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From gold money to fictitious money

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  • Eleutério F. S. Prado

Abstract

In the nineteenth century, money appear primarily as gold. In the twenty-first century, it appears as strictly fiduciary money. It is known that Marx said very clearly that the golden money was the effective basis of the monetary and credit system. Had the historical development finally shown that his theory of value and money would be false? Marxists have struggled continually with this problem. This paper tries to show that exist a simple and good answer to this crucial question. It comes just developing a little the dialectics of commodities and money found on Marx’s Capital. JEL Classification: B51; E50.

Suggested Citation

  • Eleutério F. S. Prado, 2016. "From gold money to fictitious money," Brazilian Journal of Political Economy, Center of Political Economy, vol. 36(1), pages 14-28.
    • Handle: RePEc:ekm:repojs:v:36:y:2016:i:1:p:14-28:id:170
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/170/159
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    More about this item

    Keywords

    golden money; fiduciary money; fictitious money; labour-value; financial capital;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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