Our paper builds on Potts (2009a), which considers how Kliman's and Freeman's valuation methods differ if we include stocks of commodities, despite both being within the Temporal Single System Interpretation (TSSI) of Marx. We aim to explore how 'stocks' of money may be treated in the TSSI of Marx. We conclude that how we treat money depends on whether we imagine a commodity money or, that money has a stamped commodity form or, we see the value of money as being purely fictitious. We then abstractly focus on the financial system as essentially representing monied-capitalists? partial ownership of the productive economy. We assume money is in the form of deposit credit money, which clearly has no intrinsic value. However, if we assume our money deposits to be of stamped commodity form can we imagine that they can actually embody/appropriate value? Rather than attempting to answer this question we firstly assume money deposits embody value and secondly assume that they do not. We imagine for both approaches how monied-capitalists? and productive capitalists? fortunes may vary over time. In conclusion we suggest our results support the notion that changes to the nature of finance-capital may help explain the post-Golden Age growth slowdown.
|Number of pages||31|
|Publication status||Unpublished - 1 Jan 2009|
|Name||Research and Enterprise Working Paper Series|