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Cited by 42Political Economy and MarxismEconomic Theory and PolicyEconomic theories and models

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Money and the Analysis of Capitalism: The Significance of Commodity Money

Lapavitsas, Costas·2000·Review of Radical Political Economics
DOI 10.1177/048661340003200404
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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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Research works printed but not linked: 23

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  18. Rosdolsky, R., 1977, The Making of Marx's Capital
  19. Smith, A., 1984, The Wealth of Nations. E
  20. Steuart, J., 1805, An Inquiry into the Principles of Political Economy
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Cited by

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
DOI
10.1177/048661340003200404
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
Licence
journals.sagepub.com/page/policies/text-and-data-mining-license (tdm)
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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