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Tokens make the world go round: socialist tokens as an alternative to money

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  • Jan Philipp Dapprich

    (University of Potsdam)

Abstract

The paper argues that non-circulating tokens should be used as an alternative to money in a socialist economy. These tokens would be used to distribute consumer products out of socialised production to individual consumers. Like modern fiat money, these tokens are a kind of IOU. But unlike money, these tokens are not intended to facilitate the private exchange of commodities. Marx’s proposal to eventually abolish a token-based lower phase of communism in favour of a distinct higher phase is rejected because the ‘needs principle’ of the higher phase can be sufficiently realised within the token system. It is further shown that the prices of items should not be tied to the socially necessary labour time needed to produce them. Instead, prices should be regulated towards market clearing rates.

Suggested Citation

  • Jan Philipp Dapprich, 2023. "Tokens make the world go round: socialist tokens as an alternative to money," Review of Evolutionary Political Economy, Springer, vol. 4(3), pages 497-513, October.
    • Handle: RePEc:spr:revepe:v:4:y:2023:i:3:d:10.1007_s43253-022-00091-6
    DOI: 10.1007/s43253-022-00091-6
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    References listed on IDEAS

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    1. John E. Roemer, 1994. "A Future for Socialism," Politics & Society, , vol. 22(4), pages 451-478, December.
    2. Marc Lavoie, 2013. "The Monetary and Fiscal Nexus of Neo-Chartalism: A Friendly Critique," Journal of Economic Issues, Taylor & Francis Journals, vol. 47(1), pages 1-32.
    3. W. Paul Cockshott, 2010. "Von Mises, Kantorovich and in-natura calculation," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 7(1), pages 167-199.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Money; Labour tokens; Socialism; Communism; Marx;
    All these keywords.

    JEL classification:

    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • D3 - Microeconomics - - Distribution
    • D4 - Microeconomics - - Market Structure, Pricing, and Design
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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