01678pab a2200169 454500 180718b2000 xxu||||| |||| 00| 0 eng d Lapavitsas, Costas Money and the analysis of capitalism: the significance of commodity money 2000 p.631-56 Monetary theory based on commodity money possesses sound foundations for analysis of capitalist monetary phenomena. "Valueless" forms of money (fiat and credit) have their roots in the nature and functions of commodity money. The evolution of the form of money is explained by the adequacy of each particular form for the functions which money is called to perform in capitalist exchange. Performing these functions encourages the development of money's form, leading to the emergence of several types of non-commodity ("valueless") money. This paper considers especially the adequacy of commodity, fiat, and credit money as means of exchange; adequacy is fully specified by examining determination of the exchange value of these forms of money. The process of determination is different for each: spontaneous hoarding for the first, arbitrary specification of quantity for the second, credit advance and repayment for the third. In this context, it is shown that the intrinsic value of commodity money can play an anchoring role for money's exchange value. The quantity theory of money has explanatory power with regard to the exchange value of fiat money and, under certain conditions, of credit money. - Reproduced Marxian economics Money Capitalism Review of Radical Political Economics 47877 47877 47877 0 0 0 0 IIPA IIPA 2018-07-19 Volume no: 32, Issue no: 4 AR48305 2018-07-19 2018-07-19 AR