The last few years have seen major public investment packages passed in the United States, price controls imposed in Germany, and rhetorical attacks on trickle-down economics from mainstream circles. Could the neoliberal dogmas of austerity, suspicion of full employment, and trust in the market finally be eroding?

The answer depends on the context. But the relative weakness of neoliberal ideology represents a huge opportunity for the Left — that is, if we do our homework and craft effective policy.

Few know this better than Stephanie Kelton, former economic adviser to Bernie Sanders and a leading proponent of modern monetary theory, the controversial philosophy (including on the Left) that governments that control their own currency should pay little mind to deficits and can spend well into the red. Kelton spoke with Lukas Scholle for Jacobin about economic austerity, Bernie Sanders, and what kind of policy frameworks can help the Left realize its goal of empowering the working class.