[OPE-L] SV: [OPE-L] Karl H. Niebyl

From: Martin Kragh (Martin.Kragh@HHS.SE)
Date: Fri Dec 08 2006 - 05:22:18 EST

Hi Jerry,

You wrote:

"Did you get the impression, though, that it was a Marxian critique?"
I'll say this much, it is a critique with some marxist influence. The terminology is his own, and you find not many explicit references to the works by Marx. He regards the development of money in a historical way (role of money develops in accordance with development of industrial society) - however, he completely avoids the dialectical framework, for him money is not a real abstraction it seems to me. He doesn't analyze value, or its subsequent forms from which money develops. Not even on the level of Ricardian theory. 

So my answer is no, I do not think it is a "devestating critique of monetary theory". It is, at best, a theory of how the popular Ricardian framework was substituted for a marginalist theoretical one. This is however my own opinion, and others might find it more useful. It is, still, a good summary of the British debates on money in the 19th century. 

Kind regards,

-----Ursprungligt meddelande-----
Skickat: den 7 december 2006 22:00
Ämne: Re: [OPE-L] Karl H. Niebyl

> I remember someone asking on this list for some basic info on Karl H 
> Niebyl's "Studies in the Classical Theories of Money" (Columbia 
> University Press, 1946).

Hi Martin:

Yes, I asked:

> What do I think of the book? Not too much to be honest. The author was 
> obviously not a historian and theoretically it is quite basic. If you 
> want the basic 101 of development of money (with emphasis on England) 
> it might however be useful.

Obviously, then, you don't agree that it was (as advertised) a "devastating critique of the monetary theory of capitalism."

Did you get the impression, though, that it was a Marxian critique?
(in the announcement, he was described as a German Marxist.)

Thanks for the information!

In solidarity, Jerry

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