[OPE-L:5652] Re: [MIKE W] Re: Commodity Money

Michael Williams (Michael@MWILLIAM.U-NET.COM)
Sun, 26 Oct 1997 12:39:30 +0000

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Response to Ale's EDITH:
> Date: Sat, 25 Oct 1997 17:09:27
> Reply-to: "Alejandro Ramos" <aramos@aramos.bo>
> From: ARAMOS@aramos.bo
> To: ope-l@galaxy.csuchico.edu
> Cc: Multiple recipients of list <ope-l@galaxy.csuchico.edu>
> Subject[OPE-L:5652] : [MIKE W] Re: labor process and R&D labor

> Questions on Mike Williams's PIAF:
> > Date: Sat, 25 Oct 1997 21:01:55 +0000
> > From: Michael Williams <Michael@mwilliam.u-net.com>
> > To: ope-l@galaxy.csuchico.edu
> > Subje[OPE-L:5652] ct: Re: labor process and R&D labor
> > Abstract: From extensive reference to Marxs work, set in the context
> > of well known episodes in the historical development of capitalist
> > money, it is argued that Marxs account of money is ambiguous. He
> > clearly explicitly espouses both a commodity theory of money
> Is a "commodity theory of money" the same as a "theory of commodity-
> money" or a "theory of money-commodity"?

Greetings Ale!
Although not posing precisely these questions, I think I answer them
in the paper:

What 'Marx does not need', imo, is a theory that:

1. insists that the money-object be a commodity. That is, whilst it
typically will be a commodity, the commodity nature of the money
object (however complex) is not germane to its social functions as

2. and/or insists that money in the bourgeois epoch must be
ultimately backed by a commodity. (For example, I am arguing against
Milton Friedman's insistence that the capitalist world monetary
system will ultimately collapse if we do not invent a replacement for
the gold-standard.)

Thus I am arguing that Money is necessarily located in the capitalist
value-form system multilaterally through its social functions, rather
than unilaterally through the abstract labour needed to reproduce the
money-commodity, and that (therefore) the system in principle needs no
bullion backing.
> Could you send me a copy of your paper?

Will do
"Books are Weapons"

Dr Michael Williams
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