The chapter discusses the monetary aspects in the Marxian system. It starts by defining in general terms the features of a true monetary economy. Then it discusses show Marx framed the theory of money, first as a universal equivalent, then as finance. Some difficulties and contraddictions are shown, and the inner link between the theory of money as a commodity and the abstract-labour theory of value is stressed. A reconstruction is proposed, where the abstract-labour theory of value is integrated within a circuit theory of money, with the supply of money being endogenous, non-commodity, with a special referente to bank finance to production.

The monetary aspects of the capitalist process in the Marxian system: an investigation from the point of view of the theory of the monetary circuit

BELLOFIORE, Riccardo
2005-01-01

Abstract

The chapter discusses the monetary aspects in the Marxian system. It starts by defining in general terms the features of a true monetary economy. Then it discusses show Marx framed the theory of money, first as a universal equivalent, then as finance. Some difficulties and contraddictions are shown, and the inner link between the theory of money as a commodity and the abstract-labour theory of value is stressed. A reconstruction is proposed, where the abstract-labour theory of value is integrated within a circuit theory of money, with the supply of money being endogenous, non-commodity, with a special referente to bank finance to production.
book chapter - capitolo di libro
2005
Bellofiore, Riccardo
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10446/19669
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