IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/59962.html
   My bibliography  Save this paper

The forms of world money

Author

Listed:
  • Labrinidis, George

Abstract

Distinguishing between the money that functions in the world market and the money that functions internally in an economy has troubled many theorists. This paper is informed by the Marxist approach to money in general and world money in particular and argues that the theoretical difficulty derives from a fundamental misconception with regard to the forms of money. Consequently, the paper offers an analysis of the forms of money and shows that a new form emerged as early as 1914 associated with the world market, which might be called quasi-world-money, such as the US dollar. The analysis provides a framework within which to comprehend the residual but essential role of gold in parallel to quasi-world-money. The framework also allows for money convertibility to be redefined appropriately.

Suggested Citation

  • Labrinidis, George, 2014. "The forms of world money," MPRA Paper 59962, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:59962
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/59962/1/RMF-45-Labrinidis.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. ,, 2001. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 17(6), pages 1157-1160, December.
    2. Riccardo Bellofiore, 2005. "The Monetary Aspects of the Capitalist Process in the Marxian System: An Investigation from the Point of View of the Theory of the Monetary Circuit," Palgrave Macmillan Books, in: Fred Moseley (ed.), Marx’s Theory of Money, chapter 8, pages 124-139, Palgrave Macmillan.
    3. Tony Smith, 2005. "Towards a Marxian Theory of World Money," Palgrave Macmillan Books, in: Fred Moseley (ed.), Marx’s Theory of Money, chapter 14, pages 222-235, Palgrave Macmillan.
    4. Henrik Plaschke, 2010. "Challenging the Dollar in International Monetary Relations? The Lost Opportunities of the Euro," Palgrave Macmillan Books, in: Leila Simona Talani (ed.), The Global Crash, chapter 4, pages 73-99, Palgrave Macmillan.
    5. Michael Williams, 2000. "Why Marx Neither Has Nor Needs a Commodity Theory of Money," Review of Political Economy, Taylor & Francis Journals, vol. 12(4), pages 435-451.
    6. Makoto Itoh & Costas Lapavitsas, 1999. "Political Economy of Money and Finance," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-37578-9, September.
    7. Costas Lapavitsas, 2005. "The Universal Equivalent as Monopolist of the Ability to Buy," Palgrave Macmillan Books, in: Fred Moseley (ed.), Marx’s Theory of Money, chapter 6, pages 95-110, Palgrave Macmillan.
    8. Bell, Stephanie, 2001. "The Role of the State and the Hierarchy of Money," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 25(2), pages 149-163, March.
    9. Carlo Benetti & Jean Cartelier, 1998. "Money, Form and Determination of Value," Palgrave Macmillan Books, in: Riccardo Bellofiore (ed.), Marxian Economics: A Reappraisal, chapter 10, pages 157-171, Palgrave Macmillan.
    10. David Fields & Mat�as Vernengo, 2013. "Hegemonic currencies during the crisis: The dollar versus the euro in a Cartalist perspective," Review of International Political Economy, Taylor & Francis Journals, vol. 20(4), pages 740-759, August.
    11. ,, 2001. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 17(5), pages 1025-1031, October.
    12. McKinnon, Ronald I., 1979. "Money in International Exchange: The Convertible Currency System," OUP Catalogue, Oxford University Press, number 9780195024098.
    13. John Milios & Dimitris P. Sotiropoulos, 2009. "Capitalist Mode of Production and Monopolies," Palgrave Macmillan Books, in: Rethinking Imperialism, chapter 6, pages 112-120, Palgrave Macmillan.
    14. Geert Reuten, 2005. "Money as Constituent of Value," Palgrave Macmillan Books, in: Fred Moseley (ed.), Marx’s Theory of Money, chapter 5, pages 78-92, Palgrave Macmillan.
    15. John Smithin, 2003. "Controversies in Monetary Economics," Books, Edward Elgar Publishing, number 2541.
    16. Marc Flandreau, 1997. "The Gold Standard in Theory and History," Post-Print hal-03416310, HAL.
    17. Arie Arnon, 1984. "Marx's Theory of Money: the Formative Years," History of Political Economy, Duke University Press, vol. 16(4), pages 555-575, Winter.
    18. McKinnon, Ronald I., 2005. "Trapped by the international dollar standard," Journal of Policy Modeling, Elsevier, vol. 27(4), pages 477-485, June.
    19. Ernst Juerg Weber, 2001. "Central Bank Gold Holdings," Economics Discussion / Working Papers 01-03, The University of Western Australia, Department of Economics.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Labrinidis, George, 2014. "International reserves in the era of quasi-world money," MPRA Paper 59963, University Library of Munich, Germany.
    2. Labrinidis, George, 2018. "The roots of the Euro," MPRA Paper 86560, University Library of Munich, Germany.

