Reflexiones críticas sobre la Teoría del Dinero Moderno: los avatares del dinero y el Estado en la historia

Abstract

This article critically examines Modern Monetary Theory (MMT) from a long-term historical perspective. While MMT argues that the State can simultaneously achieve full employment and price stability through job guarantee programs, we contend that this view overestimates state autonomy. Through historical-comparative analysis experiences from the mercantilist period to the present, we demonstrate the structural constraints states face in imposing tax obligations, expanding public spending without generating inflationary pressures, and determining sensitive prices such as wages. Historical evidence reveals that full employment has been exceptional and short-lived, concentrated in contexts of total war. We conclude that the difficulties in implementing MMT proposals are rooted in the complex and conflictive nature of the relationship between the State and civil society.