Titlebook: Marx’s Theory of Money; Modern Appraisals Fred Moseley Book 2005 Palgrave Macmillan, a division of Macmillan Publishers Limited 2005 econom

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Money as Displaced Social Form: Why Value cannot be Independent of Price labour of whatever social sort was the source of value, and money was an afterthought, a ‘ceremonial form’ Ricardo called it, the answer to a merely technical problem. The radical Ricardian Thomas Hodgskin pushed this approach to the limit, expelling money from economic discourse:

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Marx’s Anti-Quantity Theory of Money: A Critical Evaluationen discussed in Marxian literature. The purpose of this chapter is to evaluate Marx’s theory of the monetary mechanism and to show that Marx’s treatment is incomplete. Moreover, the theory, in its classical form, contains serious logical flaws.

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The Commodity Nature of Money in Marx’s Theoryw that Marx’s theory is compatible with non-commodity forms of money (Lipietz 1983; Foley 1986; Reuten 1988). Nonetheless it is important to note that these authors have not been able to demonstrate their position based on textual evidence from Marx’s work.

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Marx’s Objections to Credit Theories of Moneys of money are identified. Second, aspects of Marx’s theory of money are highlighted. Third, Marx’s objections to concepts associated with credit theories of money are presented. Finally, it is indicated how current Marxian credit theories of money avoid such objections and instead enhance Marx’s approach.

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Marx’s Contribution to the Search for a Theory of Moneyentury capitalism; to determine whether it remains relevant for analysis of twentieth and twenty-first century capitalism; and/or to compare it with some other, possibly less satisfactory, modern theories of money. These varying reasons are related to one another but are not the same.

Tracheotomy

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The New Interpretation and the Value of Money, the chapter examines the dynamic mechanism through business cycles to deter-mine the exchange-value of money commodity in the fourth section. The fifth section briefly explores what happens to the exchange-value of money in the regime of contemporary non-commodity money.