Austerity, fiscal consolidation, fiscal discipline and fiscal deficit targets have become the buzzwords of contemporary macroeconomic
policy. By tracing the history of macroeconomic schools of thought, Maximum Government, Maximum Governance explores the origins,
essence, shortcomings and deception of mainstream neoliberal macroeconomics. Arguing that economies are financially constrained,
neoliberal macro-economics dislodged full employment as the target of policy replacing it with a low and stable inflation
target. Monetary policy under the control of an independent central bank became the primary instrument to assist free and
globalized markets to propel economies towards full employment. How-ever, the global financial crisis of 2008 and rising inequalities
of income and wealth in the last decade within and across economies has led to rise of nationalist-populist leaders in many
parts of the world. Although neoliberal economics has been put under the scanner by these leaders, their actions seem reactionary
and without a coherent understanding of alternative schools of economic thought. An alternative based on sound economic reasoning
and institutional realities is required to challenge neoliberal and arbitrary populist policies.
Based on an introductory
analysis of Modern Money Theory (MMT), this book seeks to present an alternative viewpoint on macroeconomics and macroeconomic
policy to address the challenges of economic growth, un-employment and inequality. While adherents of MMT are convinced of
its robustness, the challenge is to reframe macroeconomic discourse, which must essentially reject the notion that an economy
is financially constrained and instead turn the spotlight on real resource and governance constraints.
note: Taylor & Francis does not sell or distribute the Hardback in India, Pakistan, Nepal, Bhutan, Bangladesh and Sri Lanka