ABSTRACT
It is possible to apply the method of historical institutionalism to money, extending the analysis of property. One of Marx's most important analytical concepts is money. When the purpose of commodity production becomes the expansion of value, per se, the possessor of money becomes a capitalist and the expansion of value appears automatic, as if money begets money. A key element of Marx's analysis is the difference in outcomes of the exchange capital and labor, even though all property owners are treated equally. Each state maintains the circulation of its distinct token of money. There is currency competition among competing nation-states and currency hierarchies. For Keynes, a central aspect of money is its liquidity, compared with other assets. There is now widespread discussion of financialization in the global economy. In spite of Marx's clear prescription that living labor is the only source of surplus, financial transactions appear to be increasingly prevalent.
