[Marxism] The Republicans and the gold standard

Mark Lause markalause at gmail.com
Wed Aug 29 09:06:46 MDT 2012


In analyzing an economy that uses gold as the standard, you will have
to do so, but that's a matter of convention, not something innate to
the gold. And that gold "conserved in itself the value of labor used
to extract it from nature" is nothing special but true of everything
we have . . .  The measure of value for Marx (and many others before
him) was labor, not gold.

Critics of the gold standard (and capitalism) argued, very rightly,
that there could be better ways to represent labor in exchange--and to
avoid circumstances where the means of exchange could not itself be
monopolized and used for profit.

ML




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