‫اﻟﻨﻈﺮﻳﺔ اﻟﻨﻘﺪﻳﺔ اﻟﺤﺪﻳﺜﺔ‬

‫اﻟﻨﻈﺮﻳﺔ اﻟﻨﻘﺪﻳﺔ اﻟﺤﺪﻳﺜﺔ أو ﻧﻈﺮﻳﺔ اﻟﻤﺎل اﻟﺤﺪﻳﺜﺔ أو اﻟﻨﻈﺮﻳﺔ اﻟﻨﻘﺪﻳﺔ اﻟﺤﺪﻳﺜﺔ واﻟﺘﻄﺒﻴﻖ ﻫﻲ ﻧﻈﺮﻳﺔ اﻗﺘﺼﺎد ﻛﻠﻲ‬
‫وﺗﻄﺒﻴﻖ ﺗﺒﻴﻦ اﻻﺳﺘﺨﺪاﻣﺎت اﻟﻌﻤﻠﻴﺔ ﻟﻠﻨﻘﺪ اﻹﻟﺰاﻣﻲ ﻓﻲ اﺣﺘﻜﺎر ﺣﻜﻮﻣﻲ ﻣﻦ ﺳﻠﻄﺔ اﻟﺘﺮﺧﻴﺺ وﺗﻜﻮن اﻟﺒﻨﻚ اﻟﻤﺮﻛﺰي‬
‫ً‬
‫ﻣﺒﺎﻟﻐﺎ ﻓﻴﻪ ﻋﻠﻰ ﻋﺮض‬ ‫ً‬
‫ﺗﻀﻴﻴﻘﺎ‬ ‫اﻟﺤﻜﻮﻣﻲ ﻋﺎد ًة‪ُ [1].‬ﺗﺴﺘﺨﺪم ﺗﺄﺛﻴﺮات اﻟﺘﻮﻇﻴﻒ ﺑﻤﺜﺎﺑﺔ دﻟﻴﻞ ﻋﻠﻰ أن ﻣﺤﺘﻜﺮ اﻟﻌﻤﻠﺔ ﻳُ ﻀﻴﻖ‬
‫اﻷﺻﻮل اﻟﻤﺎﻟﻴﺔ اﻟﻼزﻣﺔ ﻟﺪﻓﻊ اﻟﻀﺮاﺋﺐ وﺗﺴﺪﻳﺪ ﺣﺎﺟﺔ اﻟﻤﺪﺧﺮات‪ُ [3][2].‬ﺗﻌﺪ ﻧﻈﺮﻳﺔ )إم إم ﺗﻲ( ﺗﻄﻮ ًرا ﻟﻠﻮرﻗﻴﺔ وﻳﺸﺎر إﻟﻴﻬﺎ‬
‫أﺣﻴﺎ ًﻧﺎ ﺑﺎﺳﻢ اﻟﻮرﻗﻴﺔ اﻟﺠﺪﻳﺪة‪ .‬وﺻﻔﺖ ﺗﻮﺟﻴﻬﺎﺗﻬﺎ ﻓﻲ ﺳﻴﺎﺳﺔ اﻻﻗﺘﺼﺎد اﻟﻜﻠﻲ ﺑﺄﻧﻬﺎ ﻧﺴﺨﺔ ﻋﻦ ﻧﻈﺮﻳﺔ اﻟﺘﻤﻮﻳﻞ اﻟﻮﻇﻴﻔﻲ‬
‫ﻷﺑﺮاﻫﺎم ﻟﻴﺮﻧﺮ‪.‬‬

‫ﻳﺠﺎدل أﻧﺼﺎر ﻧﻈﺮﻳﺔ )إم إم ﺗﻲ( ﻓﻲ أﻧﻪ ﻳﻤﻜﻦ ﻟﻠﺤﻜﻮﻣﺔ اﻻﺳﺘﻔﺎدة ﻣﻦ اﻟﺴﻴﺎﺳﺔ اﻟﻤﺎﻟﻴﺔ ﻣﻦ أﺟﻞ ﺗﺤﻘﻴﻖ اﻟﻌﻤﺎﻟﺔ اﻟﻜﺎﻣﻠﺔ‪،‬‬
‫واﺳﺘﺤﺪاث ﻧﻘﻮد ﺟﺪﻳﺪة ﻟﺘﻤﻮﻳﻞ اﻟﻤﺸﺘﺮﻳﺎت اﻟﺤﻜﻮﻣﻴﺔ‪ .‬ﻳﻜﻤﻦ اﻟﺨﻄﺮ اﻷﺳﺎﺳﻲ ‪-‬ﺣﺴﺐ اﻟﻤﻨﺎﺻﺮﻳﻦ‪ -‬ﺑﻤﺠﺮد أن ﻳﺼﻞ‬
‫اﻻﻗﺘﺼﺎد إﻟﻰ اﻟﻌﻤﺎﻟﺔ اﻟﻜﺎﻣﻠﺔ ﻓﻲ اﻟﺘﻀﺨﻢ‪ ،‬اﻟﺬي ﻳﻤﻜﻦ ﺗﺪارﻛﻪ ﻣﻦ ﺧﻼل زﻳﺎدة اﻟﻀﺮاﺋﺐ وﺗﺤﺼﻴﻠﻬﺎ وإﺻﺪار اﻟﺴﻨﺪات‬
‫اﻟﻨﻈﺮﻳﺔ‪[5]،‬‬ ‫ﻟﺘﺨﻔﻴﺾ اﻟﻨﻘﻮد وﺳﺮﻋﺔ ﺗﺪاوﻟﻬﺎ ﻓﻲ اﻟﻨﻈﺎم‪ [4].‬ﻧﻮﻗﺸﺖ ﻧﻈﺮﻳﺔ )إم إم ﺗﻲ( ﻓﻲ ﺣﻮارات ﻓﻌّ ﺎﻟﺔ ﺣﻮل ﺟﺪواﻫﺎ‬
‫واﻟﺘﻄﺒﻴﻘﺎت واﻵﺛﺎر اﻟﻌﻤﻠﻴﺔ اﻟﻌﺎﻟﻤﻴﺔ اﻟﺤﻘﻴﻘﻴﺔ اﻟﺠﻠﻴﺔ واﻟﻤﻔﻴﺪة‪ ،‬إﺿﺎﻓﺔ إﻟﻰ اﻟﺘﺄﺛﻴﺮ اﻟﻤﺘﺒﺎﻳﻦ ﻻﺳﺘﺨﺪاﻣﻬﺎ اﻟﻤﺤﺪد اﻷﻫﺪاف‬
‫واﻟﺘﺤﺪﻳﺎت اﻟﻤﺨﺘﻠﻔﺔ ﻟﺘﻮﺟﻴﻬﺎت ﺳﻴﺎﺳﺘﻬﺎ اﻟﻌﺎﻣﺔ‪.‬‬

