MMT & Economic Development: The Case for Sustainable Prosperity Fadhel Kaboub Associate Professor of Economics, Denison University President, Global.

Slides:

Advertisements

Similar presentations

Who Profits from the Debt and Debt Crisis? Conference on Alternative Solutions to the Debt Crisis Brussels, Belgium March 7, 2014.

Advertisements

A Map to the Revived Bretton Woods End Game Michael Dooley Peter Garber Global Risk Strategist June 4, 2004.

Foreign Debt & Financial Crises. A Nation’s Balance of Payment Balance of Payment Indicators Merchandise Trade Merchandise Trade trade in tangible goods.

Globalization A political/economic relationship Relationship between:  nations  governments and citizens of nations. Policies & Practices A guiding question:

6/2/051 East Asia Crises Presented By Tze-chi Lin (Jacky) Walid Metwaly Wei Zhang (Richard)

Portugal: From financialization to crisis “Alternative solutions to the Debt Crisis”, Brussels, 07/03/2014 Portugal in the EMU: From financialization to.

Rethinking Alternative Growth Paradigms  Mah-Hui LIM  South Centre Conference on The South in the Global Economic Crisis, Geneva  January 31,

September 2012 The Israeli Economy Strengths and Challenges.

The Emerging market economies and the Great Recession Ahmad Seyf Regent’s University London 26 March 2015 University of Cambridge.

Latin America and the Debt Crisis Michael Henderson Paula Ramko Lance Gomes Ildiko Kiss.

Macroeconomic Policies Dr. George Norton Agricultural and Applied Economics Virginia Tech Copyright 2009 AAEC 3204.

Latin America is a slave economy masquerading as post- modern: it pays African wages, it charges European prices, and the merchandise it produces most.

4 th BIENNIAL INTERNATIONAL BUSINESS BANKING AND FINANCE CONFERENCE.

The Russian Default of 1998 A case study of a currency crisis Francisco J. Campos, UMKC 10 November 2004.

Latin American Crisis of the 1980s “The Lost Decade” Econ. 462 Nov. 24, 2009 Edward Kulow John Magallanes Yojasi Lomas.

European and Asian monetary cooperation and integration from the perspective of comparative regional political economy (CRPE) Thomas Kalinowski Ewha Womans.

POLITICS IN MEXICO LUIS ESTRADA Spring quarter 2005.

International Financial Crises What happened in Asia? Globalization, R. Bonoan & J. Shapiro November 21, 1999.

Country Study: China. An Overview Until recently, a fastest-growing economy in Asia (10%) After 1978, China opened its ‘iron door’ for market- oriented.

Unit Five Money Systems. Unit 6 Vocabulary Account Receivable Bill of Exchange Bond Capital Project Commercial Invoice Credit Terms Currency Future Electronic.

The East Asia Currency Crisis  The Malaysia’s Case  Presented by: Pedro A. & Samen Son.

1998 Russian Crisis Group 8 Nery Lemus Wilmer Molina Omer Erinal Mollah Yerima.

ASEAN Beyond the Crisis: Prospects and Challenges of Recovery Aladdin D. Rillo Head, Finance Integration Division The ASEAN Secretariat Regional Conference.

Estonia Another crises country. Background and History Details of the relevant history, pertinent to its economic condition. Position of the.

The G20 Agenda – Speculation Demand and Global Economics Alan S Alexandroff Director Online Research & Director of Strategic Partnerships Digital20, Munk.

Estonia Another crises country. Background and History Details of the relevant history, pertinent to its economic condition. Position of the.

East Asian Crisis of Prior to mid-1997, the economies of Thailand, Indonesia, Malaysia, the Philippines, Hong Kong, Singapore and South Korea were.

CHALLENGES IN TRANSITION AWAITING SERBIA Lajos Bokros professor of economics and public policy senior vice president for research and international projects.

Political Economic Change and Environmental Consequences in Latin America.

A Tale of Two Crises: Korea’s Experience with External Debt Management Paper Prepared by Professor Yung Chul Park Seoul National University UNCTAD Expert.

Globalization III: Structural Adjustment Policies Western industrial economies – Deregulation and privatization -post-Fordism; downsizing; restructuring.

1 THE SPANISH EXPERIENCE MINISTRY OF INDUSTRY, TOURISM AND TRADE SECRETARY OF STATE FOR TOURISM AND TRADE S.G.I.E.X. THE SPANISH PATH TO DEVELOPMENT.

AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE.

Good news and Bad news in Latin America's economic prospects Enrique Szewach- Nexia- October

1 ENSURING AND SUSTAINING MACRO-ECONOMIC STABILITY 2010 Consultative Group / Annual Partnership Meeting Venue: La Palm Royal Beach Hotel, Accra Date: 23rd.

Dr. Ahmed M. Darwish Minister of State for Administrative Development Egypt Making Reform Happen “Structural Priorities in Times of Crisis” OECD - Paris.

Globalization. I. Trade A. The Iowa Car Crop Trade = a form of technology  increases efficiency; favoring one technology harms another; trade helps the.

OVERVIEW OF VIETNAM’S MACROECONOMY Le Hanh Thao – MA3N0208.

Risks of New Global Downturn: Impact on Asia and Response  Lim Mah Hui (Michael)  State of the Global Economy, and Reflections on Recent Multilateral.

