A Contribution to the Critique of Political EconomyMarx, Karl
Philosophy
A Contribution to the Critique of Political Economy
Marx, Karl
Economics; Marxian economics
Just as money develops into world-money, so the commodity owner
develops into a cosmopolitan. The cosmopolitan relation of men is
originally only a relation of commodity owners. The commodity as such
rises above all religious, political, national, and language barriers.
Price is its universal language and money, its common form. But with
the development of world-money as distinguished from national coin,
there develops the cosmopolitanism of the commodity owner as the faith
of practical reason opposed to traditional, religious, national and
other prejudices which hinder the interchange of matter among mankind.
As the identical gold that lands in England in the form of American
eagles, turns there into sovereigns and three days later circulates in
Paris in the form of Napoleons, only to emerge in Venice in a few weeks
as so many ducats, retaining all the while the same value, it becomes
clear to the commodity owner that nationality “is but the guinea’s
stamp.” The lofty idea which he conceives of the entire world is that
of a market, the _world market_.[111]
4. THE PRECIOUS METALS.
The process of capitalist production first of all takes hold of the
metallic circulation as of a ready, transmitted organ which, though
undergoing a gradual transformation, always retains its fundamental
structure. The question as to why gold and silver and not other
commodities serve as money material falls outside the limits of the
capitalist system. We shall, therefore, confine ourselves to summing
up the most essential points.
Since universal labor-time admits of quantitative differences only,
the object which is to serve as its specific incarnation must be
capable of representing purely quantitative differences, i. e., it
must be homogeneous and uniform in quality throughout. That is the
first condition a commodity must satisfy to perform the function of
a measure of value. If commodities were estimated in oxen, hides,
grain, etc., they would really have to be estimated in an ideal average
ox, or average hide, since there are qualitative differences between
an ox and an ox, grain and grain, hide and hide. On the contrary,
gold and silver, as elementary substances, are always the same,
and equal quantities of them represent, therefore, values of equal
magnitude.[112] The other condition which a commodity that is to serve
as a universal equivalent must satisfy and which follows directly from
its function of representing purely quantitative differences, is that
it must be capable of being divided and re-united at will, so that
money of account may be represented materially as well. Gold and
silver possess these properties to a superior degree.
Public-domain text, read in full here on John Shaqi.
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