I think "modern" is more of an allusion to Modern Portfolio Theory, which has been around for decades, rather than trying to imply that modern = newer = better.

I think "modern" is more of an allusion to Modern Portfolio Theory, which has been around for decades, rather than trying to imply that modern = newer = better. Modern in this sense could loosely mean "after John Maynard Keynes died", or "Adam Smith never heard of it". Modern Monetary Theory itself is a general economic theory, rather than an American monetary or fiscal policy position. The jury is still out on it, but it could suit countries like the US or maybe Switzerland, who have the right economic and currency conditions.