chapter  9
20 Pages

A Marxist theory of commodity money revisited

BySteve Fleetwood

This chapter argues that money, in its developed form, emerges at the end of a process wherein a contradiction in the activity of labouring is converted into a contradiction in the products of this activity (that is, commodities). The contradiction is eventually resolved when one of these commodities becomes money. Understanding the nature of money, then, involves tracing the contradiction from labouring activity, through the commodity, to the particular money commodity: gold or whatever.