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What exactly is money? (Animated explainer video) | Geopolitical Economy Report (www.youtube.com)

submitted 2 weeks ago by [email protected] to c/[email protected]

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I feel like this one is kind of a miss? A bit of revisionism to say that money has no relation at all with value. Marx is clear about this… gold is money because it has value. This is true simultaneously with money as a symbol detaching from its material form and the value relation. This symbolic form can only exist after mediation as value.

It’s like saying: the airplane does not interact with gravity because it does not fall to the ground. No — gravity is essential to the mechanism of flight.

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[–] [email protected] 4 points 2 weeks ago

I’m not an expert either haha, and happy to discuss. Please give the Hudson article and Graeber’s book a read.

I think many Marxists who are resistant to this view (for example, Michael Roberts) is that they are still very much stuck to the “fixed exchange rate regime” mindset and haven’t realized that a lot of the restrictions no longer apply in a free floating exchange rate system, where money is not tied to gold/another currency.