[OPE-L:2424] Re: commodity money in Marx's theory

Allin Cottrell (cottrell@wfu.edu)
Thu, 30 May 1996 06:03:00 -0700

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On Thu, 30 May 1996, Paul Cockshott wrote, in response to
my citation of Wray's arguments concerning the origins of

> How does this relate to Polanyi's arguments in Trade and Markets
> in Early Empires?

I'm no expert on this, but Wray cites Polanyi in support of the
points that "barter has never been an important economic activity,
barter exchange did not lead to the development of markets, and
money could not have developed out of barter" (Money and Credit
in Capitalist Economies, p. 6). Wray also draws heavily on
the work of Gunnar Heinsohn and Otto Steiger, which I have not

Allin Cottrell