The forms of world money

George Labrinidis ()

MPRA Paper from University Library of Munich, Germany

Abstract: Distinguishing between the money that functions in the world market and the money that functions internally in an economy has troubled many theorists. This paper is informed by the Marxist approach to money in general and world money in particular and argues that the theoretical difficulty derives from a fundamental misconception with regard to the forms of money. Consequently, the paper offers an analysis of the forms of money and shows that a new form emerged as early as 1914 associated with the world market, which might be called quasi-world-money, such as the US dollar. The analysis provides a framework within which to comprehend the residual but essential role of gold in parallel to quasi-world-money. The framework also allows for money convertibility to be redefined appropriately.

Keywords: forms of money; quasi-world money; gold; convertibility; USD (search for similar items in EconPapers)
JEL-codes: B51 E42 F33 (search for similar items in EconPapers)
Date: 2014-05-07
New Economics Papers: this item is included in nep-his, nep-hme, nep-hpe, nep-mac and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:59962

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