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en:the-commodity-and-communism [2022/09/11 08:37]
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en:the-commodity-and-communism [2022/09/11 09:09] (current)
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-When the product of labour 20 yards of linen is valued in the bodily forms of all other commodities, it assumes, in addition to coat value, a tea-, coffee-, corn-value, etc. Here, the linen presents itself as interchangeable for every other commodity, but its expression is complicated and ungainly because the product of labour valued is placed next to "a many-coloured mosaic of disparate and independent expressions of value."((MECW 35, p. 74)) In addition, the expression of value grows longer over time as new types of commodities continue to arise.+When the product of labour 20 yards of linen is valued in the bodily forms of all other commodities, it assumes, in addition to coat value, a tea-, coffee-, corn-value, etc. Here, the linen presents itself as interchangeable for every other commodity, but its expression is complicated and ungainly because the product of labour valued is placed next to "a many-coloured mosaic of disparate and independent expressions of value."((MECW 35, p. 74)) In addition, the expression of value grows longer over time as new types of commodities come into the world.
  
  
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 === 2.2.4 The money form === === 2.2.4 The money form ===
  
-With the general form of value, the thing expressing commodity value may be chosen arbitrarily. In practice, however, the role as general equivalent is awarded a thing that, because of its specific properties, is well suited for it, for instance a precious metal that can be formed into arbitrarily large pieces and fused together again without being destroyed.((MECW 35, p. 100))+With the general form of value, the thing that expresses commodity value may be chosen arbitrarily. In practice, however, the role as general equivalent is awarded a thing that, because of its specific properties, is well suited for it, for instance a precious metal that can be formed into arbitrarily large pieces and fused together again without being destroyed.((MECW 35, p. 100))
  
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 > The exchange value of commodities thus expressed in the form of universal equivalence and simultaneously as the degree of this equivalence in terms of a specific commodity, that is a single equation to which commodities are compared with a specific commodity, constitutes //price//.((MECW 29, p. 305)) > The exchange value of commodities thus expressed in the form of universal equivalence and simultaneously as the degree of this equivalence in terms of a specific commodity, that is a single equation to which commodities are compared with a specific commodity, constitutes //price//.((MECW 29, p. 305))
  
-In its role as equivalent, a money commodity cannot express its own value, but if cast into developed form (2.2.2), its value appears in relation to all other commodities in definite proportions (2 ounces of gold = 20 yards of linen or 1 coat, etc.) Thus, the expression appears if you read commodity prices backwards.((MECW 35, pp. 104--105)) Marx did not himself discuss the possibility of something other than a product of labour serving as measure of value and expressing commodity prices in a society. In the 1870s, the most important currencies were tied to the gold and it was thus natural to assume gold to function as money-commodity throughout //Capital//.((Strictly speaking, they were tied to the pound sterling which in turn was tied to gold.)) Today, the gold standard is abolished, but states can generally still uphold stable commodity prices thanks to their power of taxation as well as through the ownership of natural resources.((See Duncan Foley, "Marx’s Theory of Money in Historical+In its role as equivalent, a money commodity cannot express its own value, but if cast into developed form (2.2.2), its value appears in relation to all other commodities in definite proportions (2 ounces of gold = 20 yards of linen or 1 coat, etc.) Thus, the expression appears if you read commodity prices backwards.((MECW 35, pp. 104--105)) Marx did not himself discuss the possibility of something other than a product of labour serving as measure of value and expressing commodity prices in a society. In the 1870s, the most important currencies were tied to the gold and it was therefore natural to assume gold to function as money-commodity throughout //Capital//.((Strictly speaking, they were tied to the pound sterling which in turn was tied to gold.)) Today, the gold standard is abolished, but states can generally still uphold stable commodity prices thanks to their power of taxation as well as through the ownership of natural resources.((See Duncan Foley, "Marx’s Theory of Money in Historical
 Perspective”, in Fred Moseley Perspective”, in Fred Moseley
 (red.), //Marx’s Theory of Money: Modern Appraisals//, pp. 36–49.)) (red.), //Marx’s Theory of Money: Modern Appraisals//, pp. 36–49.))