1. The Theory Of Money And The Theory Of Value
... value of other commodities. How can these two conceptions of the value of money be reconciled? What social institutions mediate between them? Marx's discussion of this issue in the second chapter of the Contribution suggests that the value of money depends ultimately on the conditions of exchange between gold and other commodities at the point of production of gold. Thus arbitrage ... the monetary problems of nineteenth century capitalism. In this case, gold functions as the general equivalent commodity, and quantities of gold express abstract labor time. Marx shows (In the third chapte...
- Word Count: 5092
- Approx Pages: 20
- Grade Level: Undergraduate