Die Modern Monetary Theory: Der Schlüssel zu einer fortschrittlichen Finanzpolitik

This chapter discusses Modern Monetary Theory (MMT) and the contribution it can make to an enlightened debate on progressive fiscal policy. In the first section of this chapter, we lay out three key theoretical foundations of MMT: Money as a Social Unit of Account, Monetary Sovereignty, and Effective Demand. In the second section, we explain how the German government carries out its fiscal policy on a day-to-day basis. Here, it becomes clear that the government needs neither household savings nor loans from the private banking sector to carry out its expenditures. We conclude, with regard to a Green New Deal from an MMT perspective, that political debates must be conducted around the availability and planning of resources if we are to successfully transform production in our democratic society.