Eastern Europe and Central Asia: Economic Outlook and Challenges Ahead ISTANBUL CHAMBER OF INDUSTRY - 6th INDUSTY CONGRESS November , 2007 Klaus.

FEDUSA 2010 Medium Term Budget Policy Statement Comments The Joint Portfolio Committee on Finance 11 November 2010.

The Persistence of Global Financial Imbalances Mary Malliaris Tassos Malliaris LOYOLA UNIVERSITY CHICAGO CONFERENCE on ECONOMIC ASYMMETRIES AND GLOBALIZATION.

INTERNATIONAL MONETARY FUND JANUARY 2014 The Mauritanian Economy: Performance and Outlook.

Growth, Development + Macro Issues in _____________ Key Macro Data Latest annualised GDP Growth (%) GDP or GNI per capita (US $, PPP) Inflation (%) Unemployment.

The Impact of the Global Financial Crisis on Low-Income Countries Dominique Desruelle International Monetary Fund United Nations Economic and Social Council.

Export-Led Growth: Onwards Outward Orientation Financial Liberalization.

ASSOCIATE PROFESSOR DR. DANIELA BOBEVA BULGARIAN CONTEXT IN TEACHING INTERNATIONAL ECONOMY.

Monetary Systems, Government Deficits, and Policy Space Pavlina R. Tcherneva, Ph.D. Associate Professor, Bard College Research Scholar, Levy Economics.

Chapter 5: The Economic Globalization Puzzle: Ten Pieces “We have a tug-of-war, really, between a domestic economic and a global economy.” …Bill Gross,

Russia’s Economy. The Soviet Economy state ownership of almost all economic resources; collectivized agriculture; “command planning”: central planning.

Globalization & Economics. What is Economic Globalization? Interrelations Capital & technology  trade 2 Types of Trade 1.Merchandise trade Primary goods.

Position Paper Ukraine

Global Business Environments

Objectives Describe the ways in which countries around the world are interdependent. Understand how international treaties and organizations make global.

Globalization and Turkish economy.

Globalization and Turkish economy.

Foreign Debt. Foreign Debt Foreign Debt Third World Debt.

Globalization & Economics

31 May - 1 June 2007 Brussels Economic Forum 2007

A case of success? India (along with China) considered one of the economies in the developing world that is a “success story” of globalisation. Success.

Balance of Payments Adjustment

Globalization & Economics

HOW INCOME INEQUALITY AND TRADE IMBALANCES FUEL BUBBLES AND LEAD TO CRISES Robert Wade, LSE.

Project instruction Economic issues.

Changes in political economy

Prof. Arjun B. Bhagwat Department of Commerce,

CHALLENGES IN TRANSITION AWAITING SERBIA

20th Session of the WG on RTD

Global Monetary Instability and the Role of the Financial Crisis

MMT & the Green New Deal Fadhel Kaboub

Presentation transcript:

MMT & Economic Development: The Case for Sustainable Prosperity Fadhel Kaboub Associate Professor of Economics, Denison University President, Global Institute for Sustainable Prosperity @FadhelKaboub @GISP_Tweets Global-ISP.org kaboubf@denison.edu The 3rd International MMT Conference, Stony Brook University September 28, 2019

What is Monetary Sovereignty? A monetarily sovereign government: issues its own currency, collects taxes in that same currency, only issues bonds denominated in that same currency operates under a flexible exchange rate regime An important distinction between: Currency Issuer vs. Currency Users Modern Monetary Theory, or MMT

The Spectrum of Monetary Sovereignty

A bit of History – Economic Development Recap Post-independence state-led development Import Substitution Industrialization (1950s-60s) Export-led growth (1970s) The Debt Crisis (1980s) SAPs and Neoliberal reforms (1990s-present)

Neoliberal Economic Model Austerity Debt restructuring Privatized SOEs Labor Market Flexibility FDI & Export-led growth ( negative terms of trade) Financial liberalization ( Speculative bubbles) Tourism ( resource sustainability) Remittances ( brain drain) Race to the bottom More external debt … There Is No Alternative?

Most Developing Countries have Structural trade deficits High external debt Major root causes: Energy deficit Food deficit Low value-added industrialization Trade deficits  Currency devaluation  Food & Fuel price inflation  Social Unrest unless Food/Fuel subsidies are maintained (forces the country to continues to borrow from foreign lenders: bandaid solution)

The only way out Renewable energy policy Sustainable agriculture policy Water/Energy management/conservation policy South-South Trade Policy Value-added-driven industrial policy A Job Guarantee path to reclaiming monetary sovereignty

Focus on Specific Inflation pressure points: What about inflation? Focus on Specific Inflation pressure points: Food deficit Energy deficit Low value-added industrialization Housing Healthcare Banking/finance Powerful price setters Cross boarder trafficking Corruption Capital controls

Some Practical Solutions Sustainable Food Sustainable Housing Cultural Heritage Preservation

Aquaponics Farming

100% Organic. No Pesticides. No Fertilizers. No Fertile Land 100% Organic. No Pesticides. No Fertilizers. No Fertile Land. 90% Water Savings!

Lettuce, Tomatoes, Mint, Parsley, Cilantro, Oregano, Basil, Strawberries … all leafy greens

Rapid Growth

Tilapia

Adobe Homes, Community Centers, Clinics, Classrooms, Stores, Restaurants, Hotels, Cultural Heritage Museums….

Tataouine, Tunisia