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In the midst of the collapse of the Bretton Woods financial system, economists, bankers, financiers, and government leaders scrambled to understand their new economic reality. One of the primary theories that developed was Modern Monetary Theory, which was heavily influenced by chartalist and Keynesian economic theories of the early twentieth century. MMT gradually became the leading economic theory of the industrialized world, although not all economists are necessarily on board.
A notable and influential group of economists led by James Rickards believe that MMT policies could be the death knell of the modern economies by creating unending cycles of deflation and inflation and that gold still has a place in modern economics. Another emerging group of economists believe that MMT places too much emphasis on the idea of money and that the concept of credit has all but replaced money in many countries. Still, MMT is the most important economic theory currently because the people who run the central banks and treasury departments of the wealthiest nations follow its tenets.
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