摘要
现代货币理论从信用关系出发,认为国家强制征税的权力使其规定的记账货币和发行的债务凭证能够被普遍接受。随着信用创造主体的不同,债务凭证的接受程度递减,最终形成货币金字塔。国家货币处于金字塔顶端,意味着货币主权国家没有预算约束和违约风险,可以最大化国内政策空间。马克思主义经济学不否认信用关系和国家作用的重要性,但分析了更为基础的交换关系,坚持货币是从商品世界中独立出来固定地充当一般等价物的商品。价值尺度和流通手段职能的内在矛盾推动形成并持久制约着货币金字塔的扩张与收缩以及与之相伴随的资本积累。经济政策空间不但受资本主义生产价值基础和资本积累内在规律的约束,而且受世界货币职能和国际货币金融体系与生产体系等级结构的影响,从而为我们提供了一个更为坚实的、超越现代货币理论的视角和框架。
Starting from credit relations,modern money theory(MMT)claims that the state has the compulsory power to levy tax which makes the unit of account it stipulated and its liabilities generally acceptable.With the changing of different issuers,decreasing degrees of acceptability result,forming eventually a pyramid of money.The state.issued money occupies the top tier in the pyramid which means that states with monetary sovereignty face no budget constraint and default risk which makes it possible to maximize domestic policy space.Marxian economics does not deny the importance of credit relations and the role of the state,but analyzes the more basic exchange relations considering money as the commodity acting as the universal equivalent emerging spontaneously from market exchange among other commodities.The intrinsic contradictions between measure of values and means of circulation lead to and persistently constrain the expansion and contraction of monetary pyramid and the accompanying capital accumulation.Economic policy space is not only constrained by value foundation of capitalist production and inherent laws of capital accumulation,but also influenced by the function of world money and the hierarchy of international financial and production systems.In short,Marxian political economy can provide a more solid perspective and framework which goes far beyond MMT.
出处
《政治经济学研究》
2021年第4期58-69,共12页
Chinese Journal of Political Economics
关键词
现代货币理论
交换关系
货币金字塔
货币主权
Modern Money Theory
Exchange Relations
Pyramid of Money
Monetary Sovereignty
作者简介
袁辉,中共中央党校(国家行政学院)副教授。
