Money, or the Real Universality of Commodities

John Rosenthal
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John Rosenthal: Colorado College

Chapter 15 in The Myth of Dialectics, 1998, pp 172-188 from Palgrave Macmillan

Abstract: Abstract Every product of labour inasmuch as it is produced as a commodity and so long as it remains a commodity is a value-equivalent: an exchange- value. As we likewise saw above, however, this is in the first instance only so ‘ideally’ or in principle.1 In reality and in fact, the product remains just that particular sort of good which it happens to be. A definite portion of the total social product can be measured and is indeed implicitly measured in units of the particular product, viz. on the assumption that the latter is exchangeable with all other products in regular proportions. But this does not guarantee that some given specimens of the product will in practice be exchangeable for anythingat all. The actual exchangeability of the latter can only be confirmed by the ‘realization’ of the exchange-value they ideally represent: viz. through their sale.

Keywords: Central Bank; Economic Agent; Physical Form; Direct Exchange; General Equivalent (search for similar items in EconPapers)
Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37184-2_15

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DOI: 10.1057/9780230371842_15

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