1. The Theory Of Money And The Theory Of Value
... form of money, and gold only as an ultimate mediation brought forcibly into play when exchange reaches a point of crisis, either in the relations of two agents or in the system as a whole. The question of what role, if any, gold plays in a monetary system would remain open to examination in concrete instances. Whichever of these two paths we follow, we are left with ... that a well- accepted social process exists for turning the substitute into gold at a guaranteed rate of exchange. All these cases Marx analyzes by referring to the value of gold as the ultimate regulator of the value of...
- Word Count: 5092
- Approx Pages: 20
- Grade Level: Undergraduate