MMT: Not Modern, Not About Money, Not Much Of A Theory

Financing government spending by printing money is as old as paper money itself. The Song Dynasty did it. The Weimar Republic did it. And Robert Mugabe and Nicolás Maduro both did it. But perhaps the closest historical parallels to today’s MMT proposals are to be found in 18th century France— two of them in the same century! The first attempt at what we might call Early Modern Monetary Theory came after John Law fled to France to escape justice in Britain (perhaps Perfidious Albion sent him to France to ruin what was then the predominant economic power in Europe?).