A Contribution to the Critique of Political EconomyMarx, Karl
Philosophy
A Contribution to the Critique of Political Economy
Marx, Karl
Economics; Marxian economics
Mill restores the balance by turning the process of circulation into
direct barter and then smuggling into direct barter the character of
buyer and seller borrowed by him from the process of circulation. To
put it in his own confused language, during certain periods when all
commodities are unsaleable there are really more buyers than sellers
of one commodity, _money_, and more sellers than buyers of _all other
money_, commodities; such was, e. g., the case at certain moments
during the commercial crisis of 1857-58 in London and Hamburg. The
metaphysical balance of purchases and sales amounts to this, that
every purchase is a sale and every sale is a purchase, which is a poor
consolation to the guardian of the commodity who can not bring about
its sale and therefore can not buy.[71]
The separation of sale and purchase makes possible a large number of
fictitious transactions side by side with genuine trade before the
final exchange between the producer and the consumer of commodities
takes place. It enables a host of parasites to penetrate the process of
production and exploit the separation. But this, again, means that with
money as the universal form of labor under the capitalist system, there
is _the possibility_ of the development of its contradictions.
b. THE CIRCULATION OF MONEY.
Actual circulation appears at first sight as a mass of purchases and
sales accidentally taking place side by side. In buying as in selling,
commodities and money always stand in the same mutual relation: the
seller, on the side of the commodity; the buyer, on that of money.
Money as a medium of circulation always appears therefore as _a means
of purchase_; and in that way the difference in its destinations in
the opposite phases of the metamorphosis of the commodity becomes
indistinguishable.
Public-domain text, read in full here on John Shaqi.
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