E386 - Ep 386 - Who Do You Serve: Neoliberalism & Oligarchy Through an MMT Lens with Bill Mitchell

Modern Monetary Theory explains how sovereign currency systems work, but it doesn’t tell us who controls the state or whose interests state power serves. Economist Bill Mitchell suggests that a dialectical understanding of capitalism is essential for answering that question.

He and Steve discuss MMT not as a policy prescription but as a lens to dissect the capitalist state, not a neutral arbiter but an instrument of class conflict. Bill traces the motion of capital from the post-WWII "Golden Age," which was a temporary compromise forced by a strong working class. He takes us through what he...