James Steuart and the making of Karl Marx’s monetary thought

Rebeca Gomez Betancourt and Matari Pierre Manigat ()

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Abstract: This paper analyses the influence of James Steuart on Karl Marx's monetary thought. It deals more specifically with Marx's rejection of an automatic mechanism that links variations in the quantity of money to their direct impact on prices. Steuart's pioneering discoveries in economics inaugurate an anti-quantity theory tradition that Marx supported and which fed his own conception of money and credit. Here, we deal with the criticism of the assumptions of the quantity theory of money (QTM), the specifically social character of labour which creates exchange value, the distinction between the functions of money, the difference between income spending and capital advances, and the difference between simple circulation and reflux of money credit.

Keywords: quantity theory of money; Marx; Money; reflux law; Steuart (search for similar items in EconPapers)
Date: 2018
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Published in European Journal of the History of Economic Thought, 2018, Marx at 200, 25 (5), pp.1022-1051. ⟨10.1080/09672567.2018.1482938⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01905302

DOI: 10.1080/09672567.2018.1482938

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