A Contribution to the Critique of Political EconomyMarx, Karl
Philosophy
A Contribution to the Critique of Political Economy
Marx, Karl
Economics; Marxian economics
Gold, i. e., the specific commodity which serves as a measure of
value and a medium of circulation, becomes money without any further
assistance on the part of society. In England, where silver is neither
the measure of value nor the prevailing medium of circulation, it
does not become money, just as gold in Holland, as soon as it had been
dethroned as a measure of value, ceased to be money. A commodity thus
becomes money only in its combined capacity of a measure of value
and medium of circulation; or, the unity of the measure of value and
medium of circulation is money. As such a unity, however, gold has a
separate existence independent of its existence in the two functions.
As a measure of value it is only ideal money and ideal gold; as a mere
medium of circulation it is symbolic money and symbolic gold; but in
its plain metallic bodily form gold is money or money is real gold.
Let us now consider for a moment the commodity gold when it is in a
state of rest, and plays the part of money in its relation to other
commodities. All commodities represent in their prices a certain
quantity of gold, that is to say, they are merely imaginary gold or
imaginary money, representatives of gold, just as, on the other hand,
money in the form of a token of value appeared as a mere representative
of prices of commodities.[86] Since all commodities are thus but
imaginary money, money is the only real commodity. Contrary to
commodities, which only represent the independently existing exchange
value, i. e., universal social labor, or abstract wealth, gold is the
_material form of abstract wealth_. Through its use-value, every
commodity, by its relation to some particular want, expresses only one
aspect of material wealth, but one side of wealth. Money, however,
satisfies every want since it can be directly converted into the object
of any want. Its own use-value is realized in the endless series of
use-values which form its equivalents. In its virgin metallic state
it holds locked up all the material wealth which lies unfolded in the
world of commodities. Thus, while commodities represent in their prices
the universal equivalent or abstract wealth, viz., gold, the latter
represents in its use-value the use-values of all commodities. Gold
is, therefore, _the bodily representative of material wealth_. It is
the “precis de toutes les choses” (Boisguillebert), the compendium
of the wealth of society. At one and the same time, it is the direct
incarnation of universal labor in its form, and the aggregate
of all concrete labor in its substance. It is universal wealth
individualized.[87] As a medium of circulation it underwent all kinds
of injury, was clipped, and even reduced to the condition of a mere
symbolic paper rag. As money it is restored to its golden glory.[88]
From a serve it becomes a lord. From a mere understrapper it rises to
the position of Lord of commodities.[89]
a. HOARDING.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account