View source for Comparative Discussion of Modern Money Theory and New Currency Theory


'''* Essay: Modern Money Theory and New Currency Theory A comparative discussion, including an assessment of their relevance to monetary reform. Joseph Huber'''

URL = http://www.paecon.net/PAEReview/issue66/Huber66.pdf [http://rwer.wordpress.com/comments-on-rwer-issue-no-66 comments]

=Abstract=
 
This paper discusses Modern Money Theory (MMT) from the perspective of a New 
Currency Theory (NCT) as represented by proponents of monetary reform. In the 
paradigmatic framework of currency teachings versus banking teachings, MMT, in 
contrast to its self-image as a chartal theory of money, represents banking theory 
much more than currency teaching. Its understanding of fractional reserve banking 
and monetary sovereignty is misleadingly incomplete. Thus, NCT’s analyses appear 
to be a more adequate foundation for modern sovereign money. 


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