"Debt or Democracy explodes the myths behind modern money. It challenges the neoliberal obsession with public debt and deficit, arguing that a much more serious problem is the privatised creation of money through bank debt that leads to boom and bust. Far from being a burden on the taxpayer,...

Introduction -- The institutional structure, state and state-owned financial institutional arrangements -- Monetization and financial control by the state -- Financial support to the gradual reform -- The model of money demand during transition -- Transitional arrangements of the financial...