[LMB] Money, on topic, take two

B. Ross Ashley brashley46 at gmail.com
Thu Nov 19 21:52:35 GMT 2020


On Thu, 19 Nov 2020 12:04:11 -0600, Pouncer<pouncer at aol.com>
wrote:

> Walter says:
> >In my econ classes, there was no mention of differences between
> >money and currency. Please tell us of the distinction, if any.
> >Most money or currency is electronic records nowadaze.


> I sneer at college economics classes for several reasons, but if you recall and report correctly, you had a worse than usual
> instance of the experience.  Currency is the official medium of exchange -- particularly in the exchange of one's continued
> existence in exchange for paying the despot's tax-collectors.
> MONEY does that and more -- stores value (imperfectly), keeps score, sometimes has a use or value of its own (silver coins, for
> instance), or just offers symbolic or  historic significance.
> Southern American 19th century Confederate money or the money of the 20th's German Weimar Republic or 21st's Iraqi Money of Saddam
> Hussein is still MONEY. But the currency of each has been replaced. The gold coins of the Cetagandan "Ninth Satrapy" are,
> in canon, still money. The coins are also "specie", a type of standardized commodity governments offer when "currency" may be
> suspect. As a commodity those coins are still valuable. As artifacts,they have value as well.  As currency -- well, y'know,
> Gregor's annual "birthday presents" are tendered in "specie" of that sort.  I suppose that the Ceta's version of such coins are
> debatable.  Let's go.

> Maybe we can lure Brad DeLong out for more and better details.

As the List's only Marxist as far as I know, I have read through reams of explanation of the distinction between use-value and exchange-value, for starters.
However, as a disciple of Trotsky I should remark that during the New Economic Policy of the early 20s in the Soviet republic, he advocated the use of the gold standard (based on the chervonets) for at least foreign trade, as actually happened until at least WWII.

If Brad does show up I will leave him to deal with the ins and outs of Modern Monetary Theory ... may it not give him as much of a headache as it does me!



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