Marx’s Theory of the Money Commodity

Anitra Nelson

History of Economics Review, 2001, vol. 33, issue 1, 44-63

Abstract: Marx defines the commodity in a unique way. His theory of the money commodity is a unique commodity theory of money. It developed from a political critique of the utopian socialists’ concepts of money, labour time and exchange value. Besides using Hegel’s dialectical method, Marx also adapted certain ideas from his elaboration of ‘measure’ in the Logic to develop his concept of money. Similarly his framework for relating ‘price’, which appears in circulation, and ‘value’, the essential relation in production, can be compared with Hegel’s passages on the ‘force’ and its ‘manifestation’ in the Phenomenology of the Spirit. These influences on Marx’s thoughts on money appear in the Grundrisse but inform the final version of his theory of money in Capital I, too.

Date: 2001
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DOI: 10.1080/10370196.2001.11733349

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