Marxs Theory of Money and the Theory of Value Essay

Marxs Theory of Money and the Theory of Value The most important point to emerge from Marxs theory of money is the idea that money is a form of value. The difficulty with this idea is that we are more familiar with money itself than with value in other forms. But value does appear in forms other than money. For example, the balance sheet of a capitalist firm estimates the value of goods in process and of fixed capital which has not yet been depreciated, as well as the value of inventories of finished commodities awaiting sale. Each of these aggregations of commodities has a value, usually expressed as the equivalent of a certain amount of money, but it is clear that neither goods in process nor fixed capital is money. Marx views the†¦show more content†¦There is no reason to think of the commodity form emerging historically before the money form. To the degree that we see the first, we will see the second, or reasons why the emergence of money is suppressed in the concrete situation. What we see historically are very di fferent stages of development of commodity relations, corresponding to different degrees of development of social production and to different forms of money. These differences in levels of development may give the illusion of an historical emergence of money separate from, and subsequent to, the emergence of commodities. But in such cases what is at issue is the particular form of money, or the way in which value manifests itself in the particular society. Even transactions which are apparently barter transactions, in that the equivalents exchanged are both concrete commodities, may best be analyzed as degenerate monetary transactions, in which the parties estimate the abstract value of their respective products, and finding them equal, or nearly equal, are able to avoid transferring money itself. Marx regards value, the general power of exchangeability that resides in commodities, as an expression of the labor expended in the production of the commodities. If we use the word labor for the more accurate phrase, abstract, sociallyShow MoreRelatedBiography Of Karl Marx s Writing On Class Conflict1335 Words   |  6 Pagesociety is told that through hard work and dedication anyone can become successful. Success in the United States is looked at as being a part of the elite. Though it may seem like the status may easily be reached, this is not, in fact the case. Karl Marx’s writing on class conflict suggest otherwise. Class conflict is still very relevant in present day’s society and can be seen throughout the levels of class. 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