‫ﺗﻘﻮم اﻟﻤﺒﺎدئ اﻷﺳﺎﺳﻴﺔ ﻟـ )إم إم ﺗﻲ( ﻋﻠﻰ أن اﻟﺤﻜﻮﻣﺔ اﻟﺘﻲ ﺗﺼﺪر ﻧﻘﺪﻫﺎ اﻹﻟﺰاﻣﻲ اﻟﺨﺎص‪:‬‬

‫‪ .1‬ﻳﻤﻜﻨﻬﺎ دﻓﻊ ﺛﻤﻦ اﻟﺴﻠﻊ واﻟﺨﺪﻣﺎت واﻷﺻﻮل اﻟﻤﺎﻟﻴﺔ دون اﻟﺤﺎﺟﺔ إﻟﻰ ﺗﺤﺼﻴﻞ اﻟﻨﻘﻮد ﻋﻦ ﻃﺮﻳﻖ ﻓﺮض اﻟﻀﺮاﺋﺐ أو‬
‫إﺻﺪار اﻟﺪﻳﻮن ﺗﻤﻬﻴﺪً ا ﻟﻬﺬه اﻟﻤﺸﺘﺮﻳﺎت‪.‬‬
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‫اﻟﺘﺨﻠﻒ ﻋﻦ ﺳﺪاد اﻟﺪﻳﻦ اﻟﻤﻌﻴﻦ ﻓﻲ ﻋﻤﻠﺘﻬﺎ اﻟﺨﺎﺻﺔ‪.‬‬ ‫‪ .2‬ﻻ ﻳﻤﻜﻦ إرﻏﺎﻣﻬﺎ ﻋﻠﻰ‬

‫‪ .3‬ﺗﻘﺘﺼﺮ ﻓﻘﻂ ﻋﻠﻰ اﺳﺘﺤﺪاﺛﻬﺎ ﻟﻠﻨﻘﻮد واﻟﻤﺸﺘﺮﻳﺎت ﺑﻮاﺳﻄﺔ اﻟﺘﻀﺨﻢ‪ ،‬اﻟﺬي ﻳﺘﺴﺎرع ﺑﻤﺠﺮد اﺳﺘﺜﻤﺎر ﻣﻮارد اﻻﻗﺘﺼﺎد‬
‫اﻟﺤﻘﻴﻘﻴﺔ )اﻟﻌﻤﺎﻟﺔ ورأس اﻟﻤﺎل واﻟﻤﻮارد اﻟﻄﺒﻴﻌﻴﺔ( ﻓﻲ اﻟﻌﻤﺎﻟﺔ اﻟﻜﺎﻣﻠﺔ‪.‬‬

‫‪ .4‬ﻳﻤﻜﻨﻬﺎ ﻛﺒﺢ اﻟﺘﻀﺨﻢ اﻟﻨﺎﺗﺞ ﻋﻦ اﻟﻄﻠﺐ ﻣﻦ ﺧﻼل ﻓﺮض اﻟﻀﺮاﺋﺐ وإﺻﺪار اﻟﺴﻨﺪات‪ [6]،‬اﻟﺘﻲ ﺗﻠﻐﻲ اﻟﻨﻘﺪ اﻟﻔﺎﺋﺾ ﻣﻦ‬
‫اﻟﺘﺪاول )رﻏﻢ أن اﻹرادة اﻟﺴﻴﺎﺳﻴﺔ ﻗﺪ ﻻ ﺗﻜﻮن ﻣﻮﺟﻮدة ﻋﻠﻰ اﻟﺪوام ﻟﻠﻘﻴﺎم ﺑﻬﺬا اﻟﻐﺮض(‪.‬‬

