The Effect of Modern Monetary Theory on the Economy

The contemporary monetary system has had a negative impact in many parts of the world. It has contributed to the rise of the global economic crisis due to the growing negative effects of fiat money's nature. Increased support for Modern Money Theory (MMT) in recent years has also been the currently accepted explanation for this trend. The main finding of earlier study is that MMT are not fiscally restricted, and government are not reliant on taxation to pay government expenditures. Since this topic is crucial today, the main study objective is to identify what is the effect of this damaging controversy. Contrary to popular belief, the fundamental flaws in MMT are substantially responsible for the growth of economic downturn. However, our research shows that contemporary monetary concepts, which are drawn from the Western worldview, frequently conflict with the outcomes it produced. Thus, we also found out that a person's choice of worldview may have an impact on the outcome of a decision they make concerning economic issues, and this might soon have wider-reaching consequences on the global economy. The important underlying factor contributing to financial downfall has little to do with money. Instead, it becomes ultimately about people and the things they decide to expand, practice, or create