KARL MARX ON MONEY
1973Peter Jeffries Read the scan at ETOL (PDF) →Read from the scan by machine and not corrected: headlines and words can be misread, and a caption or advert can run into the text. For anything you quote, read the scan.
BY reformism' was possible through social democracy or Stalinism.
The shallowness and bankrupt nature of this 'new thinking' is now plain for every worker and serious socialist to see.
But along with this touching faith which the revisionists hac in 'welfare capitalism' went a profound ignorance of the nature of the capitalist system and particularly its monetary and credit system, a system which now stands at the centre of the crisis.
Each of these new-style Fabians was able to laugh at the analysis which the Socialist Labour League and the Fourth International made at each stage of this unfolding money crisis. For the revisionists, money was merely a 'technical device', a clever way of overcoming the difficulties of barter.
In this, of course, they were only reflecting the complacency which sections of the capitalist class itself displays about money and its role during a period of capitalist expansion.
During such times, the capitalists consider only 'real' commodities as constituting value; money is treated with contempt.
'On the eve of the crisis, the bourgeois, with the self-sufficiency that springs from intoxicating prosperity, declares money to be a vain imagination. Commodities alone are money. But now the cry is everywhere, money alone is a commodity! As the heart pants after water, so pants his soul after money? ('Capital' Vol 1, p. 138). let us assume, five hours of labour-time to produce, means development of a commodity which stands against all other commodities, yet united with aug mai