Subject: [OPE-L:1865] money commodity
P.J.Wells@open.ac.uk
Date: Wed Dec 08 1999 - 12:19:37 EST
Claus wrote:
Credit is the obligation to deliver the
money commodity in *a certain date.
(empty. added)
Julian comments:
Surely not? My current account (which I believe Americans call a checking
account) at the bank doesn't oblige the bank to deliver any particular
amount at any particular date -- instead I am extending them an open-ended
credit.
Julian wrote:
if one accepts that Marx's view of capitalism requires that there be a
(single) general equivalent commodity, is there anything in Marx that
requires this to be a physical substance
Julienne's second thoughts:
Presumably non-physical commodities might not be very good candidates for
means of hoarding. So my amended question is: how fundamental a role does
this function of money play in Marx's system?
in relation to which, there was an occasion some years ago when one of the
members of the NY Metal Exchange was threatened with expulsion when it took
to demanding physical delivery of its contracts. How does this fit in?
Julian
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