In this chapter, we examine the existing legal, institutional and policy framework which governs the UK Exchequer and show how the central claims of Modern Monetary Theory (MMT) map onto the financial activities of the UK government. The UK Parliament legislates money into existence, which then...

Researching how English money was first organised and how it evolved over several centuries to become a model for global export reveals a fascinating tale, offering rich historical insights into our modern financial system. When we look into the well of history all too often we find our own...

We begin with an overview of the foundations of MMT, demonstrating that the issue facing sovereign nations is not the availability of finance. This is true for all countries that meet our definition of sovereign currency issuer. We respond to the claim of many critics that MMT can only apply to...

What has been popularized as MMT (Modern Monetary Theory) began in 1992 as a description of Federal Reserve Bank monetary operations. I self-published 'Soft Currency Economics' in 1994 and in January of 1996 I introduced my analysis to the academic community through an internet discussion group....

This chapter will examine the importance of trade and finance in macroeconomics. We will consider the implications for nations of the "Nixon Shock" in August 1971 and show that this shifted the focus from financial constraints on government spending to real resource constraints. We will examine...

Among the many dire warnings from opponents of Modern Monetary Theory (MMT) is that MMT-inspired policies will cause the value of the domestic currency collapse. However, as is the case with other attacks on MMT, this argument is based on economic models that do not reflect the realities of the...

In this chapter, we will examine the viability of the European Union, with a particular focus on the Economic and Monetary Union (EMU) given the architectural flaws in the design of the common currency that have been exposed by the Global Financial Crisis, and, more recently, by the pandemic. We...

In this chapter, we show how methodology and philosophy support Modern Monetary Theory (MMT) within broader heterodoxy. We set out preliminaries regarding the meaning, scope and role of methodology informed by philosophy. We then examine a prominent variety of methodological-philosophical...

Taxes are dull. They are boring. Nobody wants to think about them; fewer want to have to pay them. However, like the sewage system, we must have a tax system that is both efficient and effective. Because MMT shows that "taxes drive money", many believe that taxation is central to the MMT...

It is frequently said that the 21st century started in Argentina in 2002. After months of social unrest and protests in the country due to the collapse of the currency board and fixed exchange rate experiment, that saw 10 days a sequence of 5 different Presidents, the government introduced the...