A Contribution to the Critique of Political EconomyMarx, Karl
Philosophy
A Contribution to the Critique of Political Economy
Marx, Karl
Economics; Marxian economics
The hoard would now become mere useless metal, its money soul would
depart from it and it would remain as the burnt ashes of circulation,
as its caput mortuum, if it did not constantly tend to get back into
circulation. Money, or crystallized exchange value, is, according to
its nature, the form of abstract wealth; but, on the other hand, any
given sum of money is a quantitatively limited magnitude of value.
The quantitative limitation of exchange value is in contradiction
with its qualitative universality and the hoarder conceives in it a
barrier which turns, in fact, into a qualitative barrier as well and
makes of the hoard merely a limited representative of material wealth.
Money, in its capacity of a universal equivalent, appears, as we have
seen, as a member of an equation, the other member of which consists
of an endless series of commodities. It depends on the magnitude of
the exchange value to what extent money will be realized in such an
endless series, i. e., to what degree it corresponds to the conception
of it as an exchange value. The automatic movement of exchange value
as exchange value can only tend to its passing beyond its quantitative
limits. But by exceeding the quantitative limits of the hoard a new
limit is created which must be removed in its turn. There is no
definite limit which appears as a barrier to further hoarding, every
limit plays that part. Hoard accumulation has, therefore, no inherent
limits, no inherent measure; it is an endless process which finds in
each successive result an impulse for a new beginning. While the hoard
is increased only by being preserved, it is preserved only by being
increased.
Money is not only _an_ object of the passion for riches; it is _the_
object of that passion. The latter is essentially _auri sacra fames_.
The passion for riches, contrary to that for special kinds of natural
wealth or use-values, such as clothing, ornaments, herds, etc., is
possible only when universal wealth has been individualized as such
in a particular object and can, therefore, be retained in the form of
a single commodity. Money appears then no less as an object than as
a source of the passion for riches.[96] The underlying fact of the
matter is that exchange value as such and with it its increase become
the final aim. Greed holds the hoard fast by not allowing the money
to become a medium of circulation, but the thirst for gold saves the
money soul of the hoard by keeping up the lasting affinity of gold for
circulation.
Public-domain text, read in full here on John Shaqi.
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