While reading Simmon Hannah’s “A party with socialists in it”, I made a note to talk about Corbynism and Modern Monetary Theory. I am writing an omnibus, review of that book, but think that a further note on MMT and its role in Corbynism, and the insights and weaknesses it brings to today's crisis might be appropriate. In 2015, Corbyn flirted with MMT but by 2017, McDonnel, Meadway and Wren Lewis had won control of the Party’s economic agenda. The rest of this article looks at the bond market disruptions, FX and the balance of trade, the threat to pension funds, and the extent to which MMT has some useful insights. For more, check out overleaf behind the "Read More" button. ...
Where’s prudence gone?