‫‪ .5‬ﻻ ﺗﺤﺘﺎج ﻟﻠﺘﻨﺎﻓﺲ ﻣﻊ اﻟﻘﻄﺎع اﻟﺨﺎص ﻋﻠﻰ اﻟﻤﺪﺧﺮات اﻟﺸﺤﻴﺤﺔ ﻣﻦ ﺧﻼل إﺻﺪار اﻟﺴﻨﺪات‪.‬‬
 ‫ﺗﺘﺤﺪى ﻫﺬه اﻟﻤﺒﺎدئ اﻟﺮأي اﻻﻗﺘﺼﺎدي اﻟﺴﺎﺋﺪ اﻟﻘﺎﺋﻞ إن اﻟﻀﺮاﺋﺐ وإﺻﺪار اﻟﺪﻳﻮن ﺗﻤﻮّ ل اﻹﻧﻔﺎق اﻟﺤﻜﻮﻣﻲ‪ [8][7].‬ﻻ ﺗﺘﻌﺎرض‬
‫ﻣﺒﺎدئ )إم إم ﺗﻲ( اﻷرﺑﻌﺔ اﻷواﺋﻞ ﻣﻊ ﻓﻬﻢ اﻻﻗﺘﺼﺎدﻳﺎت اﻟﺴﺎﺋﺪ ﺣﻮل ﻛﻴﻔﻴﺔ ﻋﻤﻞ اﺳﺘﺤﺪاث اﻟﻨﻘﻮد واﻟﺘﻀﺨﻢ‪ .‬ﻋﻠﻰ ﺳﺒﻴﻞ‬
‫اﻟﻤﺜﺎل‪ ،‬ﻗﺎل آﻻن ﺟﺮﻳﻨﺴﺒﺎن‪ ،‬رﺋﻴﺲ اﻻﺣﺘﻴﺎﻃﻲ اﻟﻔﺪراﻟﻲ اﻟﺴﺎﺑﻖ‪» :‬ﺗﺴﺘﻄﻴﻊ اﻟﻮﻻﻳﺎت اﻟﻤﺘﺤﺪة أن ﺗﺴﺪد أي دﻳﻦ ﻣﺘﺮﺗﺐ‬
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‫اﻟﺘﺨﻠﻒ ﻣﻌﺪوﻣﺔ«‪ .‬وﻣﻊ ذﻟﻚ‪ ،‬ﻳﺨﺘﻠﻒ ﺧﺒﺮاء اﻻﻗﺘﺼﺎد‬ ‫دوﻣﺎ ﻟﻠﻘﻴﺎم ﺑﺬﻟﻚ‪ [9].‬ﻟﺬا‪ ،‬اﺣﺘﻤﺎﻟﻴﺔ‬
‫ﻋﻠﻴﻬﺎ ﻷﻧﻨﺎ ﻧﺴﺘﻄﻴﻊ ﻃﺒﺎﻋﺔ اﻟﻨﻘﻮد ً‬
‫اﻟﻔﺎﺋﺪة‪[14][13][12][11][10].‬‬
‫ﻣﻊ اﻻﻗﺘﺼﺎدﻳﺎت اﻟﺴﺎﺋﺪة ﺣﻮل اﻟﻤﺒﺪأ اﻟﺨﺎﻣﺲ‪ ،‬اﻟﻤﻌﻨﻲ ﺑﺂﺛﺎر اﻟﻌﺠﺰ اﻟﺤﻜﻮﻣﻲ ﻋﻠﻰ أﺳﻌﺎر‬

‫ﻛﺸﻒ اﺳﺘﺒﻴﺎن ﻋﺎم ‪ 2019‬ﻓﻲ ﺟﺎﻣﻌﺔ ﺷﻴﻜﺎﻏﻮ‪ ،‬ﻛﻠﻴﺔ ﺑﻮث ﻟﻸﻋﻤﺎل‪ ،‬اﻟﻤﺒﺎدرة اﻟﺨﺎﺻﺔ ﺑﺎﻷﺳﻮاق اﻟﻌﺎﻟﻤﻴﺔ ﻋﻦ رﻓﺾ اﻟﺨﺒﺮاء‬
‫اﻟﺤﺪﻳﺜﺔ‪[15].‬‬
‫اﻻﻗﺘﺼﺎدﻳﻴﻦ ‪-‬ﺑﺎﻹﺟﻤﺎع‪ -‬اﻟﺘﺄﻛﻴﺪات اﻟﺘﻲ ﻳﻨﺴﺒﻬﺎ اﻻﺳﺘﺒﻴﺎن ﻟﻠﻨﻈﺮﻳﺔ اﻟﻨﻘﺪﻳﺔ‬

‫اﻟﺘﺎرﻳﺦ‬

‫ﺗﻀﻢ ﻧﻈﺮﻳﺔ )إم إم ﺗﻲ( أﻓﻜﺎ ًرا ﻣﻦ ﻧﻈﺮﻳﺔ اﻟﺪوﻟﺔ ﻟﻠﻤﺎل ﻟﺠﻮرج ﻓﺮﻳﺪرﻳﻚ ﻧﺎب )اﻟﺘﻲ ﺗﻌﺮف ﺑﺎﺳﻢ اﻟﻮرﻗﻴﺔ ً‬
‫أﻳﻀﺎ( وﻧﻈﺮﻳﺔ‬
‫اﺋﺘﻤﺎن اﻟﻤﺎل ﻷﻟﻔﺮﻳﺪ ﻣﻴﺘﺸﻴﻞ إﻳﻨﻴﺲ‪ ،‬وﻣﻘﺘﺮﺣﺎت اﻟﺘﻤﻮﻳﻞ اﻟﻮﻇﻴﻔﻲ ﻷﺑﺮاﻫﺎم ﻟﻴﺮﻧﺮ‪ ،‬وأراء ﻫﻴﻤﺎن ﻣﻴﻨﺴﻜﻲ ﺣﻮل اﻟﻨﻈﺎم‬
‫اﻟﻘﻄﺎﻋﻴﺔ‪[16].‬‬
‫اﻟﻤﺼﺮﻓﻲ‪ ،‬وﻧﻬﺞ واﻳﻦ ﻏﻮدﻟﻲ ﻓﻲ اﻟﻤﻮازﻧﺎت‬

