Marx's Capital: Chapters 2-3 - Money

We continue our series on Marx's masterpiece, Das Kapital, with this video of Ben Gliniecki discussing the question of money.

Covering chapers 2-3 of Capital, Ben explains the historical origins and social basis of money, analysing its economic role within a system of commodity production and exchange.

Applying Marx's method to this complex question, Ben explores concepts such as inflation and crypto-currencies (like Bitcoin), and shows how money will not simply be abolished under socialism, but will eventually "wither away".

[shaunlaverick]

excellent talks so far looking forward to more.thx SA for sharing

[leni]

Fun fact: Russian (and maybe, in the future, BRICS) is trying to make a new economic system with gold as a base

[albertomola]

guys you are mixing the effects of division of labour with capital accumulation, they are two different things, division of labour and its effects were present also within pre-capitalist community and so the production of more things that you actually need. it is with the bourgeois society and its social relations of production that the exchanges start to be based on the exchange value. In fact in that society you can compare different kind of labour reducing to an abstract universal labour units . The comparison between these labour units allows for the comparison between the products and so for the existence of exchange value. Money is only the "christalization" this exchange value since to be exchanged is its only use value. Money is the manifestation of the social relations of production of the bourgeois society hidden by a material veil.

[kendomyers]

But what exactly is a socialist apple?
Eh? Eh?
...ill see myself out

[nickkube]

Lol, wonder what this guy's thoughts are on bitcoin now. Also, how does Marxs Capital deal with hyperinflation? Seems to me bitcoin and commodities are the best hedges.

[Jaredthedude]

Bitcoin isn't trying to be every commodity as this guy seems to think, it's trying to be A commodity, like gold:
- There's an arbitrary amount of it in the world.
- It's mined.

In what way is bitcoin different than gold?
- You can buy more stuff with it than gold.
- It can be sent electronically (without the double spend problem).

It's actually quite funny how he can talk about money correctly, but misunderstand bitcoin so obviously.


He can read a book but the penny hasn't dropped...

[SociallyTriggered]

So to summarize
People have needs but can't produce all of the things they require. They at first exchanged things for other things. But to make trade easier a universal constant exchange base was developed. This later became gold. But as more things got exchanged gold became too limited so paper representing gold was used instead. However, this still was too limited and didn't allow for currency manipulation so the paper become no longer connected to the gold and acted solely as a promise of worth. Usually this was still pegged to the economy of the country. The next step in the evolution would be for the money not even to be connected to the economy.
All this leads to all of ills of capitalism so it all collapses and socialism steps in to pick up the pieces.

This sounds like a nice story and like most stories as some truth to it. The problem is the manipulations that happen with money aren't from the capitalists. They are from the government and central banking. Both act like socialist hands getting in the way of capitalism working on its own. It isn't capitalism that is the problem but those who seek to control it.

How about stop trying to be intellectuals and pretend that you understand the vast system of the world and just declare that you want a different world which you know has no precedence but you just want a better fairer world. Stop pretending to understand!

What a poor bastard: "r u going to give me notes, sorry I just felt self conscious!" This man is obviously a nice guy but he does not believe in himself at all. Don't get me started on his physical appearance...yes, appearance is everything! A lovely guy who believes in the good, but by his appearance and demeanor will never cause one iota of change!

[karlschuch]

he quotes Trotsky as a great voice in economics -- yeah that whole Russian revolution worked out so well, everyone lived in Utopia forever after

[theflyingdutchman]

Informative video, Marx was incredibly wrong though, but informative.

[ef]

A vague point of view poorly delivered. Everyone spouting 'Marx' and 'socialism' always hijack his theory and blame 'government bonds' and 'banks' etc. Nothing wrong with capitalism. It's croni capitalism that needs to be feared. I always wondered how any business could survive without true free market capitalism...Marx was never interested in government socialism.
The idealistic notion of 'sharing the wealth' has never lifted the poorer people out of poverty. It's only drags the mass earners downwards to create more poor people.. (eg, 'Gosbank, Russia')

[iliyan-kulishev]

Obviously a good guy who wants to see capitalism overthrown, but very weak presentation, no coherent understanding of Marx's theory of value, money and price. Mixing up terms and using them with confusing meanings, no actual explanations, just endless repeating of empty statements.