MMT and Capitalism from a Marxist Standpoint


Heteconomist has the article MMT and Capitalism from a Marxist Standpoint.

A perennial question for Marxists is how to overturn capitalism. Will institutional changes that improve the lot of workers but fall short of ending capitalism immediately help or harm this cause? To the extent that social struggle is a learning-by-doing process, it may be that the securing of small gains can whet the appetite for more significant gains and that institutional reforms of a transformational nature can place revolution on a more secure footing if and when it does occur. But there is also the possibility of complacency in which workers come to tolerate capitalism so long as their own situation is not so dire.

Consider the possibility that we could have an economy where the profit motive is applied to that segment of the economy where it makes sense, and socialism is applied to the rest of the economy. Could such a system persist for a very long time?

Why must the economy evolve to the point where there is only one way to provide goods and services? It is exactly by “a learning-by-doing process” that we can come to the ultimate answer. Since human involved systems are dynamic, the “ultimate” answer will not be a static answer.

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