“Prospects for the Spanish Left” has been published in the Nov/Dec issue of Dollars & Sense magazine. It was co-authored by William Saas, Jorge Amar, David Glotzer, and Scott Ferguson. The piece reveals a crucial struggle over economic ideas within the contemporary Spanish left and its Unidos Podemos coalition.
Key members of Unidos Podemos such as Eduardo Garzon have embraced Modern Monetary Theory (MMT), calling for Spain to regain its monetary sovereignty; for robust fiscal spending; and for a federal Job Guarantee. Unfortunately, however, the major players in the Unidos Podemos coalition such as Nacho Alvarez and Íñigo Errejón continue to embrace the Eurozone’s fiscal straightjacket. Pursuing a program of “sound finance,” they promise to lighten austerity; to increase fiscal spending through increased tax collection (a nearly impossible task in an international free capital zone); and to balance the federal budget over the long term (a needless and poisonous goal).
Meanwhile, English language left publications such as Jacobin Magazine, Dissent, and others are not reporting this struggle over economic ideas due to their ideological resistance to MMT. In other words, their own refusal to engage intellectually with MMT is now distorting their political reportage.
Thankfully, Dollars & Sense is more open minded.
* A serialized version of “Prospects for the Spanish Left” first appeared on the Triple Crisis Blog operated by Dollars & Sense.
* Naked Capitalism links to the essay here.
* The Lexit Network has published the piece under the title “Perspectives for the Spanish Left.”
* The Union for Radical Political Economy reposted the essay on the blog, Radical Political Economy.