That doesn’t address what I said tho. I’m not directly comparing it to the EU because it doesn’t make sense to do so, completely different situation. The problem is that without a central bank in each country with it’s own sovereign currency, they cannot control their economy and cannot go into déficit, essentially capping their growth. The MMT correctly describes how spending occurs on a capitalist country and lays bare the lie of neoliberalism and the need for a superávitary economy. Note that I’m not defending the MMT as a viable solution or anything like that, just agreeing with it’s descriptive side.
It’s not like Venezuela’s monetary policy has been wildly successful.
I don’t know enough to talk about Venezuela’s economy, but I would bet that are other issues at play here if you’re referring to a déficitary monetary policy, because that is basically the default for almost every major country in the world.
That doesn’t address what I said tho. I’m not directly comparing it to the EU because it doesn’t make sense to do so, completely different situation. The problem is that without a central bank in each country with it’s own sovereign currency, they cannot control their economy and cannot go into déficit, essentially capping their growth. The MMT correctly describes how spending occurs on a capitalist country and lays bare the lie of neoliberalism and the need for a superávitary economy. Note that I’m not defending the MMT as a viable solution or anything like that, just agreeing with it’s descriptive side.
I don’t know enough to talk about Venezuela’s economy, but I would bet that are other issues at play here if you’re referring to a déficitary monetary policy, because that is basically the default for almost every major country in the world.