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en:the-commodity-and-communism [2022/09/11 08:37] eaustreum |
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- | When the product of labour 20 yards of linen is valued in the bodily forms of all other commodities, | + | When the product of labour 20 yards of linen is valued in the bodily forms of all other commodities, |
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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 | + | With the general form of value, the thing that expresses |
< | < | ||
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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 // | > 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 // | ||
- | 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 // | + | 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 |
Perspective”, | Perspective”, | ||
(red.), //Marx’s Theory of Money: Modern Appraisals//, | (red.), //Marx’s Theory of Money: Modern Appraisals//, |