In the last day I have speed read two versions of the new book by Robin McAlpine from the Scottish think tank Common Weal entitled ‘How to start a new country’.
Having addressed the transition in an appropriately robust fashion that I think soundly legally grounded the book makes four things clear. They are that Scotland must have its own currency. It must have a strong macroeconomic framework. This must work for everyone. And at the heart of making it do so there must be a robust tax system based on a proper understanding of the role of tax in a modern economy. I confess that the last issue, as addressed in the longer version of the book, appears to have been influenced by my thinking. This is a new state to be built on the understanding that MMT coupled with modern tax practice can deliver.
Super, so the Scots can do the experiment and we can all watch, right?