현대화폐이론에 대한 좌파 케인즈주의-마르크스주의적 비판과 제언
Modern Money Theory (MMT): A Critical Assessment and Recommendation from a Leftist-Keynesian and Marxian Perspective
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이 글은 현대화폐이론(Modern Money Theory; MMT)의 핵심적인 문제의식과 정책 제안의 타당성을 좌파 케인즈주의와 마르크스주의적 시각에서 비판적으로 분석하는 것을 목적으로 삼는다. 필자는 현대화폐이론가들의 분석(주권 국가의 무제한적 예산 편성 가능성)과 정책 제안(정부 주도 일자리 보장제) 간에는 필연적인 상관관계가 존재하지 않고, 국제 무역 및 금융 질서가 발전 도상에 있는 소규모 개방 경제 체제에 부과하는 외부적 제약 요인들을 제대로 파악하지 못하며, 좌파 케인즈주의자들과 마르크스주의자들이강조해온 자본주의적 소유권 개혁과 독점 자본에 대한 개혁 문제를 시야에서 놓치고 있다고 지적하고, 이러한 문제의식을 바탕으로 현대화폐이론이재구성될 필요가 있다고 강조한다.
Abstract
This paper critically assesses the main contribution made by Modern Money Theory(MMT) and evaluates the validity of its policy proposal from a leftist-Keynesian and Marxian perspective. The paper argues that there is no logical consistency between MMTers' analysis of the nature of modern fiat monetary system and their government's job guarantee proposal. It is also argued that the proponents of MMT often fail to pay due attention to various real and financial constraints imposed upon many developing economies nowadays, while exaggerating the universal applicability of the sovereign state's money creation process. In addition, MMTers tend to ignore the fundamental class conflict nature of the capitalist state when they advocate the government's job guarantee program. From a Neo-Kaleckian and Marxian point of view, it is not the government's employer of last resort (ELR) program, which operates outside the domain of private monopoly capitalist relations, but the need of fundamental transformation of the capitalist ownership structure that addresses major socioeconomic problems such as long-term involuntary unemployment and poverty.
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