‫ﺟﺎدل ﻧﺎب ﻓﻲ ﻛﺘﺎﺑﻪ ﻋﺎم ‪ 1905‬أن »اﻟﻤﺎل ﻫﻮ ﺻﻨﻴﻌﺔ اﻟﻘﺎﻧﻮن« ﻻ اﻟﺴﻠﻌﺔ‪ [17].‬ﻳﻘﺎرن ﻧﺎب ﻧﻈﺮﻳﺔ اﻟﺪوﻟﺔ ﻟﻠﻤﺎل ﻣﻊ ﻓﻜﺮة‬
‫ﻣﻌﻴﺎر اﻟﺬﻫﺐ ﻓﻲ ﻧﻈﺎم »اﻟﻤﻌﺪﻧﻴﺔ«‪ ،‬ﻋﻨﺪﻣﺎ اﻋﺘﻤﺪت ﻗﻴﻤﺔ وﺣﺪة اﻟﻌﻤﻠﺔ ﻋﻠﻰ ﻛﻤﻴﺔ اﻟﻤﻌﺎدن اﻟﻨﻔﻴﺴﺔ اﻟﺘﻲ ﺗﺤﻮﻳﻬﺎ أو اﻟﺘﻲ‬
‫ﻳﻤﻜﻦ ﻣﻘﺎﻳﻀﺘﻬﺎ‪ .‬ﺟﺎدل ﻧﺎب أﻧﻪ ﺑﻮﺳﻊ اﻟﺪوﻟﺔ أن ﺗﺴﺘﺤﺪث ﻧﻘﻮدً ا ورﻗﻴﺔ ﺧﺎﻟﺼﺔ وﺗﺠﻌﻠﻬﺎ ﻗﺎﺑﻠﺔ ﻟﻠﺘﺪاول ﻣﻦ ﺧﻼل إﻗﺮارﻫﺎ‬
‫ً‬
‫ﻋﻤﻠﺔ رﺳﻤﻴﺔ ً‬
‫وﻓﻘﺎ ﻟﻤﻌﻴﺎر ﻳﻌﺪ أﻣﻮال اﻟﺪوﻟﺔ »ﻣﻘﺒﻮﻟﺔ ﻓﻲ ﻣﻜﺎﺗﺐ اﻟﺼﺮف اﻟﻌﺎﻣﺔ«‪.‬‬

‫ﻛﺎﻧﺖ اﻟﺮؤﻳﺔ اﻟﺴﺎﺋﺪة ﻟﻠﻨﻘﻮد أﻧﻬﺎ ﻧﺸﺄت ﻣﻦ أﻧﻈﻤﺔ اﻟﻤﻘﺎﻳﻀﺔ ﻟﺘﺼﺒﺢ وﺳﻴﻂ ﻟﻠﺘﺒﺎدل ﻷﻧﻬﺎ ﺟﺴﺪت ﺳﻠﻌﺔ داﺋﻤﺔ ﺣﻈﻴﺖ ﺑﻘﻴﻤﺔ‬
‫اﻻﺳﺘﺨﺪام ﺑﻌﺾ اﻟﺸﻲء‪ [18].‬وﻟﻜﻦ ﺟﺎدل اﻟﻤﻨﺎﺻﺮون ﻟـ )إم إم ﺗﻲ( ﻣﺜﻞ راﻧﺪال راي وﻣﺎﺛﻴﻮ ﻓﺮﺳﺘﺎﺗﺮ أن ﻣﻌﻈﻢ اﻟﺘﺼﺮﻳﺤﺎت‬
‫اﻟﻌﺎﻣﺔ اﻟﺘﻲ ﺗﺪﻋﻢ وﺟﻬﺔ اﻟﻨﻈﺮ اﻟﻮرﻗﻴﺔ إزاء اﻷوراق اﻟﻨﻘﺪﻳﺔ اﻟﺘﻲ ﺗﺤﺮﻛﻬﺎ اﻟﻀﺮاﺋﺐ ﺗﺘﻜﺸﻒ ﻓﻲ اﻟﻤﺆﻟﻔﺎت اﻟﺴﺎﺑﻘﺔ ﻟﻠﻌﺪﻳﺪ ﻣﻦ‬
‫اﻟﺨﺒﺮاء اﻻﻗﺘﺼﺎدﻳﻴﻦ اﻟﻜﻼﺳﻴﻜﻴﻴﻦ]‪ [19‬وﻣﻨﻬﻢ آدم ﺳﻤﻴﺚ وﺟﺎن ﺑﺎﺑﺘﺴﺖ ﺳﺎي وﺟﻮن ﺳﺘﻴﻮارت ﻣﻴﻞ وﻛﺎرل ﻣﺎرﻛﺲ ووﻟﻴﻢ‬
‫ﺟﻴﻔﻮﻧﺰ‪[20].‬‬
‫ﺳﺘﺎﻧﻠﻲ‬

