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Future Monetary Theory MMT’s account of the origin of money is a useful corrective to the stories told by orthodox economists. But a deeper history of the social construction of money opens up more radical possibilities for rethinking the monetary order. The Money Changer and his Wife, Marinus van Roymerswaele, c. first half of the sixteenth century (Wikimedia Commons) Let’s hope this time really is different. A decade ago, in the aftermath of the previous once-in-a-lifetime economic calamity, tentative early steps toward fiscal stimulus were repulsed by an international turn toward austerity. The American Recovery and Reinvestment Act of 2009 was famouslyreduced by noted math enthusiast Larry Summers from $1.2 trillion to $800 billion, before being watered down further to appease Senate Republicans. It was much too little, did not address the root causes of the ongoing crisis, and was offset by state-level austerity even before the nationaltu

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