, 5 tweets, 2 min read Read on Twitter
It's so funny to me that people talk about @StephanieKelton like she doesn't focus on inequality or undermine the justifications of being wealthy in America.This is literally her undermining Lockean justifications of accumulation:
tandfonline.com/doi/abs/10.108…
"The main point is that Locke's rationalization of inequality, rests on his treatment of money as a non-prejudicial institution. According to Locke, the existence of a durable money asset (i.e. 'a little piece of yellow Metal') enabled the industrious to accumulate wealth without
doing a moral disservice to anyone else. And, as men collectively agreed to the use of money, they tacitly agreed to a disproportionate share of the earth's possessions. In our view, this defense of unbounded accumulation,
which forms the basis of the modern neoclassical rationalization of inequality (though in vulgarized form), is found wanting. The invention of money did not and cannot provide a justification for the amassing of property beyond that which one can effectively work with one's own
labor. Money exists simultaneously as credit and debt; and credit-debt relations are necessarily prejudicial. Creditors are in a privileged position, and privilege for some must necessarily 'prejudice' others"
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