the Ability to Buy.” Review of Political Economy 17 (4) :549–569. doi:10.1080/09538250500252823.
   Google Scholar
• Lapavitsas, C. 2005b. “The Social Relations of Money as Universal Equivalent: A Response to Ingham.” Economy and Society 34 (3):389–403. doi:10.1080/03085140500112137.
   Web of Science ®Google Scholar
• Lapavitsas, C. 2013. Profiting without Producing. How Finance Exploits us All. London, New York: Verso.
   Google Scholar
• Lapavitsas, C. 2017a. “The Theory of Credit Money: A Structural Analysis. In Marxist Monetary Theory.” Collected Papers of Costas Lapavitsas, 23–50. Brill.
   Google Scholar
• Lapavitsas, C. 2018a. “The Redenomination Risk of Exiting the Eurozone: An Estimation Based on the Greek Case.” European Law Journal 24 (2-3):226–243. doi:10.1111/eulj.12276.
   Web of Science ®Google Scholar
• Lapavitsas, C. 2018b. “The Redenomination Risk of Eurozone Exit for Greece.” Ifo DICE Report, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich 16 (3):31–34.
   Google Scholar
• Lapavitsas, C. 2019. “Political Economy of the Greek Crisis.” Review of Radical Political Economics 51 (1):31–51. doi:10.1177/0486613417730363.
   Web of Science ®Google Scholar
• Lavoie, M. 2013. “The Monetary and Fiscal Nexus of Neo-Chartalism: A Friendly Critique.” Journal of Economic Issues 47 (1):1–32. doi:10.2753/JEI0021-3624470101.
   Web of Science ®Google Scholar
• Lerner, A. 1943. “Functional Finance and the Federal Debt.” Social Research 10 (1):38–51.
   Google Scholar
• Lerner, A. 1947. “Money as a Creature of the State.” The American Economic Review 37 (2):312–317.
   Web of Science ®Google Scholar
• Lopez, R. 1951. “The Dollar of the Middle Ages.” The Journal of Economic History 11 (3):209–234. doi:10.1017/S0022050700084746.
   Web of Science ®Google Scholar
• Mariolis, T., and G. Soklis. 2018. “The Static Sraffian Multiplier for the Greek Economy: evidence from the Supply and Use Table for the Year 2010.” Review of Keynesian Economics 6 (1):114–147. doi:10.4337/roke.2018.01.07.
   Web of Science ®Google Scholar
• Mariolis, T. 2008. “Pure Joint Production, Income Distribution, Employment and the Exchange Rate.” Metroeconomica 59 (4):656–665. doi:10.1111/j.1467-999X.2008.00320.x.
   Web of Science ®Google Scholar
• Mariolis, T. 2013. “Currency Devaluation, External Finance and Economic Growth: A Note on the Greek Case.” Social Cohesion and Development 8 (1):59–64.
   Google Scholar
• Mariolis, T., N. A. Rodousakis, A. Katsinos. 2019. “Wage versus Currency Devaluation, Price Pass-through and Income Distribution: A Comparative Input–Output Analysis of the Greek and Italian Economies.” Journal of Economic Structures 8 (1):1–23. doi:10.1186/s40008-019-0140-8.
   Google Scholar
• Marx, K. 1976. Capital. A Critique of Political Economy. Volume I, London: Penguin.
   Google Scholar
• Marx, K. 1986. Collected Works. Volume 28. New York: International Publishers.
   Google Scholar
• Marx, K. 1999. Capital. A Critique of Political Economy. Volume III. http://www.marxists.org/archive/marx/works/1850/pol-econ/index.htm
   Google Scholar
• Mitchell, W. 2015. Eurozone Dystopia: Groupthink and Denial on a Grand Scale. Cheltenham: Edward Elgar.
   Google Scholar
• Mitchell, W. 2019. “Data suggests a unilateral Greek exit would have been much better than their colonial future under the Troika,” Modern Monetary Theory blog, 26 November. http://bilbo.economicoutlook.net/blog/?p=43739
   Google Scholar
• Mosler, W. 1997. “Full Employment and Price Stability.” Journal of Post Keynesian Economics 20 (2):167–182. doi:10.1080/01603477.1997.11490146.
   Web of Science ®Google Scholar
• Mosler, W. 2010. “Proposal for the Eurozone,” The Centre of the Universe blog, 18 January. http://moslereconomics.com/2010/01/18/proposal-for-the-eurozone/
   Google Scholar
• Nordvig, J. 2014. “Risks and Benefits of Eurozone Breakup: The role of contract redenomination and balance sheet effects in policy analysis.” http://jensnordvig.com/wp-content/uploads/2016/01/RiskBenefitsBreakup.pdf
   Google Scholar
• Nordvig, J., and N. Firoozye. 2012. “Rethinking the European monetary union,” Wolfson Economics Prize, Final Submission. https://ftalphaville-cdn.ft.com/wp-content/uploads/2012/07/Rethinking-the-European-Monetary-Union-Adapt.pdf
   Google Scholar
• Palley, T. 2015. “The Critics of Modern Money Theory (MMT) Are Right.” Review of Political Economy 27 (1):45–61. doi:10.1080/09538259.2014.957473.
