Can anyone help?
What is the relationship beween the amount of gold and the amount of
coin money in circulation? Is there enough gold to satisfy every
exchange where paper money is used?
A number of us here in Manchester Have been going through Das Kapital
(as you can see we have not got far!) and this issue is impossible to
resolve between us. Marx clearly argues that some gold is necessary
for coin money to be substituted for it but must it be equal
concretised labour time as the commodities conin money is exchanged
for? Clearly the same gold can be used more than once and this
further muddies the water.
Can anyone shed a little light or point us in the right direction to
find out?
Many thanks,
John Walker
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