Discussion Series: Prof. David Freund on Monetary Dissent & MMT

Today, many heterodox economists and advocates of modern monetary theory (MMT) critique the conventional story of money by arguing that all money is public money. That is, all money is ultimately created by governments that issue their own currency, such as the United States. The implications of this narrative are enormous for designing sound economic policy and what kinds of policies leaders in government are willing to support.

But why have heterodox thinkers and MMT proponents faced so much resistance to these insights? What have been (and continue to be) the obstacles to educating the public about money's real-world history?

Dr. David Freund, professor of history and American studies at the University of Maryland, will join Modern Money Lab U.S. in our first installment of our Discussion Series to answer these questions in conversation with attendees. Drawing from his chapter in The Elgar Companion to Modern Money Theory (2024), "Monetary dissent and the erasure of state power in American history," Dr. Freund will discuss how MMT's critique of monetary orthodoxy is 1) grounded in a long intellectual and political history of this critique; and that 2) the pushback against MMT (and other heterodox models) today is likewise part of a long tradition of disputing and dismissing that heterodoxy, by ignoring the real-world mechanics of money.

Note: To enliven the discussion, attendees are encouraged to read pages 70-75 of The Elgar Companion to Modern Money Theory before attending this presentation.

This presentation will be held via Zoom. Registrants will receive a code via email to join the meeting. This presentation will be recorded.