From: Paul Cockshott (wpc@DCS.GLA.AC.UK)
Date: Fri Jul 16 2004 - 04:28:32 EDT
-----Original Message----- From: OPE-L [mailto:OPE-L@SUS.CSUCHICO.EDU] On Behalf Of Howard Engelskirchen Sent: 15 July 2004 11:41 To: OPE-L@SUS.CSUCHICO.EDU Subject: Re: measurement of abstract labor Hi Paul, Thanks for your explanation. Surely there is one additional point with respect to state money -- because it is legal tender I can't tell someone who owes me money, "no, I won't take your dollars; you have to give me gold instead." That is, I am obligated to accept paper currency in payment of debts, and this obligation rests on force. Also, this relation, which generates the use of paper currency, rests on exchange and is independent of and in addition to tax debts. You could have a situation where the state was fully able to support itself by exploiting some natural resource, but paper currency circulated as legal tender anyway. I will think harder on your point about abstracting from the use of gold. Howard ---------------------------- I agree with that in principle. The Saudi state is in that situation.
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