By F. Moseley
This e-book offers a latest evaluation of Marx's conception of cash. This concept is frequently praised as considered one of Marx's maximum achievements, in particular compared to both classical or neoclassical economics. nevertheless, Marx's thought of cash has additionally been seriously criticized, particularly that it sort of feels to require that money be a produced commodity. The individuals to the quantity supply a wide-ranging and in-depth appraisal of the strengths and weaknesses of Marx's conception of cash, in comparison to different theories of cash.
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Extra resources for Marx’s Theory of Money: Modern Appraisals
Thus it becomes – money’ (Marx 1867a: 38, emphasis added). This does not imply that gold has to personally function as means of circulation. , abstracted from its different functions, in which it can be represented by instruments of circulation made up of different materials, like paper money, but that do not have an existence independent of money (Marx 1939: 167). 24 Thus, when a commodity is exchanged for a definite amount of the money commodity and the latter is, in turn, exchanged for a definite amount of another commodity, this means that both commodities have been equated to the same amount of a third (the money commodity), and therefore have been converted into expressions of the same amount of social labour, which is that contained in the amount of the money commodity of which they have become equivalent (Marx 1939: 142–3).
Thus a new difficulty arises: on the one hand, commodities must enter the exchange process as materialised universal labour time, on the other hand, the labour-time of individuals becomes materialised universal labour-time only as the result of the exchange process. (Marx 1859: 45) This point (which has been emphasized by de Vroey 1981 among others) sweeps away the whole range of objections to the ‘labour theory of value’ based on the observation that it is impossible to aggregate many different kinds of labour into a single index of abstract social labour time, just as it is impossible to aggregate apples and oranges.
The fundamental point is that, since each commodity is the product of a particular labour, but must be expressed as social labour, and since this cannot be done bureaucratically, it follows that before the commodity can be converted into the use value its producer is interested in, it must be converted into something that expresses the amount of social labour it contains. But the only thing a commodity can be converted into is another commodity. Under these conditions, the impasse can only be resolved if there is a product of a particular labour that enters into circulation as the product of a labour that is directly social, so that products of particular labours can be exchanged for it.