..., and it is shown that the Chartalists (as opposed to the Metallists) developed a general theory of money that can be applied equally convincingly to the entire era of state money. This theory is then used to show that the state's power to make and enforce tax laws renders its money the most acceptable...

... reasons. First, its understanding of the nature of money leads to interesting policy conclusions. Secondly, MMT provides a description of modern fiscal and policy operations that is quite different from orthodox economics. The chapter begins by contrasting the orthodox ‘metallist’ and the heterodox...