IDEAS home Printed from https://ideas.repec.org/a/rvr/journl/201915916.html
   My bibliography  Save this article

Money as a coordinating device of a commodity economy: old and new, Russian and French readings of Marx. Part 1. Monetary theory of value
[La monnaie comme dispositif de coordination d'une économie marchande décentralisée. Lectures actuelles et anciennes, françaises et russes de Marx. Partie 1. Théorie monétaire de la valeur]

Author

Listed:
  • Nenovsky, Nikolay

Abstract

We focus on some original approaches so as to find a solution to the “coordination problem” of the decentralised commodity economy in the different interpretations (and refutations) of Marx, stressing the central role of money. We reconstruct in a comparative perspective the approaches of two contemporary French scholars, Jean Cartelier and André Orléan and of two Russian economists, Isaak Rubin and Peter Struve who worked in the beginning of the last century. Our reconstruction starts with Marx although other approaches are also possible. Each of the four scholars under review offered his own methods of solving the issue of coordination. Although the ideas of the four authors intertwined, we can differentiate between two pairs namely Rubin/Orléan (part 1) and Struve/Cartelier (part 2). This corresponds to the radicality of their analytical solutions. While the former pair upheld the theory of value (each one in his own way), the latter actually eliminated it (again each one in his own way).

Suggested Citation

  • Nenovsky, Nikolay, 2019. "Money as a coordinating device of a commodity economy: old and new, Russian and French readings of Marx. Part 1. Monetary theory of value [La monnaie comme dispositif de coordination d'une économie," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 26.
  • Handle: RePEc:rvr:journl:2019:15916
    DOI: 10.4000/regulation.15916
    as

    Download full text from publisher

    File URL: https://journals.openedition.org/regulation/15916
    Download Restriction: no

