Gold Bullion, Jewelry, and the Monetary and Non-Monetary Uses of Gold

A reader asked to what extent gold jewelry can be considered money. A second reader wants to know the implications of the crisis theory developed in my posts for the so-called transformation problem—the transformation of values into prices of production as a result of the equalization of the rate of profit.

Both are excellent questions, and they point to the method behind these posts.

When I first conceived the “Project” back in the 1970s, I imagined that I would write up a section on the nature of the law of value, surplus value, money and prices, and competition, and then finish it with a section on crises. Hadn’t that been Marx’s plan?

Well it proved too much for even Marx!

In fact, the basic work on value, surplus value and its division into profit (interest plus profit of enterprise) and rent, money and prices had, after all, been done by Marx. Marx based himself on his predecessors, the bourgeois classical political economists, especially David Ricardo. Therefore, the basic work of criticizing bourgeois political economy was already accomplished.

In order to cut the “Project” down to size, I assumed that readers would already have mastered Marx’s critique of political economy. Not only do we have the work of Marx, but we have many popularizations of that work, though in the nature of things some of these popularizations are better than others.

Read more …

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One Response to “Gold Bullion, Jewelry, and the Monetary and Non-Monetary Uses of Gold”

  1. bobo Says:

    Could you give the assessment of some aspects of Monthly review school. I found an article in a very defensive-tone by Mr. Michael Dawson which claimed that “Baran and Sweezy are under-appreciation within Marxist circles”.

    http://mrzine.monthlyreview.org/2009/dawson291209.html

    Of course, my request should not interfere to your project’s priority. Thank you very much for your effort. This blog is invaluable for a beginner of Marxism like myself.

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