货币演进的历史观与货币创造的政治经济学

一种流行的对现代货币理论的批评认为，现代货币理论忽视了金融市场在货币创造中的主体地位；现代货币理论的错误认识会导致政府对市场的过度干预。这种反对意见不仅误解了现代货币理论，而且建立在错误的历史观上，忽视了政府在市场经济中的重要作用。首先，现代货币理论形成了包括商业银行和政府在内的对货币等级结构的完整认识。其次，在历史上，财政作为货币创造主体的作用并没有让位于商业银行体系，相反，随着布雷顿森林体系的解体，国家财政的作用获得了极大的解放。再次，政府的货币创造具有生产性的一面，它在推动创新和生产力发展上扮演着重要角色；政府创造和回收货币并不是剥削，而是国家的公共目的所使然。最后，货币创造主体的制度设计及其争论的问题本质上是更深层次的政治经济学问题。

Historical View of Money Evolution and Political Economics of Money Creation

A popular criticism of Modern Monetary Theory (MMT) holds that MMT ignores the dominant position of the financial market in the creation of money. Misunderstanding of modern monetary theory will lead to excessive government intervention in the market. This objection not only misinterprets MMT but is also based on a wrong historical view, ignoring the important role of the government in the market economy. First, MMT has formed a complete understanding of monetary hierarchy including commercial banks and governments. Second, in history, the role of fiscal activities as the main body of currency creation did not give way to commercial banks. On the contrary, with the disintegration of the Bretton Woods system, fiscal activities have been greatly liberated. Third, the government's currency creation has a productive side, and it plays an important role in promoting innovation and product development. The government's creation and recycling of currency is not exploitation, but for the state's public purpose. Finally, the institutional design of the main body of currency creation and its disputes are essentially a deeper issue of political economics.