‫وﺳﻴﻄﺎ ﻟﻠﺘﺒﺎدل ﺑﻞ ﺑﺼﻔﺘﻬﺎ ﻣﻌﻴﺎ ًرا‬

‫ً‬ ‫ﺟﺎدل أﻟﻔﺮﻳﺪ ﻣﻴﺘﺸﻞ إﻳﻨﻴﺲ‪ ،‬ﻓﻲ ﻣﺆﻟﻔﻪ ﻋﺎم ‪ ،1914‬أن اﻟﻨﻘﻮد ﻟﻴﺴﺖ ﻗﺎﺋﻤﺔ ﺑﺼﻔﺘﻬﺎ‬
‫ﻟﻠﻤﺪﻓﻮﻋﺎت اﻟﻤﺆﺟﻠﺔ ﻣﻊ ﻋﺪ أﻣﻮال اﻟﺤﻜﻮﻣﺔ دﻳﻨًﺎ ﺑﻮﺳﻊ اﻟﺤﻜﻮﻣﺔ أن ﺗﺴﺘﺮﺟﻌﻪ ﻋﻦ ﻃﺮﻳﻖ ﻓﺮض اﻟﻀﺮاﺋﺐ‪ .‬ﻳﺠﺎدل إﻳﻨﻴﺲ‪:‬‬

‫ً‬
‫ﻣﺴﺆوﻻ ﻋﻦ اﺳﺘﺮداد ﻣﻘﺪار ﺑﺴﻴﻂ ﻣﻦ اﻟﺪﻳﻦ اﻟﺬي‬ ‫ﺣﺎﻟﻤﺎ ﺗﻔﺮض ﺿﺮﻳﺒﺔ ﻣﺎ‪ ،‬ﻳﺼﺒﺢ ﻛﻞ داﻓﻊ ﺿﺮاﺋﺐ‬
‫ﺣﺪدﺗﻪ اﻟﺤﻜﻮﻣﺔ ﻋﺒﺮ إﺻﺪاراﺗﻬﺎ ﻣﻦ اﻟﻨﻘﻮد‪ ،‬ﺳﻮاء أﻛﺎﻧﺖ ﻧﻘﻮد ﻣﻌﺪﻧﻴﺔ أم ﺷﻬﺎدات أم ﺳﻨﺪات أم‬
‫ﻛﻤﺒﻴﺎﻻت ﻟﺪى اﻟﺨﺰﻳﻨﺔ أو أي اﺳﻢ آﺧﺮ ﺗﺤﻤﻠﻪ ﻫﺬه اﻷﻣﻮال‪ .‬ﻳﻨﺒﻐﻲ ﻋﻠﻰ داﻓﻊ اﻟﻀﺮاﺋﺐ ﻛﺬﻟﻚ أن‬
‫ﻳﺤﺼﻞ ﻋﻠﻰ ﺣﺼﺘﻪ ﻣﻦ اﻟﺪﻳﻦ ﻣﻦ ﻣﺎﻟﻚ ﻣﺎ ﻟﻌﻤﻠﺔ ﻣﻌﺪﻧﻴﺔ أو ﺷﻬﺎدة أو أي ﺷﻜﻞ أﺧﺮ ﻣﻦ أﺷﻜﺎل‬
‫اﻷﻣﻮال اﻟﺤﻜﻮﻣﻴﺔ‪ ،‬وﻳﻌﻄﻴﻬﺎ ﻟﻠﺨﺰﻳﻨﺔ ﻣﻦ أﺟﻞ ﺳﺪاد دﻳﻨﻪ اﻟﻘﺎﻧﻮﻧﻲ‪ .‬ﻳﺘﻌﻴﻦ ﻋﻠﻴﻪ أن ﻳﺴﺘﺮد أو ﻳﻠﻐﻲ‬
‫ﺗﻠﻚ اﻟﺤﺼﺔ ﻣﻦ اﻟﺪﻳﻦ ‪ ...‬ﻳﻌَ ﺪ اﺳﺘﺮداد دﻳﻦ اﻟﺤﻜﻮﻣﺔ ﻣﻦ ﺧﻼل ﻓﺮض اﻟﻀﺮاﺋﺐ اﻟﻘﺎﻧﻮن اﻷﺳﺎﺳﻲ ﻟﺴﻚ‬
‫اﻟﻨﻘﻮد وأي إﺻﺪار ﻓﻴﻤﺎ ﻳﺨﺺ »اﻷﻣﻮال« اﻟﺤﻜﻮﻣﻴﺔ أﻳً ﺎ ﻛﺎن ﺷﻜﻠﻬﺎ‪.‬‬

‫__ أﻟﻔﺮﻳﺪ ﻣﻴﺘﺸﻴﻞ إﻳﻨﻴﺲ‪ ،‬ﻧﻈﺮﻳﺔ اﺋﺘﻤﺎن اﻟﻤﺎل‪ ،‬دورﻳﺔ اﻟﻘﺎﻧﻮن اﻟﻤﺼﺮﻓﻲ‬
‫اﺗﺨﺬ ﺟﻮن ﻣﻴﻨﺎرد ﻛﻴﻨﺰ ﻣﻦ ﻧﺎب و»اﻟﻮرﻗﻴﺔ« ﻣﺮﺟﻌً ﺎ ﻓﻲ اﻟﺼﻔﺤﺎت اﻻﻓﺘﺘﺎﺣﻴﺔ ﻟﻤﺆﻟﻔﻪ أﻃﺮوﺣﺔ ﻓﻲ اﻟﻤﺎل ﻋﺎم ‪ 1930‬وﻳﺒﺪو‬
‫]‪[21‬‬
‫أﻧﻬﻢ أ ّﺛﺮوا ﻓﻲ اﻷﻓﻜﺎر اﻟﻜﻴﻨﺰﻳﺔ ﺣﻮل دور اﻟﺪوﻟﺔ ﻓﻲ اﻻﻗﺘﺼﺎد‪.‬‬

