Money and Capital: A Critique of Monetary Thought, the Dollar and Post-Capitalism (Baronian Laurent)(Paperback)

This book renews the Marxian theory of the general equivalent by highlighting the contradiction between the social functions of money (unit of account, means of circulation) and its private functions (store of value, accumulation). It draws a clear distinction between the monetary base from the commodity base of money and thus avoids the confusion between money and credit on the one hand, and money and capital on the other, which are found in other heterodox monetary theories. It accounts for the new forms of monetary constraints weighing on the banking systems under inconvertible fiat money standard, the class relationships underlying the interventions of monetary authorities and governments, and presents a definition of the state which emphasises its mode of intervention on the collective and social conditions of capitalism which are money and labour power. The emphasis on
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