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Modern Monetary Theory: meet the economists fighting the economy
Morning Star editor Ben Chacko speaks to BILL MITCHELL about the new hypothesis disproving the core assumptions of neoliberalism
Economist Bill Mitchell

FOR Marxists, challenging ruling ideology has always been a central part of the struggle to liberate people from capitalism. Marx noted in The German Ideology that “the ideas of the ruling class are in every epoch the ruling ideas.”

The power a dominant narrative has is demonstrated by the course of British politics since the bankers’ crash of 2008. Quickly the Tories moved to assert that high levels of public debt were due to excessive public spending. We had to pay down the debt. The savage programme of cuts to public services and privatisation known as “austerity” followed.

Plenty of economists pointed out that the narrative was misleading. But it caught the popular imagination and played its role in the right-wing election victories of 2010 and 2015.

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