‫ﺑﺤﻠﻮل ﻋﺎم ‪ ،1947‬ﻋﻨﺪﻣﺎ ﻛﺘﺐ أﺑﺎ ﻟﻴﺮﻧﺮ ﻣﻘﺎﻟﺘﻪ اﻟﻤﺎل ﺑﺼﻔﺘﻪ ﺻﻨﻴﻌﺔ اﻟﺪوﻟﺔ‪ ،‬ﻧﺒﺬ ﻋﺪد ﻛﺒﻴﺮ ﻣﻦ اﻟﺨﺒﺮاء اﻻﻗﺘﺼﺎدﻳﻴﻦ ﻓﻜﺮة‬
‫ارﺗﺒﺎﻃﺎ وﺛﻴﻘﺎ ﺑﺎﻟﺬﻫﺐ‪ .‬ﺟﺎدل ﻟﻴﺮﻧﺮ أن اﻟﻤﺴﺆوﻟﻴﺔ ﻓﻲ ﺗﺠﻨﺐ اﻟﺘﻀﺨﻢ واﻟﻜﺴﺎد ﺗﻘﻊ ﻋﻠﻰ ﻋﺎﺗﻖ اﻟﺪوﻟﺔ‬
‫ً‬ ‫أن ﻗﻴﻤﺔ اﻟﻤﺎل ﺗﺮﺗﺒﻂ‬
‫اﻟﻀﺮاﺋﺐ‪[22].‬‬
‫ﺑﺴﺒﺐ ﻗﺪرﺗﻬﺎ ﻋﻠﻰ اﺳﺘﺤﺪاث اﻟﻤﺎل أو ﻓﺮض‬

‫ﻳﻌﺪ اﻗﺘﺼﺎدﻳﻮن ﻣﺜﻞ وارﻳﻦ ﻣﻮﺳﻠﻴﺮ وﺳﺘﻴﻔﺎﻧﻲ ﻛﻴﻠﺘﻮن وﺑﻴﻞ ﻣﻴﺘﺸﻞ وﺑﺎﻓﻠﻴﻨﺎ ر‪.‬ﺗﺴﻴﺮﻧﻴﻔﺎ ﻣﺴﺆوﻟﻴﻦ إﻟﻰ ﺣﺪ ﺑﻌﻴﺪ ﻋﻦ‬
‫ﺗﻔﺴﻴﺮا ﻻﺳﺘﺤﺪاث اﻟﻤﺎل‪ [23]،‬ﻳﺸﻴﺮ راي إﻟﻰ ﻫﺬه اﻟﺼﻴﺎﻏﺔ اﻟﻤﺘﺠﺪدة ﺑﺎﺳﻢ اﻟﻮرﻗﻴﺔ‬
‫ً‬ ‫ﺗﺠﺪﻳﺪ ﻓﻜﺮة اﻟﻮرﻗﻴﺔ ﺑﺼﻔﺘﻬﺎ‬
‫اﻟﺠﺪﻳﺪة‪[24].‬‬

‫ﻳﺸﻴﺮ ﺑﻴﻞ ﻣﻴﺘﺸﻞ‪ ،‬وﻫﻮ أﺳﺘﺎذ ﻓﻲ اﻻﻗﺘﺼﺎد ورﺋﻴﺲ ﻣﺮﻛﺰ اﻟﻌﻤﺎﻟﺔ اﻟﻜﺎﻣﻠﺔ واﻟﻤﺴﺎواة ‪ ،COfFEE‬ﻓﻲ ﺟﺎﻣﻌﺔ ﻧﻴﻮﻛﺎﺳﻞ‪،‬‬
‫اﻟﺤﺪﻳﺜﺔ‪[25].‬‬
‫ﻧﻴﻮﺳﺎوث وﻳﻠﺰ‪ ،‬إﻟﻰ ﺗﺰاﻳﺪ اﻟﻌﻤﻞ اﻟﻨﻈﺮي ذي اﻟﺼﻠﺔ ﺑﺎﻟﻨﻈﺮﻳﺔ اﻟﻨﻘﺪﻳﺔ‬

‫ﻃﻮّ رت ﺑﺎﻓﻠﻴﻨﺎ ر‪.‬ﺗﺴﻴﺮﻧﻴﻔﺎ أول ﺑﻨﻴﺔ رﻳﺎﺿﻴﺔ ﻟـ )إم إم ﺗﻲ( وﺻ ّﺒﺖ اﻫﺘﻤﺎﻣﻬﺎ ﺑﺸﻜﻞ ﻛﺒﻴﺮ ﻋﻠﻰ ﺗﻄﻮﻳﺮ ﻓﻜﺮة اﻟﻀﻤﺎن اﻟﻮﻇﻴﻔﻲ‪.‬‬
‫]‪[26‬‬

