Skip to main content

Money as Constituent of Value

  • Chapter
Marx’s Theory of Money

Abstract

In the first volume of Capital Marx introduces ‘money’ in chapter 1 (section 3) and then reintroduces it in chapter 3. At first sight the second introduction seems merely a superfluous excursion at this point since in the remainder of the book Marx apparently does not ‘do’ anything with it. He returns to money only in Capital II (Part II) and then again in Capital III (Parts IV and V). This may be one reason why the chapter 3 introduction has for a long time been much neglected.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 84.99
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 109.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book
USD 109.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  • Arthur, Christopher J. (2004), ‘Money and the form of value’, in Riccardo Bellofiore and Nicola Taylor (eds), The Constitution of Capital; Essays on Volume I of Marx’s ‘Capital’ (Basingstoke/New York: Palgrave Macmillan), 35–62.

    Google Scholar 

  • Arthur, Christopher J. (this volume) ‘Value and money’.

    Google Scholar 

  • Arthur, Christopher J. and Geert Reuten (eds) (1998), The Circulation of Capital: Essays on Volume II of Marx’s ‘Capital’ (London/New York: Macmillan/St Martin’s Press).

    Book  Google Scholar 

  • Bellofiore, Riccardo (2004a), ‘Marx and the macro-monetary foundation of microeconomics’, in Riccardo Bellofiore and Nicola Taylor (eds), The Constitution of Capital; Essays on Volume I of Marx’s ‘Capital’ (Basingstoke/New York: Palgrave Macmillan), 170–210.

    Chapter  Google Scholar 

  • Bellofiore, Riccardo (this volume), ‘The monetary aspects of the capitalist process in Marx: a re-reading from the point of view of the theory of the monetary circuit’.

    Google Scholar 

  • Bellofiore, Riccardo and Riccardo Realfonzo (1997), ‘Finance and the labour theory of value; toward a macroeconomic theory of distribution from a monetary perspective’, International Journal of Political Economy, 27(2), 97–118.

    Google Scholar 

  • Campbell, Martha (1997), ‘Marx’s theory of money: a defense’, in Fred Moseley and Martha Campbell (eds), New Investigations of Marx’s Method (Atlantic Highlands, NJ: Humanities Press), 89–120.

    Google Scholar 

  • Campbell, Martha (1998), ‘Money in the circulation of capital’, in C. J. Arthur and Geert Reuten (eds), The Circulation of Capital: Essays on Volume II of Marx’s Capital (London/New York: Macmillan/St Martin’s Press), 129–58.

    Chapter  Google Scholar 

  • Campbell, Martha (2002), ‘The Credit System’, in Martha Campbell and Geert Reuten (eds), The Culmination of Capital; Essays on Volume III of Marx’s ‘Capital’ (Basingstoke/New York, Palgrave-Macmillan), 212–27.

    Google Scholar 

  • Elson, Diane (1979), ‘The Value Theory of Labour’, in Elson (ed.), Value — The Representation of Labour in Capitalism (London: CSE Books).

    Google Scholar 

  • Marx, Karl (18671G, 18904), Das Kapital, Kritik der politischen Ökonomie, Band I, Der Produktionsprozeß des Kapitals, Marx-Engels Werke 23 (Berlin, Dietz Verlag, 1973).

    Google Scholar 

  • Marx, Karl (18671F, 18904), Capital, A Critique of Political Economy, Volume I, translation of the 4th German edn by Ben Fowkes (19761) (Harmondsworth: Penguin, 1976).

    Google Scholar 

  • Murray, Patrick (2000a), ‘Marx’s “truly social” labour theory of value: Part I, Abstract labour in Marxian value theory’, Historical Materialism, 6, 27–66.

    Article  Google Scholar 

  • Murray, Patrick (2000b), ‘Marx’s “truly social” labor theory of value: abstract labor in Marxian value theory (Part 2)’, Historical Materialism, 7, 99–136.

    Article  Google Scholar 

  • Murray, Patrick (2002), ‘Reply to Geert Reuten’, Historical Materialism, 10(1), 155–76.

    Article  Google Scholar 

  • Murray, Patrick (2004), ‘The social and material transformation of production by capital: formal and real subsumption in “Capital Volume I”’, in R. Bellofiore and N. Taylor (eds), The Constitution of Capital; Essays on Volume I of Marx’s ‘Capital’ (Basingstoke/New York: Palgrave Macmillan), 243–73.

    Google Scholar 

  • Murray, Patrick (this volume) ‘Money as desplaced social form: Why value cannot be independent of price’.

    Google Scholar 

  • Realfonzo, Riccardo and Riccardo Bellofiore (1996), ‘Marx and money’, Trimestre, 29 (1–2), 189–212.

    Google Scholar 

  • Reuten, Geert (1988), ‘Value as Social Form’, in Michael Williams (ed.), Value, Social Form and the State (London: Macmillan), 42–61.

    Chapter  Google Scholar 

  • Reuten, Geert (1993), ‘The difficult labour of a theory of social value; metaphors and systematic dialectics at the beginning of Marx’s Capital’, in F. Moseley (ed.), Marx’s Method in Capital: A Reexamination, 89–113.

    Google Scholar 

  • Reuten, Geert (1999), ‘The source versus measure obstacle in value theory,’ Rivista di Politica Economica, 89/4–5: 87–115.

    Google Scholar 

  • Reuten, Geert (2000), ‘The interconnection of Systematic Dialectics and Historical Materialism’, Historical Materialism, 7, 137–66.

    Article  Google Scholar 

  • Reuten, Geert (2004), ‘Productive force and the degree of intensity of labour’, in R. Bellofiore and N. Taylor (eds), The Constitution of Capital; Essays on Volume I of Marx’s ‘Capital’ (Basingstoke/New York: Palgrave Macmillan), 117–45.

    Google Scholar 

  • Reuten, Geert and Michael Williams (1989), Value-Form and the State; The Tendencies of Accumulation and the Determination of Economic Policy in Capitalist Society (London/New York: Routledge).

    Google Scholar 

  • Williams, Michael (2000), ‘Why Marx neither has nor needs a commodity theory of money’, Review of Political Economy, 12(4), 435–51.

    Article  Google Scholar 

Download references

Authors

Editor information

Editors and Affiliations

Copyright information

© 2005 Geert Reuten

About this chapter

Cite this chapter

Reuten, G. (2005). Money as Constituent of Value. In: Moseley, F. (eds) Marx’s Theory of Money. Palgrave Macmillan, London. https://doi.org/10.1057/9780230523999_6

Download citation

Publish with us

Policies and ethics