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Money in the Circulation of Capital

In: The Circulation of Capital

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  • Martha Campbell

Abstract

In Volume One of Capital, Marx explains money as the necessary counterpart to the mass of commodities one observes in capitalist societies. Money is necessary, he argues, because all commodities must have one and the same equivalent in exchange. Here Marx takes the presence of commodities for granted. As he will argue later in Volume One, generalized commodity production (or generalized production for sale) occurs only in capitalism. By then, however, he has left the topic of money. It is not until Volume Two, therefore, that Marx considers money in the context of the relation between wage labor and capital. The theory of money in Volume Two is about the new features that emerge from this standpoint: the features of money as a form of capital.

Suggested Citation

  • Martha Campbell, 1998. "Money in the Circulation of Capital," Palgrave Macmillan Books, in: Christopher J. Arthur & Geert Reuten (ed.), The Circulation of Capital, chapter 6, pages 129-157, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-14319-1_6
    DOI: 10.1007/978-1-349-14319-1_6
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    Cited by:

    1. Toms, J. S., 2002. "The rise of modern accounting and the fall of the public company: the Lancashire cotton mills 1870-1914," Accounting, Organizations and Society, Elsevier, vol. 27(1-2), pages 61-84.
    2. Toms, Steven, 2005. "Financial control, managerial control and accountability: evidence from the British Cotton Industry, 1700-2000," Accounting, Organizations and Society, Elsevier, vol. 30(7-8), pages 627-653.
    3. Toms, J.S., 2010. "Calculating profit: A historical perspective on the development of capitalism," Accounting, Organizations and Society, Elsevier, vol. 35(2), pages 205-221, February.
    4. Marco Veronese Passarella & Hervé Baron, 2015. "Capital’s humpback bridge: ‘financialisation’ and the rate of turnover in Marx’s economic theory," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 39(5), pages 1415-1441.

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