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Introduction: Strange bedfellows and the rise of the modern money theory -- MMT basics and the sustainability of money financed deficits -- Institutional specificity and the limited policy relevance of modern money theory -- The role of the dollar as an international currency and its limits in a multi-key currency world -- "America first" monetary policy and its costs -- The mystery of the missing Minksy: financial instability as a constraint on MMT macroeconomic policy -- An MMT free lunch mirage can lead to perverse outcomes: fight your friends, spare your enemies -- Conclusion: contours of a progressive macroeconomic policy -- Index

Contents: Introduction / Gerald Epstein -- Part I. Finance, macroeconomic policy and central banking: from Volcker to Trump -- 1. 'Domestic stagflation and monetary policy: The Federal Reserve and the hidden election' / in Thomas Ferguson and Joel Rogers (eds), the hidden election: Politics and economics in the 1980 presidential campaign, New York, NY, USA: Pantheon Books, 1981, 141-95 -- 2. 'Federal Reserve behavior and the limits of monetary policy in the current economic crisis' / in Robert Cherry, Christine d'Onofrio, Cigdem Kurdas, Thomas R. Michl, Fred Moseley and Michele I. Naples (eds), The imperiled economy: Book I: Macroeconomics from a left perspective, chapter 23, New York, NY, USA: The union for radical political economics, 1987, 247-55, references -- 3. 'Trumponomics: Should we just say "no"?', challenge, 60 (2) 2017, 104-21 -- Part II. Capitalists, workers and Wall Street: The fight for the Federal Reserve -- 4. 'Federal Reserve politics and monetary instability' / in Alan Stone and Edward J. Harpham (eds), The political economy of public policy, chapter 9, Beverly Hills, CA, USA: Sage Publications, 1982, 211-40 -- 5. 'The Federal Reserve-treasury accord and the construction of the postwar monetary regime in the United States' / with Juliet B. Schor, social concept, 7 (1), July, 1995, 7-48 -- 6. 'monetary policy, loan liquidation, and industrial conflict: The Federal Reserve and the open market operations of 1932' / with Thomas Ferguson, Journal of economic history, xliv (4), December, 1984, 957-83 -- 7. 'Corporate profitability as a determinant of restrictive monetary policy: Estimates for the postwar United States' / with Juliet B. Schor, in Thomas Mayer (ed.), The political economy of American monetary policy, chapter 4, New York, NY, USA: Cambridge University Press, 1990, 51-63 -- Part III. The political economy of central banking: Analytical and empirical perspectives -- 8. 'Contested terrain' / in Louis-Philippe Rochon and Sergio Rossi (eds), the Encyclopedia of central banking, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing Ltd, 2015, 105-7 -- 9. 'Macropolicy in the rise and fall of the golden age' / with Juliet B. Schor, in Stephen A. Marglin and Juliet B. Schor (eds), The golden age of capitalism: Reinterpreting the postwar experience, chapter 3, Oxford, UK: Clarendon Press, 1990, 126-52, references -- 10. 'Political economy and comparative central banking', review of radical political economics, 24 (1), March, 1992, 1-30 -- 11 'A political economy model of comparative central banking' / in Gary Dymski and Robert Pollin (eds), New perspectives in monetary macroeconomics: Explorations in the tradition of Hyman P. Minsky, chapter 9, Ann Arbor, MI, USA: The University of Michigan Press, 1994, 231-77 -- 12. 'Profit squeeze, rentier squeeze and macroeconomic policy under fixed and flexible exchange rates', economies et sociétés, 25 (3), November/December, 1991, 219-57 -- 13. 'The rise of rentier incomes in OECD countries: Financialization, central bank policy and labor solidarity' / with Arjun Jayadev, in Gerald A. Epstein (ed.), Financialization and the world economy, chapter 3, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing Ltd, 2005, 46-74 -- Part IV. Inflation targeting vs. Developmental central banking -- 14. 'Financialization, rentier interests and central bank policy', 2002, 1-43 -- 15. 'Central banks as agents of economic development', / Ha-Joon Chang (ed.), Institutional change and economic development, chapter 6, New York, NY, USA: United Nations University Press and London, UK: Anthem Press, 2007, 95-113 -- 16 'Developmental central banking: Winning the future by updating a page from the past', review of Keynesian economics, 1 (3), Autumn, 2013, 273-87 -- 17. 'Achieving coherence between macroeconomic and development objectives' / in Joseph E. Stiglitz and Martin Guzman (eds), contemporary issues in macroeconomics: Lessons from the crisis and beyond, IEA conference volume 155-ii, chapter 11, Basingstoke, UK and New York, NY, USA, Palgrave Macmillan, 2016, 148-59 -- Part V. The Federal Reserve and the great financial crisis of 2007-2008 -- 18. 'Have large scale asset purchases increased bank profits?' / with Juan Antonio Montecino, Institute for New Economic Thinking (INET) working paper no. 5, December, 2014, 1-25 -- 19. 'The political economy of QE and the Fed: Who gained, who lost and why did it end?' / with Juan Antonio Montecino, Political Economy Research Institute (PERI) working paper number 408, November, 2015, 1-25 -- 20. 'The impact of quantitative easing on income inequality in the United States', November, 2018 -- Part VI. Reforming the Federal Reserve -- 21. 'Statement on monetary policy' / testimony prepared for the House Committee on Banking, Finance, and Urban Affairs, July 19th, 1983, 1-11 -- 22. 'A debate with Robert Pollin: Should Congress control the Federal Reserve?' / with Robert Pollin, Dollars & sense, 136, May, 1988, 12-17, 22 -- 23. 'Reforming the Federal Reserve for the 21st century', 2018 -- Index.

