Marx's Concept of Money by Anitra Nelson PDF

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Example text

23 Despite the fact that wages are described as being advanced as money capital, throughout this manuscript money is generally considered in its role as a means of exchange. Marx mentions various minted monies in his illustrative sketches, ‘a centime’, ‘silver groschen’, and francs, as well as gold and silver. Marx does not analyse ‘money’ as an economic category, but a distinction between mere ‘money’, money as means of exchange, and ‘capital’ is implied. Capital involves the purchase and use of productive commodities, so the money which buys labour is capital, ‘an independent social power’, which is dedicated to making capitalists’ value increase.

10 Marx assumes that there is a fixed demand for money (‘the requirements of circulation’) and an elastic supply comprised of metallic, token and paper monies. Given the ratio between supply and demand, no definite relation exists between money’s ‘nominal value’ and its costs of production, concludes Marx. He does concede, though, that gold and silver feature as commodities in international trade, and as money with a value based on costs of production. It seems that Marx has absorbed Ricardo’s distinction between the ‘value’ of money as currency and the value of the material of the money Marx's concept of money 22 commodity as a standard, or measure of value.

Reflections’ contains observations of a concrete and technical nature alongside abstract social analysis. Marx introduces credit instruments as forms of commercial currency, along with metallic coin, and briefly mentions bank reserves, deposits or ‘hoards’, with reference to circulating money. As for the value of money, the depreciation of banknotes is directly related here to the inconvertibility of commodities. The exchange-value of the commodity is confusingly expressed as if directly ‘money’.

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