 The Theory of the Emission Economy Bolshevik roots of "Modern Monetary Theory"MPRA Paper from University Library of Munich, Germany Abstract: In this article we present the monetary theory, called the "Theory of Emission Economy (TEE)", most fully formulated by the Russian economist S. Falkner (1890-1938). Formulated exactly a century ago, it is strikingly reminiscent of modern "Modern Monetary Theory, MMT." Like MMT, TEE has had both supporters and serious critics. More importantly, in a certain period of time, 1918–1920, the TEE was put into practice, and the MMT's "consolidation hypothesis", that of merging the central bank with the treasury (government), became a reality (January 1920). The Bolsheviks' brief experience with MMT ended in disaster. Lenin himself, who at first shared its basic ideas, was forced to undertake monetary stabilization based on the parallel introduction of gold coins, chervonets. The purpose of this article is to present the theoretical discussions about TEE, as well as the monetary policies of Bolshevik Russia in order to derive some useful patterns for the state of monetary theory and practice today. Keywords: Monetary theory; MMT; Bolshevik monetary economy; Theory of Emission Economy; S. Falkner; V. Lenin (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:113048 Access Statistics for this paper More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC. |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.