Why Marx Neither Has Nor Needs a Commodity Theory of Money

Michael Williams

Review of Political Economy, 2000, vol. 12, issue 4, 435-451

Abstract: This paper argues, contrary to the standard interpretation, that money in Marx's theory is tied neither to bullion nor to any commodity basis. It is rather the sole social form of value autonomous from use-value. This is demonstrated by reference to Marx's account of the social functions of money, and by showing that to subsume 'money' under 'commodity' commits a category mistake within Marx's system. My argument is conceptual rather than historical. It seeks to locate, not to deny, the role of 'gold' in Marx's monetary theory. It has relevance to contemporary debates about the need for some new 'gold-standard' to sustain the international monetary system.

Date: 2000
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DOI: 10.1080/09538250050175127

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