Re: (OPE-L) Re: On the mango theory of money

From: clyder@GN.APC.ORG
Date: Tue Jun 01 2004 - 04:09:29 EDT

During the 19th century in England where Marx was
writing all monetary transactions were performed in
the state money of account, not in units of any commodity.

What I was asking is whether there has every been
a capitalist economy that used commodities as money.
I dont believe that there has. I think it is
even doubtful that there has ever been a devloped
commodity production system using standardised quantities
of a commodity as a universal equivalent. It might
just have existed in the 9th century BC in the late
mediteranean or among the Yoruba in the early 19th century
but I am not convinced.

Quoting glevy@PRATT.EDU:

> Hi Paul C.
> > Can you cite a historical instance of a money commodity
> > in a capitalist society?
> At the risk of stating the obvious:
> Gold (or silver) formerly served as a money commodity in
> many capitalist social formations -- especially in Marx's
> time.  But, I agree that even when there was a money
> commodity the state played an essential role in the monetary
> system.
> In solidarity, Jerry

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