[OPE-L:570] LTV and commodity money

Fred Moseley (fmoseley@laneta.apc.org)
Mon, 27 Nov 1995 11:37:12 -0800

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Riccardi B. (565) has made the important argument that Marx's labor theory
of value (LTV) depends on a concept of COMMODITY money. He argues further
that, since commodity money is impossible in a fully developed economy,
Marx's LTV has to be modified in ways consistent with non-commodity money.

I am not so sure about this. Marx certainly assumed commodity money in
CAPITAL, and certainly can be interpreted to argue that money in capitalism
MUST be a commodity. But I am not so sure that Marx's LTV necessarily
requires that money be a commodity.

Riccardi, would you please elaborate on this necessary connection between
Marx's LTV and commodity money.

We may want to hold off for now on a full discussion of Marx's theory of
money, until we discuss further ongoing issues related to abstract labor
(one important issue that I think has not yet been adequately discussed is
the "reduction problem"). But, since this issue has come up, maybe we
should pursue it for now and maybe come back later to a further discussion
of abstract labor.

Fred Moseley