   Web of Science ®Google Scholar
• Palley, T. 2020. “What’s Wrong with Modern Money Theory: macro and Political Economic Restraints on Deficit-Financed Fiscal Policy.” Review of Keynesian Economics 8 (4):472–493. doi:10.4337/roke.2020.04.02.
   Web of Science ®Google Scholar
• Papademetriou, D., R. Wray, and Y. Nersisyan. 2010. “Endgame for the Euro? Without Major Restructuring the Eurozone is Doomed,” The Levy Economics Institute Public Policy Brief, 113, available at: http://www.levyinstitute.org/pubs/ppb_113.pdf
   Google Scholar
• Polychroniou, C. 2010. “Interview with Randall Wray about Greece’s Debt Crisis,” New Economic Perspectives, 13 March. https://neweconomicperspectives.org/2010/03/interview-with-randall-wray-about.html
   Google Scholar
• Prates, D. 2020. “Beyond Modern Money Theory: A Post-Keynesian Approach to the Currency Hierarchy, Monetary Sovereignty, and Policy Space.” Review of Keynesian Economics 8 (4):494–511. doi:10.4337/roke.2020.04.03.
   Web of Science ®Google Scholar
• Rey, H. 2013. “Dilemma Not Trilemma: The Global Financial Cycle and Monetary Policy Independence,” Paper presented at the 25th Federal Reserve Bank of Kansas City Symposium (Jackson Hole Symposium), 21–23 August, Wyoming.
   Google Scholar
• Saad-Filho, A. 1993. “Labor, Money, and “Labour-Money”: a Review of Marx’s Critique of John Gray’s Monetary Analysis.” History of Political Economy 25 (1):65–84. doi:10.1215/00182702-25-1-65.
   Web of Science ®Google Scholar
• Shaikh, A. 2016. Capitalism. Competition, Conflict, Crises. Oxford: Oxford University Press.
   Google Scholar
• Sinn, Hans-Werner, and Timo Wollmershäuser. 2012. “TARGET Loans, Current account Balances and Capital Flows: The ECB’s Rescue Facility.” International Tax and Public Finance 19 (4):468–508. doi:10.1007/s10797-012-9236-x.
   Web of Science ®Google Scholar
• Starosta, G. 2016. “Revisiting the New International Division of Labour Thesis.” In The New International Division of Labour, edited by G. Charnock & G. Starosta, 79–103. London: Palgrave Macmillan.
   Google Scholar
• Taylor, L. 2019. “Macroeconomic Stimulus à la MMT,” INET, April 30. https://www.ineteconomics.org/perspectives/blog/macroeconomic-stimulus-%C3%A0-la-mmt
   Google Scholar
• Tcherneva, P. 2007a. “Chartalism and the Tax-Driven Approach to Money.” In A Handbook of Alternative Monetary Economics, edited by P. Arestis and M. Sawyer, 69–86. Cheltenham, UK; Northampton, MA: Edward Elgar.
   Google Scholar
• Tcherneva, P. 2007b. “What Are the Relative Macroeconomic Merits and Environmental Impacts of Direct Job Creation and Basic Income Guarantees?,” The Levy Economics Institute Working Paper, 517.
   Google Scholar
• Tcherneva, P. 2016. “Money, Power, and Monetary Regimes,” The Levy Economics Institute Working Paper, 861.
   Google Scholar
• Tymoigne, E., and R. Wray. 2015. “Modern Money Theory: A Reply to Palley.” Review of Political Economy 27 (1):24–44. doi:10.1080/09538259.2014.957471.
   Web of Science ®Google Scholar
• Tymoigne, E. 2020. “Monetary Sovereignty: Nature, Implementation, and Implications.” Public Budgeting and Finance 40 (3):49–71.
   Web of Science ®Google Scholar
• Varoufakis, Y. 2017. Adults in the Room. London: The Bodley Head.
   Google Scholar
• Vernengo, M., and E. Perez Caldentey. 2019. “Modern Money Theory (MMT) in the Tropics: Functional Finance in Developing Countries.” Challenge 0 (495) :1–17.
   Google Scholar
• Wray, R. 2010. “Alternative Approaches to Money.” Theoretical Inquiries in Law 11 (1):29–49. doi:10.2202/1565-3404.1235.
   Google Scholar
• Wray, R. 2011. “Warren Mosler’s Big Fat Greek MMT Exit Strategy,” Credit Writedowns, 17 November. https://creditwritedowns.com/2011/11/big-fat-greek-exit-strategy.html
   Google Scholar
• Wray, R. 2012. Modern Monetary Theory. London: Palgrave Macmillan.
   Google Scholar
• Wray, R. 2014. “From the State Theory of Money to Modern Money Theory: An Alternative to Economic Orthodoxy,” The Levy Economics Institute Working Paper, 792.
   Google Scholar
• Wray, R. 2016. “Taxes Are for Redemption, Not Spending.” World Economic Review 7 :3–11.
   Google Scholar
• Wray, R. 2019. “Alternative Paths to Modern Money Theory.” Real-World Economics Review 89 :5–22.
   Google Scholar
• Wray, R., F. Dantas, S. Fullwiler, P. Tcherneva, and S. Kelton. 2018. “Public Service Employment: A Path to Full Employment.” The Levy Economics Institute Policy Note, 2.
   Google Scholar