    File URL: https://journals.openedition.org/regulation/pdf/15916
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. François Rachline, 1982. "La nature de la monnaie," Revue Économique, Programme National Persée, vol. 33(3), pages 446-475.
    2. Ostroy, Joseph M & Starr, Ross M, 1974. "Money and the Decentralization of Exchange," Econometrica, Econometric Society, vol. 42(6), pages 1093-1113, November.
    3. Boldyrev, Ivan & Kragh, Martin, 2015. "Isaak Rubin: Historian Of Economic Thought During The Stalinization Of Social Sciences In Soviet Russia," Journal of the History of Economic Thought, Cambridge University Press, vol. 37(3), pages 363-386, September.
    4. Montalban, Matthieu, 2012. "De la place de la théorie de la valeur et de la monnaie dans la théorie de la régulation : critique et synthèse," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 12.
    5. Peter Lewin, 1994. "Capital theory," Chapters, in: Peter J. Boettke (ed.), The Elgar Companion to Austrian Economics, chapter 31, Edward Elgar Publishing.
    6. Hellwig, Martin F., 1993. "The challenge of monetary theory," European Economic Review, Elsevier, vol. 37(2-3), pages 215-242, April.
    7. Carlo Benetti & Jean Cartelier, 2013. "After thirty years..," Post-Print hal-01410733, HAL.
    8. Pierre Alary & Jérôme Blanc & Ludovic Desmedt & Bruno Théret, 2016. "Théories françaises de la monnaie [Anthologie]," Post-Print halshs-01327709, HAL.
    9. Lewin,Peter & Cachanosky,Nicolas, 2019. "Austrian Capital Theory," Cambridge Books, Cambridge University Press, number 9781108735889.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Nenovsky, Nikolay, 2019. "Money as a coordinating device of a commodity economy: old and new, Russian and French readings of Marx. Part 2. The theory of money without the theory of value [La monnaie comme dispositif de coor," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 26.
    2. Nenovsky, Nikolay, 2018. "Парите Като Координация На Стоковото Стопанство. Стари И Нови Прочити На Теорията На Маркс [Money as coordination, new and old readings of Marx]," MPRA Paper 85295, University Library of Munich, Germany.
    3. Diarmid Weir, 2013. "Fiat Money, Individual Rationality and Production," Metroeconomica, Wiley Blackwell, vol. 64(4), pages 573-590, November.
    4. Peter Lewin & Nicolas Cachanosky, 2019. "Re-switching, the average period of production and the Austrian business-cycle theory: A comment on Fratini," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(4), pages 375-382, December.
    5. Gilányi, Zsolt, 2008. "Az uralkodó pénzelmélet alapproblémái - a készpénzfedezeti korlátok problémájáról [Underlying problems with the current theory of money - the problem of cash-cover limits]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 136-148.
    6. DREZE, Jacques H. & POLEMARCHAKIS, Heracles M., 1998. "Intertemporal general equilibrium and monetary theory," LIDAM Discussion Papers CORE 1998053, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    7. Peter Lewin & Nicolas Cachanosky, 2020. "Entrepreneurship in a theory of capital and finance—Illustrating the use of subjective quantification," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 41(5), pages 735-743, July.
    8. Carlo Milana, 2019. "Refuting Samuelson's Capitulation on the Re-switching of Techniques in the Cambridge Capital Controversy," Papers 1912.01250, arXiv.org, revised Dec 2019.
    9. Piet-Hein Van Eeghen, 2011. "Rethinking equilibrium conditions in macromonetary theory: A conceptually rigorous approach," Working Papers 255, Economic Research Southern Africa.
    10. Radwanski, Juliusz, 2020. "On the Purchasing Power of Money in an Exchange Economy," MPRA Paper 104244, University Library of Munich, Germany.
    11. Dubey, Pradeep & Geanakoplos, John, 2003. "Monetary equilibrium with missing markets," Journal of Mathematical Economics, Elsevier, vol. 39(5-6), pages 585-618, July.
    12. Jérôme Creel & Henri Sterdyniak, 1999. "La politique monétaire sans monnaie," Revue de l'OFCE, Programme National Persée, vol. 70(1), pages 111-153.
    13. Jérôme Blanc, 2018. "Tensions in the triangle: monetary plurality between institutional integration, competition and complementarity," Evolutionary and Institutional Economics Review, Springer, vol. 15(2), pages 389-411, December.
    14. Alary, Pierre & Desmedt, Ludovic, 2019. "Les divers courants de l’institutionnalisme monétaire : un état des lieux. Introduction au dossier « Autour de l’institutionnalisme monétaire »," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 26.
    15. Sinn Hans-Werner, 2019. "Der Streit um die Targetsalden : Kommentar zu Martin Hellwigs Artikel „Target-Falle oder Empörungsfalle?“," Perspektiven der Wirtschaftspolitik, De Gruyter, vol. 20(3), pages 170-217, September.
    16. Starr, Ross M., 1999. "Why is there Money? Convergence to a Monetary Equilibrium in a General Equilibrium Model with Transaction Costs," University of California at San Diego, Economics Working Paper Series qt253553nn, Department of Economics, UC San Diego.
    17. Kenneth Koford, 1982. "Centralized vote-trading," Public Choice, Springer, vol. 39(2), pages 245-268, January.
    18. Ingolf Schwarz, 2006. "Monetary Equilibria in a Baumol-Tobin Economy," Discussion Paper Series of the Max Planck Institute for Research on Collective Goods 2006_15, Max Planck Institute for Research on Collective Goods.
    19. Starr, Ross M., 2002. "Existence of Uniqueness of "Money" in General Equilibrium: Natural Monopoly in the Most Liquid Asset," University of California at San Diego, Economics Working Paper Series qt660465rm, Department of Economics, UC San Diego.
    20. Starr, Ross M., 2003. "Monetary general equilibrium with transaction costs," Journal of Mathematical Economics, Elsevier, vol. 39(3-4), pages 335-354, June.

    More about this item

    Keywords

    French Monetary Institutionalism; theory of money; Karl Marx; Isaak Rubin; Peter Struve; André Orléan; Jean Cartelier;
    All these keywords.

    JEL classification:

    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:rvr:journl:2019:15916. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Pascal Seppecher). General contact details of provider: https://theorie-regulation.org/ .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.