[Marxism] John Imani: "The German Currency Rent"

Louis Proyect lnp3 at panix.com
Thu Aug 18 12:39:09 MDT 2011

The Abstract of the paper:

A demonstration of a Marxist general theory of rents—a labor 
theory of rents, i.e. that a ‘rent’ exists wherever and whenever 
there is a divergence of any of the forms of exchange-value from 
the underlying value of a commodity—with a short study of a 
‘currency rent’ born out of the existence of a single-currency as 
the legal tender across the diverging economic landscapes of the 
European Union.  Monetary measures (e.g. devaluation) that might, 
prior to the Euro, have helped to smooth out trade balance 
differences are no longer in existence as control of national 
currencies has been ceded to the ECB authorities.  The 
non-existence of these foregone measures thereby acts as a 
‘virtual rent’ giving strong exporting countries (esp Germany) a 
masked additional (surplus-)profit.


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