THE BANKS AND THE CANCER STAGE OF CAPITALISM: FROM CAUSE TO CURE | Prof John McMurtry (1997)

(Abstract)

There is a hidden war of value codes in the world today. On the one hand, there is the life code of value: Life → Means of Life → More Life (L → M of L→ L1). On the other hand, there is the money code of value: in its classical form, Money → Commodity → More Money ($ C → $1). In its carcinogenic form, this sequence becomes: Money → More Money → More Money ($ → $1 $2  $n). The latter money sequence of value is decoupled from any commitment to life function and is driven by the lending and investment cycles of banks. This paper demonstrates the carcinogenic properties of this sequence at the social level of life-organization.

The second part of the paper proposes a remedy. The first step consists in making the government-conferred privileges of banks – creating money by credit and lending others’ money stocks at compound interest – accountable to society’s life requirements. The second step consists in returning central banks to their constitutional mandate of lending to governments rather than alienating this function to private banks. The article concludes by arguing that the great obstacle to Canada’s and other countries’ economic well-being is the abdication by governments of their sovereign powers over society’s money supply, and the long cultivation of public ignorance on this ultimate issue of public policy and value decision.

John McMurtry
Department of Philosophy
University of Guelph

Bank of Montreal Distinguished Visitor Lecture, Trent University, March 13, 1997. Read More

Understanding Market Theology | Prof John McMurtry (2004)

A standard critical view of the relationship between capitalism and religion is that religion is an ideological cover story for capitalism. Capitalism, it is contended, structures the real world. Religion conceals and sanctifies it in justifying illusions. Marx most famously pressed this view with an enlightenment epigram derived from Voltaire: “Religion is the opiate of the people.” He sought, in contrast, to scientifically lay bare the “real relations of society” underneath.

This paper will explore a deeper possibility – that the classical and neo­-classical market doctrine is itself a religion, and that its “invisible hand” prescriptions regulate society’s economic relations themselves. Beneath the notice of the social sciences, I will argue, market theory and practice together depend on a core structure of presuppositions of a necessary and benevolent design which constitutes an unacknowledged religious metaphysic.

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Climate Catastrophe and Social Justice: Analysis and Action (2008) | Prof John McMurtry | scienceforpeace.ca

Published 2008-10-04 by John McMurtry

Keynote Address

Science for Peace and University of Toronto Students Union Conference
Climate Catastrophe and Social Justice: Analysis and Action
October 4, Earth Sciences Building, University of Toronto

The destabilization of the world’s climate and hydrological cycles is a catastrophic effect of a more general disorder to which it is not connected — the failed global market experiment and its regulating money-value system which brings degradation and despoliation of human life and life support systems at virtually every level of life organization.

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Understanding the U.S. War State | Prof John McMurtry (2003)

This incisive article by Professor John McMurtry was first published by Science for Peace and Global Research fifteen years ago in May 2003

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“It is easy. All you have to do is tell the people they are being attacked, and denounce the peacemakers for lack of patriotism and exposing the country to danger.” –Hermann Goering

Genocide used to be a crime without a name. Although the most heinous of all crimes, the concept was not introduced into international language until after World War 2. Until then, military invasion and destruction of other peoples and cultures masqueraded under such slogans as progress and spreading civilisation.

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Why is there a War in Afghanistan? | Prof John McMurtry (2001) | scienceforpeace.ca

The following article was part of a Science for Peace Forum and Teach-In, about How Should Canada Respond to Terrorism and War on Sunday December 9, 2001. A speech was made there by Professor of Philosophy, John McMurtry. It looks at a wider and deeper issue of totalitarianism that is creeping in, or, as McMurtry suggests, continuing in more earnest.

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Your Money or Your Life: John McMurtry and Martha Nussbaum on the For-profit Assault upon Life-capabilities | Giorgio Baruchello (2011)

Philosophical reflections by John McMurtry and Martha Nussbaum are presented in this article qua projections of the capabilities approach to life that has been developing in the humanities and social sciences over the past twenty-five years. In particular, it is shown how both McMurtry and Nussbaum reveal that human life is under attack not solely because of the eco-biological collapse denounced by the world’s scientific community at its highest levels, but also in many of those socially evolved civil commons that contribute to the flourishing of life’s capabilities and, in essence, make life worth living. What is more, a common causal root is found behind this ongoing two-pronged assault upon life capabilities, that is to say, the defining search for ever-increasing profits of the global free-market economy.

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Good and Bad Capitalism: Re-thinking Value, Human Needs, and the Aims of Economic Activity | Giorgio Baruchello (2009)

The world is experiencing a twofold crisis. On the one hand, the global, virtualised economy is collapsing and, in its fall, it is bringing down significant sections of the real economy. On the other hand, the environmental collapse of the planet is also marching on, and there is no clear sign that this may stop soon, for the most commonly discussed paths for economic recovery seem to rely upon further spoliation of the Earth’s life support systems. In this book chapter, the reader is to encounter an account of this twofold crisis in light of the deeper axiological grounds that are causing it. To this end, the present author refers extensively to the theory of value developed by Canadian scholar John McMurtry, according to whom: “[F]inancial crises always follow from money-value delinked from real value, which has many names but no understanding of the principle at its deepest levels.”

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Capitalism and Freedom: The Core of a Contradiction – An Essay on Cornelius Castoriadis and John McMurtry | By Giorgio Baruchello (2008)

0.0 Capitalism and freedom is not only the title of a 1962 book by Milton Friedman playing a pivotal role in asserting worldwide the neoliberal paradigm, but also the slogan that leading statesmen, politicians and opinion-makers have been heralding in recent years, in order to justify, amongst other things, the slashing of welfare states and the invasion of foreign countries…

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Modern monetary theory and its critics | real-world economics review

Modern monetary theory and its critics

3 October 2019

Introduction: Whither MMT?
The editors
2
Alternative paths to modern money theory
L. Randall Wray
5
Initiating a parallel electronic currency in a eurocrisis country – why it would work
Trond Andresen
23
An MMT perspective on macroeconomic policy space
Phil Armstrong
32
Monetary sovereignty is a spectrum: modern monetary theory and developing countries
Bruno Bonizzi, Annina Kaltenbrunner and Jo Michell
46
Are modern monetary theory’s lies “plausible lies”?
David Colander
62
What is modern about MMT? A concise note
Paul Davidson
72
Modern monetary theory: a European perspective
Dirk H. Ehnts and Maurice Höfgen
75
MMT: the wrong answer to the wrong question
Jan Kregel
85
Modern monetary theory and post-Keynesian economics
Marc Lavoie
97
Money’s relation to debt: some problems with MMT’s conception of money
Tony Lawson
109
The sleights of hand of MMT
Anne Mayhew
129
Tax and modern monetary theory
Richard Murphy
138
Macroeconomics vs. modern money theory: some unpleasant Keynesian arithmetic and monetary dynamics
Thomas I. Palley   
148
MMT and TINA
Louis-Philippe Rochon
156
Modern monetary theory: is there any added value?
Malcolm Sawyer
167
The significance of MMT in linking money, markets, sector balances and aggregate demand
Alan Shipman
180
The political economy of modern money theory, from Brecht to Gaitskell
Jan Toporowski
194
Board of Editors, past contributors, submissions, etc. 203

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