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Reconstructing Marx on Money and the Measurement of Value

In: The Constitution of Capital

Author

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  • Nicola Taylor

Abstract

A contentious feature of Marx’s Capital is his treatment of money, especially in relation to the logic of circulation. On the one hand, Marx conceives of money as a ‘body of value’, an immediate embodiment of (abstract) universal labour. If time is the measure of labour, then the ‘real’ (non-monetary) measure of value is the time socially necessary to produce the money commodity: gold. Yet, there is also in Capital the outline of an elementary ‘form theory’, wherein monetary abstraction does not arise substantially in production but in the practical relation of commodity exchange, itself a means of associating previously dissociated commodities and labour.2 Now, money is a necessary condition for the existence of the (capitalist) value-form of exchange; it constitutes the value dimension wherein heterogeneous use-values (commodities) are validated as social values and the heterogeneous labours that produced them are validated as social labour.

Suggested Citation

  • Nicola Taylor, 2004. "Reconstructing Marx on Money and the Measurement of Value," Palgrave Macmillan Books, in: Riccardo Bellofiore & Nicola Taylor (ed.), The Constitution of Capital, chapter 4, pages 88-116, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-4039-3864-0_4
    DOI: 10.1057/9781403938640_4
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