    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. Dolf Talman & Zaifu Yang, 2012. "On a Parameterized System of Nonlinear Equations with Economic Applications," Journal of Optimization Theory and Applications, Springer, vol. 154(2), pages 644-671, August.
    2. Subramanian, S.V. & Subramanyam, Malavika A. & Selvaraj, Sakthivel & Kawachi, Ichiro, 2009. "Are self-reports of health and morbidities in developing countries misleading? Evidence from India," Social Science & Medicine, Elsevier, vol. 68(2), pages 260-265, January.
    3. World Bank, 2002. "Costa Rica : Social Spending and the Poor, Volume 1. Summary of Issues and Recommendations with Executive Summary," World Bank Publications - Reports 15330, The World Bank Group.
    4. Emin Karagözoğlu, 2014. "A noncooperative approach to bankruptcy problems with an endogenous estate," Annals of Operations Research, Springer, vol. 217(1), pages 299-318, June.
    5. Hernández-Hernández, M.E. & Kolokoltsov, V.N. & Toniazzi, L., 2017. "Generalised fractional evolution equations of Caputo type," Chaos, Solitons & Fractals, Elsevier, vol. 102(C), pages 184-196.
    6. Simon Levin & Anastasios Xepapadeas, 2021. "On the Coevolution of Economic and Ecological Systems," Annual Review of Resource Economics, Annual Reviews, vol. 13(1), pages 355-377, October.
    7. Juan Moreno-Ternero & Antonio Villar, 2006. "The TAL-Family of Rules for Bankruptcy Problems," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 27(2), pages 231-249, October.
    8. Lee, Hiro & van der Mensbrugghe, Dominique, 2005. "The impact of the US safeguard measures on Northeast Asian producers: General equilibrium assessments," MPRA Paper 82288, University Library of Munich, Germany.
    9. Hoang Ngoc Tuan, 2015. "Boundedness of a Type of Iterative Sequences in Two-Dimensional Quadratic Programming," Journal of Optimization Theory and Applications, Springer, vol. 164(1), pages 234-245, January.
    10. Wang, Daojuan & Hain, Daniel S. & Larimo, Jorma & Dao, Li T., 2020. "Cultural differences and synergy realization in cross-border acquisitions," International Business Review, Elsevier, vol. 29(3).
    11. Wulf Gaertner & Richard Bradley & Yongsheng Xu & Lars Schwettmann, 2019. "Against the proportionality principle: Experimental findings on bargaining over losses," PLOS ONE, Public Library of Science, vol. 14(7), pages 1-18, July.
    12. Zhou, H. & Uhlaner, L.M., 2009. "Knowledge Management in the SME and its Relationship to Strategy, Family Orientation and Organization Learning," ERIM Report Series Research in Management ERS-2009-026-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    13. Turpie, J.K. & Marais, C. & Blignaut, J.N., 2008. "The working for water programme: Evolution of a payments for ecosystem services mechanism that addresses both poverty and ecosystem service delivery in South Africa," Ecological Economics, Elsevier, vol. 65(4), pages 788-798, May.
    14. Tilman Br�ck & Patricia Justino & Philip Verwimp & Andrew Tedesco & Alexandra Avdeenko, 2013. "Measuring Conflict Exposure in Micro-Level Surveys," HiCN Working Papers 153, Households in Conflict Network.
    15. Erik Ansink & Hans-Peter Weikard, 2012. "Sequential sharing rules for river sharing problems," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 38(2), pages 187-210, February.
    16. Koichi Hamada & Asahi Noguchi, 2005. "The Role of Preconceived Ideas in Macroeconomic Policy: Japan's Experiences in the Two Deflationary Periods," Working Papers 908, Economic Growth Center, Yale University.
    17. Jingyi Xue, 2018. "Fair division with uncertain needs," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 51(1), pages 105-136, June.
    18. Dipak R. Pant, 2013. "Managing the global waste in the 21st century: As an anthropologist views it," LIUC Papers in Economics 263, Cattaneo University (LIUC).
    19. Mikhail A. Sokolovskiy & Xavier J. Carton & Boris N. Filyushkin, 2020. "Mathematical Modeling of Vortex Interaction Using a Three-Layer Quasigeostrophic Model. Part 1: Point-Vortex Approach," Mathematics, MDPI, vol. 8(8), pages 1-13, July.
    20. van der Laan, Gerard & Talman, Dolf & Yang, Zaifu, 2011. "Solving discrete systems of nonlinear equations," European Journal of Operational Research, Elsevier, vol. 214(3), pages 493-500, November.

    More about this item

    Keywords

    forms of money; quasi-world money; gold; convertibility; USD;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

    NEP fields

    This paper has been announced in the following NEP Reports:

    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:pra:mprapa:59962. See general information about how to correct material in RePEc.

    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 bibliographic 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.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.