From: Gerald_A_Levy@MSN.COM
Date: Tue May 03 2005 - 07:28:58 EDT
> In relation to the question of the need for more money in simple > reproduction and expanded reproduction. > There seems to be implicitely in Marx´s analysis (Chapter XVII Circulation > of surplus value, vol. II of Capital) some sort of competition between > gold production and credit system. In so far as the credit system raises > "the functional capacity of the quantity of money really functioning" it > diminishes the need for metallic money. > The question is then not one of "downgrading the theoretical importance > of money" but rather to investigate how the credit system downgraded the > importance of gold within expanded reproduction. > I would like to understand better the relationship between credit system > and gold. Hi Paolo: Yes, (answering the question more concretely re where the extra money comes from at the end of M - C - M' ), it's not a simple question of the quantity of gold (even) within the context of a gold monetary standard: there was, after all, paper currency at the same time. But, doesn't this (to repeat a point I made earlier in this thread) point towards the need to understand the role of the *state* in this process? btw, have you asked Claus these same questions? Doesn't he have an office very near you? In solidarity, Jerry
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