Monetary Foundations of Education w/ Larry Johnson
Nov 1, 2023
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Larry Johnson, associate professor of Social Foundations of Education, explores the constraints of the US public education system due to wrong economic thinking. He discusses the role of federal interest rates, standardized tests, and classist/racist myths in shaping education policy. Johnson advocates for radically rethinking education through the lens of endogenous public money theory. The podcast also covers the historical development of education, misleading political conceptions, the connection between social foundations of education and modern monetary theory, and the role of education in perpetuating social and environmental injustices.
The U.S. system of public education is constrained by outdated economic thinking and political agendas aiming to limit its critical role in society.
Public endogenous money could transform the financial structure of K-12 education in the United States, addressing class and racial disparities and ensuring equitable distribution of education funds.
The narrow focus on preparing students for the job market in education rhetoric contradicts the historical significance of education for liberation and critical thinking.
Deep dives
The Restriction of Public Education by Old Economic Thinking
The podcast episode explores how the U.S. system of public education is constrained by outdated economic thinking. The conversation with Larry Johnson, an Associate Professor of the Social Foundations of Education, highlights how universities and schools have been targeted by right-wing political figures to restrict their independence and critical role in society. Reagan and Nixon aimed to make universities more expensive and less accessible to working-class students, while Obama and Clinton promoted policies that focused on limiting criticism and transforming education to meet corporate interests. The episode reveals the historical opposition of black liberation education to industrialist education and uncovers the neoclassical foundations of the U.S. charter school system.
Transforming K-12 Education Financing with Public Endogenous Money
The podcast delves into the financial structure of K-12 education in the United States and explores how public endogenous money could transform it. The episode highlights the historic ties between property taxes and school financing at the county level, which perpetuate class and racial disparities. The discussion raises questions about how to ensure that public money is used in the best interest of students and society, rather than for personal gain or corporate agendas. It also addresses the problems of high executive salaries in charter schools and the negative impact of pay-for-success policies, which prioritize profit over the well-being of students. The episode emphasizes the need for equitable distribution of education funds to improve the quality of education for all students.
The Constraints and Misconceptions of Education Rhetoric
The podcast episode explores the limitations and misconceptions of education rhetoric in the United States. It challenges the narrow focus on preparing students for the job market and highlights the historical importance of education for liberation and critical thinking. The conversation delves into the contradictions within political discourse, where politicians often criticize the education system while simultaneously implementing policies that restrict access and limit resources. The episode emphasizes the need to shift the narrative around education, recognizing its broader social and political significance. It encourages a deeper understanding of the role of education and the impact of economic thinking on educational policies.
The Manipulation of Education
The podcast episode highlights how education policies have been manipulated to position schools and teachers as the enemy, deflecting criticism of other policies. The testing regime, implemented in southern states, has perpetuated the focus on test scores and job preparation at the expense of a more holistic education. The episode discusses the need to view education as a tool for personal growth and understanding the world, rather than simply job readiness. Additionally, the influence of political and economic factors on education policy is examined.
The Importance of Funding and Democracy in Education
The episode emphasizes the importance of adequate funding and universal suffrage in education. The lack of funding, particularly in impoverished communities, hinders the quality of education and reinforces inequality. By addressing the funding issue and ensuring that money is directed to where it is needed most, education can be improved. Furthermore, universal employment through a job guarantee can give parents and communities a stronger voice to advocate for their children's education. The episode highlights the role of politics in education and the need for a more inclusive discussion about education priorities and resource allocation.
This month, we speak with Larry Johnson, associate professor in the Social Foundations of Education Program at the University of South Florida, Saint Petersburg. In his pedagogy, Johnson focuses on the complex relationship between education, culture, and society with the goal of exploring policies and practices from historical and contemporary perspectives that address structural inequality, and transforming educational institutions into sites for social justice. Johnson is notably a long-time proponent of Modern Monetary Theory (MMT) and variously mobilizes MMT’s insights when training our teachers-to-be. In our conversation with Johnson, we discover just how constrained the US system of public education is by wrong economic thinking and what it would mean to think otherwise. Together, we ask: How do federal interest rates shape US education policy? What do standardized tests have to tell us about neoclassical economics and the nature of money? Why is the rhetoric of education in the United States so narrowly focused on preparing students for careers? How do classist and racist myths of taxpayer financing create unequal schooling? And how could we ever reasonably hope for the political economy of education in the United States to ever be otherwise? Pondering such questions, Johnson opens a window onto his longstanding advocacy for radically rethinking US public education through the lens of endogenous public money theory.