1 -- Introduction: Strange Bedfellows and the Rise of Modern Money Theory -- 2. MMT Basics and the Sustainability of Money Financed Deficits -- 3. Institutional Specificity and the Limited Policy Relevance of Modern Money Theory -- 4. The Role of the Dollar as an International Currency and Its Limits in a Multi-Key Currency World -- 5. MMT as "America First" Monetary Policy and Its Costs -- 6. The Mystery of the Missing Minsky: Financial Instability as a Constraint on MMT Macroeconomic Policy -- 7. An MMT Free Lunch Mirage Can Lead to Perverse Outcomes: Fight Your Friends, Spare Your Enemies -- 8. Conclusion: Contours of a Progressive Macroeconomic Policy

Contents: 1. Introduction / Gerald Epstein -- Part I Capital flows and financial crises -- 2. Financial crises among emerging and developing economies in the modern era: a brief history and some stylized themes / Elissa Braunstein -- 3. Too good to be true: what the Icelandic crisis revealed about global finance / Nina Eichacker -- 4. Re-analyzing the gender-specific effects of the Great Recession / Sana Khalil -- Part II Managing international capital flows: costs and dilemmas -- 5. Capital controls in a time of crisis / Ilene Grabel -- 6. Easing the trilemma through reserve accumulation?: the Latin American case / Luis D. Rosero -- 7. The costs of foreign exchange intervention: trends and implications / Devika Dutt -- 8. Monetary policy under financial dollarization: the case of Eurasian Economic Union / Zhandos Ybrayev -- Part III Power relations in the international financial system: global and regional dimensions -- 9. The cost of a SWIFT kick: estimating the cost of financial sanctions on Iran / Mariam Majd -- 10. Changing rules of the game of global finance: glimpses from the Argentina's sovereign debt restructuring / Mohit Arora -- 11. Solidarity vs. similarity: the political economy of currency unions / Francisco Perez -- 12. International financial flows and the future of EU-Turkey relations / Hasan Comert -- Index.

How is the global economy affected by increased militarization, inequality between nations and classes, environmental degradation, and U.S. economic decline? What are the current debates and issues? Can free enterprise and government deregulation solve global economic problems?As the world's attention is focused on the global economy, 25 activist economists address these and many other questions. Essays in Creating a New World Economy describe in accessible language such complex topics as the international debt, Keynesianism, trade policy, immigration, and drug trade.In addition to analyzing c

Modern Money Theory (MMT) economists acknowledge a number of empirical and institutional limitations on the applicability of MMT to macroeconomic policy, but they have not attempted to explore these empirically nor have they adequately addressed their implications for MMT's main macroeconomic policy proposals. This paper identifies some of these important limitations, including those stemming from modern international financial markets, and argues that they are much more binding on the policy applicability of MMT than many of MMT's advocates appear to recognize.

Modern Money Theory (MMT) economists acknowledge a number of empirical and institutional limitations on the applicability of MMT to macroeconomic policy, but they have not attempted to explore these empirically nor have they adequately addressed their implications for MMT's main macroeconomic policy proposals. This paper identifies some of these important limitations, including those stemming from modern international financial markets, and argues that they are much more binding on the policy applicability of MMT than many of MMT's advocates appear to recognize. To address these limitations, MMT analysts would have to enter the messy institutional, policy and empirical realms that undermine their simplistic policy conclusions that might be appealing to some policy-oriented followers of MMT. My conclusion is that, in light of these limitations, MMT's major macroeconomic policy suggestions are of little practical relevance today for progressive politicians and activists, much less to macroeconomic policy formulation in general.

ABSTRACTThe rise in the economic and political power of finance over a number of decades is hardly in dispute these days. While there is now considerable agreement among economists that unregulated finance has the potential to contribute to financial instability and financial crises, there is much less agreement about the long‐term impacts of modern finance on capital accumulation and distribution. This contribution, focused on the USA, explores some of these relations under the heading of the 'Social Efficiency of Finance', a term used here to mean the impact of financial institutions and relations on income and wealth distribution and on the development of the economy. The author describes some key dimensions of the rise of 'roaring banking' in the USA in recent decades, outlines specific ways in which this financialized system has affected accumulation, distribution and growth, and presents some results of a simple 'bottom‐line' analysis of the cost of this financial system in the US, reaching the conclusion that the 'social efficiency' of modern finance in the US is very low.