Unlimited government spending? Modern monetary theory is a seductive but dangerous idea

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The end of the world (or, at least, the collapse of the global economy) has often appeared nigh, as one financial crisis succeeded another in recent decades. However, each time, Armageddon was averted by financial or monetary sleight of hand. Could this happen again now, as a recession looms?

The question has particular relevance because just about every key driver of global growth – trade, investment and production – is slowing ominously and central banks (our “saviours” in more recent crises…

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Breaking news, analysis and opinion from the SCMP’s Hong Kong edition.

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