‫]‪[27‬‬
‫ﺗﻔﺼﻴﻠﻴﺎ ﻟﻸﻧﻈﻤﺔ اﻟﻨﻘﺪﻳﺔ واﻟﻤﺼﺮﻓﻴﺔ‪.‬‬
‫ً‬ ‫ﺗﻘﻨﻴﺎ‬ ‫ً‬
‫ﺗﺤﻠﻴﻼ ً‬ ‫أﺿﺎف ﺳﻜﻮت ﻓﻮﻟﻮﻳﻠﺮ‬

‫ﻳﺸﺮح رودﺟﺮ ﻣﺎﻟﻜﻮﻟﻢ ﻣﻴﺘﺸﻞ ﻣﻦ ﻣﻨﻈﻮر اﻟﺸﺨﺺ ﻏﻴﺮ اﻟﻤﺘﺨﺼﺺ ﻓﺤﻮى اﻟﻮرﻗﻴﺔ ﻓﻲ ﻛﺘﺎﺑﻪ اﻟﻨﻘﻮد اﻟﺤﺮة اﻟﺬي ﺻﺪر ﻋﺎم‬
‫‪.1996‬‬

‫وﺿﻊ ﺑﻌﺾ اﻟﻤﻨﺎﺻﺮون اﻟﻤﻌﺎﺻﺮون ﻣﺜﻞ راي ﻧﻈﺮﻳﺔ اﻟـ )إم إم ﺗﻲ( ﻓﻲ اﻻﻗﺘﺼﺎد ﻣﺎ ﺑﻌﺪ اﻟﻜﻴﻨﺰي‪ ،‬ﻓﻲ ﺣﻴﻦ ُﻃﺮﺣﺖ ﺑﻤﺜﺎﺑﺔ‬
‫ﻧﻈﺮﻳﺔ ﺑﺪﻳﻠﺔ أو ﻣﻜﻤﻠﺔ ﻟﻨﻈﺮﻳﺔ اﻟﺪاﺋﺮة اﻟﻨﻘﺪﻳﺔ‪ ،‬وﻋُ ﺪ ﻛﻼﻫﻤﺎ أﺣﺪ أﺷﻜﺎل اﻟﻨﻘﺪ اﻟﺪاﺧﻠﻲ‪ ،‬وﻳﻌﻨﻲ ذﻟﻚ اﺳﺘﺤﺪاث اﻟﻨﻘﻮد داﺧﻞ‬
‫اﻻﻗﺘﺼﺎد ﻋﻠﻰ ﻏﺮار ﻋﺠﺰ اﻹﻧﻔﺎق اﻟﺤﻜﻮﻣﻲ أو اﻹﻗﺮاض اﻟﻤﺼﺮﻓﻲ‪ً ،‬‬
‫ﺑﺪﻻ ﻣﻦ أﺷﻜﺎل اﻟﻨﻘﺪ اﻟﺨﺎرﺟﻲ ﻋﻠﻰ ﻏﺮار اﻟﺬﻫﺐ‪ .‬ﺗﻔﺴﺮ‬
‫ﻧﻈﺮﻳﺔ )إم إم ﺗﻲ( ﻓﻲ اﻟﺮؤﻳﺔ اﻟﻤﻜﻤﻠﺔ اﻟﺘﻔﺎﻋﻞ اﻟﻤﺘﺒﺎدل »اﻟﺮأﺳﻲ« )ﻣﻦ اﻟﺤﻜﻮﻣﻲ إﻟﻰ اﻟﺨﺎص واﻟﻌﻜﺲ ﺑﺎﻟﻌﻜﺲ(‪ ،‬ﻓﻲ ﺣﻴﻦ‬
‫ﺻﺤﻴﺢ(‪[29][28].‬‬
‫ﺗﻌﺪ اﻟﻨﻈﺮﻳﺔ اﻟﺪاﺋﺮة ﻧﻤﻮذج ﻟﻠﺘﻔﺎﻋﻞ اﻟﻤﺘﺒﺎدل »اﻷﻓﻘﻲ« )ﻣﻦ اﻟﺨﺎص ﻟﻠﺨﺎص واﻟﻌﻜﺲ‬

‫ﻳﺒﺪو أن ﻫﻴﻤﺎن ﻣﻴﻨﺴﻜﻲ ﻳﻔﻀﻞ اﻟﻨﻬﺞ اﻟﻮرﻗﻲ ﻓﻲ ﻓﻬﻢ اﺳﺘﺤﺪاث اﻟﻨﻘﻮد ﻓﻲ ﻛﺘﺎﺑﻪ ﺗﺤﻘﻴﻖ اﺳﺘﻘﺮار اﻻﻗﺘﺼﺎد ﻏﻴﺮ اﻟﻤﺴﺘﻘﺮ‪،‬‬
‫اﻟﺪوﻟﺔ‪[30].‬‬
‫ﻓﻲ ﺣﻴﻦ ﻳﺼﻨﻒ ﺑﺎﺳﻞ ﻣﻮر ﻓﻲ ﻛﺘﺎﺑﻪ اﻷﻓﻘﻴﻮن واﻟﺮأﺳﻴﻮن‪ ،‬أوﺟﻪ اﻻﺧﺘﻼف ﺑﻴﻦ أﻣﻮال اﻟﻤﺼﺮف وأﻣﻮال‬

