A new paradigm of monetary theory and contemporary challenges

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Date
2022
Journal Title
Journal ISSN
Volume Title
Publisher
Ivane Javakhishvili Tbilisi State University Press
Abstract
In scientific publications on the problems of monetary relations, modern monetary theory is defined as a system of views that have been formed over the past twenty years by a group of American and Australian economists, mostly university professors. The main impetus for the development and popularization of modern monetary theory was the need to create a scientific concept for overcoming such problems of the American economy as the accumulation of huge public debt, chronic budget deficits and high unemployment. This theory offers a universal solution to these problems. This article shows how this theory is able to cope with the current global financial and economic crisis; The article also analyzes the strengths and weaknesses of modern monetary theory.
Description
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Keywords
modern monetary theory, chartalism, Marxist theory of money, Keynesian theory, neoclassical theory, mainstream current, fiscal policy, monetary theory, monetary sovereignty of the state, public debt, inflation, guaranteed employment
Citation
VII International Scientific Conference: "Challenges of Globalization in Economics and Business", Tbilisi, 2022, pp. 506-518
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