Democratic Public Finance

Billy Saas and Scott Ferguson are joined by Will Beaman to discuss Money on the Left’s framework for what we call “Democratic Public Finance” (DPF). According to this paradigm, money is public credit, a capacious tool for mobilizing everyone’s capacities to meet our needs and build a desirable future. DPF redefines politics as the process of coordinating our abundant human and material resources within ecological limits, rather than as an austere and exploitative competition for scarce funds. With this, Money on the Left not only opens fresh horizons for left politics, but also directly challenges the fiscal sabotage routinely carried out by liberals, conservatives and the authoritarian right. In conceptualizing DPF, Money on the Left builds on insights from Modern Monetary Theory (MMT); but we also push beyond MMT’s delimitation of public money creation to the alleged sovereignty of the nation-state. Contrary to conventional accounts of MMT, we insist that money is a public, contested, and inexhaustible institution that must be politicized and redesigned across all levels of governance. During our discussion, our cohosts outline the approach to DPF presented in our recent long-form publication, “Democratic Public Finance: A Radical Vision for Mamdani’s New York City.” Along the way, we tease out key insights from myriad other contemporary works, which variously leverage DPF to challenge the second Trump administration’s authoritarian radicalization of neoliberal economics. Such texts include co-authored pieces such as “Blue Bonds: A Fiscal Strategy for Overcoming Trump 2.0,” “How the Zetro Card can Save New York City (Really),” and “It’s Time for Complimentary Currencies,” as well as writings by Will Beaman like “How to New York Times Proof Mamdani’s Playbook,” “Blue Bonds: Duck or Rabbit?,” and “The Case for Fiscal Insurgency.” The conversation highlights the originality and urgency of Money on the Left’s core ideas for Democratic Public Finance. Since the discussion only scratches the surface of our writings, however, we encourage listeners to consult the linked publications above for a comprehensive engagement with DPF.Visit our Patreon page here: https://www.patreon.com/MoLsuperstructureMusic by Nahneen Kula: www.nahneenkula.com