by Summary:
Distinguishing currency acceptance from currency value therefore carries a social significance. So long as a sovereign government’s currency is accepted, neither the currency nor society is ultimately beholden to the law of value. Since a currency can be made viable irrespective of (marxist) value considerations, a currency-issuing government can override the law of value whenever this is the political will. This opens the way for an extension of not-for-profit activity and, if desired, a transcending of capitalism. To reiterate what was stated earlier, however, this does not mean that policy is feasible “within any context whatsoever” or “under any circumstances”. For instance, it might be that certain policy options negatively affect the profitability of capitalist firms. In that
Topics:
Mike Norman considers the following as important: Karl Marx, MMT
This could be interesting, too:
Distinguishing currency acceptance from currency value therefore carries a social significance. So long as a sovereign government’s currency is accepted, neither the currency nor society is ultimately beholden to the law of value. Since a currency can be made viable irrespective of (marxist) value considerations, a currency-issuing government can override the law of value whenever this is the political will. This opens the way for an extension of not-for-profit activity and, if desired, a transcending of capitalism. To reiterate what was stated earlier, however, this does not mean that policy is feasible “within any context whatsoever” or “under any circumstances”. For instance, it might be that certain policy options negatively affect the profitability of capitalist firms. In that
Topics:
Mike Norman considers the following as important: Karl Marx, MMT
This could be interesting, too:
Robert Vienneau writes A Letter From Marx To Engels In 1858 Outlining His Critique Of Political Economy
Robert Vienneau writes A History Of Production Processes In Volume 1 Of Capital
Robert Vienneau writes Keynes And Marx
Robert Vienneau writes New Interpretations Of Marx
Distinguishing currency acceptance from currency value therefore carries a social significance. So long as a sovereign government’s currency is accepted, neither the currency nor society is ultimately beholden to the law of value.
Since a currency can be made viable irrespective of (marxist) value considerations, a currency-issuing government can override the law of value whenever this is the political will. This opens the way for an extension of not-for-profit activity and, if desired, a transcending of capitalism.
To reiterate what was stated earlier, however, this does not mean that policy is feasible “within any context whatsoever” or “under any circumstances”. For instance, it might be that certain policy options negatively affect the profitability of capitalist firms. In that case, certain policy options might not be compatible with a preservation of capitalism.
This only means that society, in such instances, will face a choice between reinforcing capitalist social relations or transitioning to socialism. Ultimately, the viability of the capitalist class is contingent on the actions of currency-issuing governments, not the other way round....heteconomist
Currency Acceptance, Currency Value, and Transcending Capitalism
Peter Cooper