Marx’s Theory of Money in Historical Perspective

  • Duncan Foley


After being largely neglected by Marxist scholars in the first two-thirds of the twentieth century, with some exceptions such as Rubin (1972), Marx’s theory of money has been the subject of a substantial number of books and articles in the last 35 years. Among others de Brunhoff (1976), Foley (1983), Arnon (1984), and Itoh and Lapavitsas (1998). This work shows that the theory of money is an indispensable part of Marx’s theory of value, and among the most original aspects of Marx’s economics.


Central Bank Capitalist Economy National Currency Labour Time General Equivalent 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.


  1. Arnon, Arie (1984), ‘Marx’s theory of money — the formative years’, History of Political Economy, 16, 311–26.CrossRefGoogle Scholar
  2. de Brunhoff, Suzanne (1976), Marx on Money (New York: Unzen Books).Google Scholar
  3. de Vroey, Michel (1981) ‘Value, production, and exchange’, in Ian Steedman (ed.), The Value Controversy (London: Verso), 173–201.Google Scholar
  4. Duménil, Gérard and Dominique Lévy (2003), Capital Resurgent (Cambridge, MA: Harvard University Press).Google Scholar
  5. Eichengreen, Barry J. (1998), Globalizing Capital: A History of the International Monetary System (Princeton, NJ: Princeton University Press).Google Scholar
  6. Foley, Duncan K. (1983), ‘On Marx’s theory of money’, Social Concept, 1(1), 5–19.Google Scholar
  7. Foley, Duncan K. (1988), ‘A microeconomic model of banking and credit’, in Bruno Jossa and Carlo Panico (ed.), Teorie Monetarie e Banche Centrali (Naples: Linguori Editore), 11–29.Google Scholar
  8. Germer, Claus M. (2004), The Commodity Nature of Money in Marx’s Theory (London: Routledge).Google Scholar
  9. Hegel, G. W. F. (1830), Hegel’s Logic: Being Part One of the ‘Encyclopaedia of the Philosophical Sciences’ (Oxford: Clarendon Press, 1975).Google Scholar
  10. Itoh, Makoto and Costas Lapavitsas (1998), Political Economy of Money and Finance (Basingstoke: Palgrave Macmillan).CrossRefGoogle Scholar
  11. Kiyotaki, Nobuhiro and Randall Wright (1989), ‘On money as a medium of exchange’, Journal of Political Economy, 97(4) (August), 927–54.CrossRefGoogle Scholar
  12. Marx, Karl (1859) A Contribution to the Critique of Political Economy (New York: International, 1970).Google Scholar
  13. Marx, Karl (1867), Capital: A Critique of Political Economy, Vol. I (New York: Penguin, 1992).Google Scholar
  14. Marx, Karl (1894), Capital: A Critique of Political Economy, Vol. III (New York: Penguin, 1993).Google Scholar
  15. Marx, Karl (1973), Grundrisse: Foundations of the Critique of Political Economy (Rough Draft) (New York: Pelican).Google Scholar
  16. Panico, Carlo (1988), Interest and Profit in the Theories of Value and Distribution (Basingstoke: Palgrave-Macmillan).CrossRefGoogle Scholar
  17. Pivetti, Massimo (1991), An Essay on Money and Distribution (London: Macmillan).CrossRefGoogle Scholar
  18. Rubin, I. I. Essays on Marx’s Theory of Value (Detroit, MI: Red and Black).Google Scholar
  19. Sargent, Thomas J. and Neil Wallace (1982), ‘The real-bills doctrine vs. the quantity theory: A reconsideration’, Journal of Political Economy, 90(6) (December), 1, 212–36.CrossRefGoogle Scholar
  20. Shaikh, Anwar M. and E. Ahmet Tonak (1994), Measuring the Wealth of Nations (Cambridge: Cambridge University Press).CrossRefGoogle Scholar
  21. von Böhm-Bawerk, Eugen (1890), Capital and Interest (New York: Kelley & Millman, 1957).Google Scholar

Copyright information

© Duncan Foley 2005

Authors and Affiliations

  • Duncan Foley

There are no affiliations available

Personalised recommendations