Marxs (1818-1883) monetary theory: mainstream conservative theory yet radical, revolutionary challenge

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Chapter 5 in The Political Economy and Feasibility of Bitcoin and Cryptocurrencies, 2022, pp 76-106 from Edward Elgar Publishing

Abstract: Marx, following Aristotle, emphasized forms. For Marx, money is a form of value which develops out of the exchange of commodities. Marx calls it the universal equivalent: it can buy most anything. The value of money expresses itself in what Marx calls the total or expanded form of value: basically, its purchasing power or the general price level. Marx's emphasis that money is the universal equivalent implies that with globalization there will tend to be one form of money or universal equivalent, which today tends to be the U.S. dollar, which also tends to be a tool of U.S. imperialism. Here, the Marxists could potentially join the crypto-libertarians promoting bitcoins and cryptocurrencies to replace the U.S. dollar: libertarians because they fear the power of the state in general; Marxists, the power of the capitalist state - the U.S. capitalist state in particular.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2022
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