Money and finance: exploring the TSSI

Research output: Working paper

Abstract

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.
Original languageEnglish
Number of pages31
Publication statusUnpublished - 1 Jan 2009

Publication series

NameResearch and Enterprise Working Paper Series

Fingerprint

Finance
Deposits
Commodities
Karl Marx
Commodity money
Valuation methods
Ownership
Intrinsic value
Credit
Financial system

Cite this

Potts, N. (2009). Money and finance: exploring the TSSI. (Research and Enterprise Working Paper Series).
Potts, Nic. / Money and finance: exploring the TSSI. 2009. (Research and Enterprise Working Paper Series).
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Potts, N 2009 'Money and finance: exploring the TSSI' Research and Enterprise Working Paper Series.

Money and finance: exploring the TSSI. / Potts, Nic.

2009. (Research and Enterprise Working Paper Series).

Research output: Working paper

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Potts N. Money and finance: exploring the TSSI. 2009 Jan 1. (Research and Enterprise Working Paper Series).