Neochartalism: a heresy or a contribution to a new theoretical synthesis for the reproduction of the rule of money after 2008?

Date

2023-8

Author

Kurt, Sedat Ozan

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This thesis examines a heterodox economics theory named Neochartalism, or as widely known, “Modern Monetary Theory” and the status it has acquired in policy debates after 2008 with a specific focus on whether it aligns with the conventional goals of economic policy. Utilising a critical perspective informed by Marxist political economy, the study examines the theoretical backdrop and the historical context that gave popularity to Neochartalism. Moreover, the study problematises the heretic status of Neochartalism and tries to provide an insight into whether or not the theory could be a basis for future conduct of economic policy. In consideration that Neochartalism is only apparently heretical as its preoccupations in terms of policymaking are not completely different from the conventional form of policymaking and, indeed, Neochartalism shares the methodologically liberal assumption of the contemporary economic mainstream regarding the real separation of the state and the market, the study argues that such a possibility is quite real in the post-2008 world. Integration of Neochartalism into the mainstream in the current global conjuncture has the political offer of reproducing class rule with a new form of the rule of money which would be complemented by more frequent recourse to the coercive powers of the state.

Subject Keywords

Neochartalism, Modern monetary theory, Crisis of 2008, Heterodox economic policy, Central banking

URI

https://hdl.handle.net/11511/105184

Collections

Graduate School of Social Sciences, Thesis