Money

Course on Marx's Capital: Week 6

Money

“The commodity that functions as a measure of value, and, either in its own person or by a representative, as the medium of circulation, is money.”

It would not be remarkable that in a work called “Capital” and in a chapter called “Money”, Karl Marx would proceed to define it; except that bourgeois economists cannot do so, even up today. 

Marx’s definition of money sits within a concrete overview of all the circumstances of capital, whereas bourgeois economists can never present a full picture of society, but only disconnected snapshots of abstract parts of the whole.

The second title of the book is “Critique of Political Economy”. Karl Marx had read everything of consequence that had been written, from the time of Thomas Hobbes’ “Leviathan” (1651), and had made notes of it in a manuscript called “Theories of Surplus Value”, which is also known as “Capital, Volume 4”. The table below is a list of names of political economists mentioned in that work, sixty altogether; and there are many others that are mentioned in the text or in the footnotes of Volume 1, including in the chapter given as a download for today, below.

Karl Marx was not an economist. Capital is not a book of economics. It is a critique of the entire body of Political-Economic thought up to the time of its writing, with conclusions drawn about the development of Political Economy (not economics) into the future. Political Economy is the study of human political relations, and not just money relations.

In this chapter Marx describes Money and Price, the conversions between Use-Value and Exchange-Value, and then the transformation of commodities into money and back again from money into commodities, which is the series “C – M – C”.  Marx spends time on this quite simple description, because he is going to build on it later. Therefore it is advisable to read it at least once in full. But don’t get stuck. If you stick, skip.

Finally, Marx deals in this chapter with hoarding of money, and with the practical use of money. All of these things are going to be useful while we go through the book.

Top picture: a 17^th-century vision of the bourgeois state, from the cover of Hobbes’ “Leviathan”. Above: a 20^th-Century vision of a miser (hoarder), “Scrooge McDuck”. Below (table): some authors covered by Marx during his preparations for writing “Capital”.

Names of “political economists” studied in Marx’s “Theories of Surplus Value” (Capital, Volume 4):

Sir James Steuart	John Stuart Mill	Massie	Robert Torrens
Quesnay	Germain Garnier	Buat	James Mill
Turgot	Charles Ganilh	Anonymous English Author	Prévost
Paoletti	Ferrier	Rodbertus	Thomas De Quincey
Adam Smith	Earl of Lauderdale	David Ricardo	Samuel Bailey McCulloch
Schmalz	Count Destutt de Tracy	Anderson	Wakefield
Verri	Nassau Senior	Darwin	Stirling
Say	Pellegrino Rossi	Roscher	John Stuart Mill
Storch	Chalmers	Hopkins	Ravenstone
Ramsay	Necker	John Barton	Ramsay
Mercantilists	Linguet	Nathaniel Forster	Cherbuliez
Ricardo	Sir Dudley North	Carey	Sismondi
Sismondi	Locke	James Deacon Hume	Richard Jones
D’Avenant	Berkeley	Hodgskin	Proudhon
Petty	Hume	Thomas Robert Malthus	Luther

Download:

Capital V1, Chapter 3, [part], The Medium of Circulation, Money, in MS-Word file format

Previous main Communist University posts:
Channel [members]	Course Archive	Weeks	Posted
SADTU Pol Ed [436]	Lenin’s The State & Revolution	5/6	12 July 2010
CU Africa [233]	Marx’s Capital, Volumes 1, 2 & 3	4/33	6 July 2010
CU [2924]	Philosophy and Religion	4/10	12 July 2010
Courses completed in 2010 to date:
SADTU Pol Ed	National Democratic Revolution	12	March - June
	Basics	10	January - March
SADTU Pol Schools	3-Day School	3 days	2-4 June
CU	No Woman, No Revolution	10	March - June
	Basics	10	January – March
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