Abstract
This article discusses the following ideas proposed by the Modern Money Theory (MMT): i) the postulate of money as a creature of the state; ii) that economic growth can be achieved through fiscal deficits; and iii) that the state action can enable the attainment of full employment. Such ideas imply a significant monetary role carried out by the state, a role that is evaluated here in light of a Marxist conception of money as a social relation. We emphasize the hierarchically superior power of the state in this regard, but also its limits, highlighting some barriers to the application of MMT prescriptions. On the one hand, we show that there can be substantive effects of fiscal and monetary policies on real production; on the other hand, we problematize the notion of full employment in light of the limits imposed by class struggles on the role of the state as the employer of last resort.
Keywords:
Money; State; Power; Modern Money Theory (MMT); Full employment