thegreatdivide
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Australian Politics<br />
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"It’s absurd to talk about the national debt going to zero... Far from a burden, it's a necessity".
- Robert Heilbroner
An original thinker; here are the first pargraphs from his brilliant article titled "Socialism":
Socialism—defined as a centrally planned economy in which the government controls all means of production—was the tragic failure of the twentieth century. Born of a commitment to remedy the economic and moral defects of capitalism, it has far surpassed capitalism in both economic malfunction and moral cruelty. Yet the idea and the ideal of socialism linger on. Whether socialism in some form will eventually return as a major organizing force in human affairs is unknown, but no one can accurately appraise its prospects who has not taken into account the dramatic story of its rise and fall.
The Birth of Socialist Planning
It is often thought that the idea of socialism derives from the work of Karl Marx. In fact, Marx wrote only a few pages about socialism, as either a moral or a practical blueprint for society. The true architect of a socialist order was Lenin, who first faced the practical difficulties of organizing an economic system without the driving incentives of profit seeking or the self-generating constraints of competition. Lenin began from the long-standing delusion that economic organization would become less complex once the profit drive and the market mechanism had been dispensed with—"as self-evident," he wrote, as "the extraordinarily simple operations of watching, recording, and issuing receipts, within the reach of anybody who can read and write and knows the first four rules of arithmetic."
MMT offers a combination of self-interested competition, with state planning, to achieve an economy which works for all, by differentiating between state and private debt.
No doubt Heilbroner was aware of MMT's insights before he died (in 2005).
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Modern Monetary Theory (MMT) (Read 115029 times)
