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Money and the Analysis of Capitalism: The Significance of Commodity Money
Abstract
Monetary theory based on commodity money possesses sound foundations for analysis of capitalist monetary phenomena. "Valueless" forms of money (fiat and credit) have their roots in the nature and functions of commodity money. The evolution of the form of money is explained by the adequacy of each particular form for the functions which money is called to perform in capitalist exchange. Performing these functions encourages the development of money's form, leading to the emergence of several types of non-commodity ("valueless") money. This paper considers especially the adequacy of commodity, fiat, and credit money as means of exchange; adequacy is fully specified by examining determination of the exchange value of these forms of money. The process of determination is different for each: spontaneous hoarding for the first, arbitrary specification of quantity for the second, credit advance and repayment for the third. In this context, it is shown that the intrinsic value of commodity money can play an anchoring role for money's exchange value. The quantity theory of money has explanatory power with regard to the exchange value of fiat money and, under certain conditions, of credit money.
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“Accordingly, taking into account that capitalist exchange is performed in the monetary economy (Lapavitsas, 2000), the more an economic practice is drawn toward the monetary economy, the more it becomes vulnerable for being subsumed in the system of global capitalism.”
From The illusion of the digital commons: 'False consciousness' in online alternative economies (2017) · cites this paper as Lapavitsas, 2000
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Cited by
The illusion of the digital commons: 'False consciousness' in online alternative economies
Ossewaarde, M., & Reijers, W. (2017) · Organization · doi:10.1177/1350508417713217 · Cited by 54
Metadata
- Authors
- Lapavitsas, C.
- Affiliations
- University of London (GB)
- Corresponding author
- Lapavitsas, Costas
- ORCID
- Lapavitsas, Costas
- Venue
- Review of Radical Political Economics
- Publisher
- SAGE Publications
- Published
- 2000-12
- Volume
- 32
- Issue
- 4
- Pages
- 631-656
- ISSN
- 0486-6134 (ISSN-L)
- 1552-8502
- OpenAlex
- W2028070198
- Cited by
- 42
- References
- 0
- Citations by year
- 2026: 1 · 2023: 3 · 2022: 1 · 2020: 2 · 2019: 1 · 2018: 2 · 2017: 2 · 2016: 4 · 2015: 1 · 2014: 2 · 2013: 2 · 2012: 3
- FWCI
- 2.73
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Review of Radical Political Economics (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- SOAS Research Online (SOAS University of London) (submittedVersion)
- Topics
- Social Sciences › Sociology and Political Science › Political Economy and Marxism
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Economic Theory and Policy
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic theories and models
- Keywords
- commodity money, fiat money, credit money, monetary theory, exchange value, functions of money, medium of exchange, quantity theory of money, money hoarding, intrinsic value, evolution of money
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- The paper
- Lapavitsas, C. (2000). Money and the Analysis of Capitalism: The Significance of Commodity Money. Review of Radical Political Economics. https://doi.org/10.1177/048661340003200404
