[OPE-L:5776] Re: Re:Commodity Money (Questions)

John R. Ernst (ernst@PIPELINE.COM)
Sat, 29 Nov 1997 23:48:28 -0500 (EST)

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Sorry for the unclarity about "natural monopoly." I've always taken
it to mean a sector in which part of the surplus value takes
the form of rent in the Marxian sense.

Are you saying that any commodity could be the money commodity?



At 01:02 PM 11/29/97 -0500, you wrote:
>I don't see why gold production is a "natural monopoly", and I don't think
>it has been historically. (Under the Spanish in America, the gold was
>produced by small competing producers, not by the state. In the 19th
>century, the Californian, Alaskan and Australian gold finds were organized
>in a highly competitive way.
>>In a couple of posts in this thread, I have seen references to
>>the "price of production" of gold. Given that gold is the
>>money commodity, referring to its "price" is a bit problematic.
>>More important, however, is the implication that the product
>>of any production process could be the money commodity. Isn't
>>gold production a "natural monopoly"? Do not the firms producing
>>the money commodity have to be natural monopolies? Or, could any
>>commodity be the money commodity?
>Duncan K. Foley
>Department of Economics
>Barnard College
>New York, NY 10027
>fax: (212)-854-8947
>e-mail: dkf2@columbia.edu