‫ﻳﺆﻳﺪ ﺟﻴﻤﺲ ك‪ .‬ﺟﺎﻟﺒﺮاﻳﺚ ﻧﻈﺮﻳﺔ )إم إم ﺗﻲ( وﻛﺘﺐ ﻣﻘﺪﻣﺔ ﻛﺘﺎب ﻣﻮﺳﻠﺮ اﻟﺤﻴﻞ اﻟﺴﺒﻌﺔ اﻟﺒﺮﻳﺌﺔ اﻟﻤﺪﻣﺮة ﻟﻠﺴﻴﺎﺳﺔ‬
‫‪[31].2010‬‬
‫اﻻﻗﺘﺼﺎدﻳﺔ ﻓﻲ‬

‫ﺗﻲ(‪[33][32].‬‬
‫ﺳﺘﻴﻔﻦ ﻫﺎﻳﻞ‪ ،‬ﻣﻦ ﺟﺎﻣﻌﺔ أدﻳﻼد‪ ،‬ﻫﻮ ﺧﺒﻴﺮ اﻗﺘﺼﺎدي آﺧﺮ ذاﺋﻊ اﻟﺼﻴﺖ ﻓﻲ ﻣﺠﺎل ﻧﻈﺮﻳﺔ )إم إم‬

‫ُﻧ ِﺸ َﺮ أول ﻣﺮﺟﻊ أﻛﺎدﻳﻤﻲ ﻗﺎﺋﻢ ﻋﻠﻰ اﻟﻨﻈﺮﻳﺔ ﻓﻲ ﻓﺒﺮاﻳﺮ ‪.2019‬‬

‫اﻟﻤﺮاﺟﻊ‬

‫‪Modern Monetary Theory (MMT): A General Introduction. (https://papers.ssrn.com/sol3/papers.cfm? .1‬‬

‫‪abstract_id=3569416) Political Economy - Development: Fiscal & Monetary Policy eJournal. Social‬‬
‫‪ .Science Research Network (SSRN). Accessed 10 April 2020‬ﻧﺴﺨﺔ ﻣﺤﻔﻮﻇﺔ )‪https://web.archive.org/w‬‬
 eb/20200427164420/https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3569416) 2020-04-27
.‫ﻋﻠﻰ ﻣﻮﻗﻊ واي ﺑﺎك ﻣﺸﻴﻦ‬

Warren Mosler, ME/MMT: The Currency as a Public Monopoly (http://www00.unibg.it/dati/corsi/9100 .2

https://we) ‫ﻧﺴﺨﺔ ﻣﺤﻔﻮﻇﺔ‬ (03/64338-Warren%20Mosler%20Bergamo%20paper%20March%2010.pdf
b.archive.org/web/20200228132918/http://www00.unibg.it/dati/corsi/910003/64338-Warren%20Mo
.‫ﻋﻠﻰ ﻣﻮﻗﻊ واي ﺑﺎك ﻣﺸﻴﻦ‬ sler%20Bergamo%20paper%20March%2010.pdf) 2020-02-28

Éric Tymoigne and L. Randall Wray, "Modern Money Theory 101: A Reply to Critics," (http://www.levyin .3
stitute.org/pubs/wp_778.pdf) Levy Economics Institute of Bard College, Working Paper No. 778
https://web.archive.org/web/20200320010440/http://www.levyinstit) ‫ ﻧﺴﺨﺔ ﻣﺤﻔﻮﻇﺔ‬.((November 2013
.‫ﻋﻠﻰ ﻣﻮﻗﻊ واي ﺑﺎك ﻣﺸﻴﻦ‬ ute.org/pubs/wp_778.pdf) 2020-03-20

Wray, L. Randall، Modern Money Theory : A Primer on Macroeconomics for Sovereign Monetary .4
,141–137 ‫ ﺻﻔﺤﺎت‬،Systems، Houndmills, Basingstoke, Hampshire New York, NY: Palgrave Macmillan
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Bloomberg-Coy, Dmitrieva & Boesler-A Beginner's Guide to MMT-21 March 2019 (https://www.bloomb .5
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‫ﻋﻠﻰ ﻣﻮﻗﻊ واي ﺑﺎك‬ inion/articles/2019-03-01/paul-krugman-s-four-questions-about-mmt) 2020-04-19
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The case for offering every Australian a government-funded job" (http" ،(2018 ‫ ﻧﻮﻓﻤﺒﺮ‬Wood, Patrick (20 .33
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http) ‫ ﻣﺆرﺷﻒ ﻣﻦ اﻷﺻﻞ‬، on-on-modern-monetary-theory-and-a-job-guarantee/10510758)، ABC News
s://www.abc.net.au/news/2018-11-21/stephanie-kelton-on-modern-monetary-theory-and-a-job-guaran
University of Adelaide economics" ،2019 ‫ ﻣﺎﻳﻮ‬14 ‫ اﻃﻠﻊ ﻋﻠﻴﻪ ﺑﺘﺎرﻳﺦ‬،2020 ‫ أﺑﺮﻳﻞ‬20 ‫ﻓﻲ‬ (tee/10510758
".lecturer Steven Hail is an expert in MMT and regularly speaks on the topic

‫اﻟﻨﻈﺮﻳﺔ اﻟﻨﻘﺪﻳﺔ اﻟﺤﺪﻳﺜﺔ ﻓﻲ اﻟﻤﺸﺎرﻳﻊ اﻟﺸﻘﻴﻘﺔ‬  

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