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Value and Money in Marx’s Political Economy

In: Political Economy of Money and Finance

Author

Listed:
  • Makoto Itoh

    (Kokugakuin University)

  • Costas Lapavitsas

    (University of London)

Abstract

The labour theory of value is the cornerstone of Marx’s theoretical system in economics. Marx’s formulation of the theory stressed the historically specific character of the capitalist economy, while on the whole the classical school treated the market economy and capitalism as the natural order of economic life.1 The neglect of the historical specificity of market relations and capitalism resulted in the ultimate failure of the classical school to discover the origin of the forms of value, money and capital. Section 2.1 of this chapter examines Marx’s theory of value and ascertains the logical foundations for the emergence of the form of money. The relation of money to the substance of value, that is, to socially necessary labour time, is also examined. Section 2.2 turns to the several functions performed by money in a capitalist economy. Finally, Section 2.3 considers the problem of the very early historical emergence of money and its implications for the relation between money and commodity exchange.

Suggested Citation

  • Makoto Itoh & Costas Lapavitsas, 1999. "Value and Money in Marx’s Political Economy," Palgrave Macmillan Books, in: Political Economy of Money and Finance, chapter 2, pages 33-58, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37578-9_2
    DOI: 10.1057/9780230375789_2
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    Cited by:

    1. Bruce Bueno de Mesquita & Alastair Smith, 2010. "The Pernicious Consequences of UN Security Council Membership," Journal of Conflict Resolution, Peace Science Society (International), vol. 54(5), pages 667-686, October.
    2. Jean-Paul Azam & Véronique Thelen, 2010. "Foreign Aid Versus Military Intervention in the War on Terror," Journal of Conflict Resolution, Peace Science Society (International), vol. 54(2), pages 237-261, April.
    3. Richard B. Dadzie, 2013. "Economic Development and the Developmental State," Journal of Developing Societies, , vol. 29(2), pages 123-154, June.
    4. Maria S. Basílio, 2014. "The Determinants of Multilateral Development Banks’ Participation in Infrastructure Projects," Journal of Infrastructure Development, India Development Foundation, vol. 6(2), pages 83-110, December.

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