Re: [Pen-l] money

[Ann Davis <davisa@xxxxxxxxxx>]

"The market does not generate its own currency initially and 
consequently monetary economies are intimately imbricated with the 
state from their origin."

I agree with Terry's statement above.  But where do we go for recent 
Marxian analysis of the state?

At 07:03 PM 12/30/2008, you wrote:
> >I think that the chartalist idea makes a lot of sense. But the key
> issue is whether or not the money is scarce.<  JD
>
> Taxation creates the demand for money in this argument.  It also 
> makes sure the money is scarce by removing it from the 
> economy.  Government spending supplies the money in the first 
> place.  Jim is right this all depends on the effective power of the 
> state.  This is an alternative to the standard origin story where a 
> universal commodity intermediates what used to be barter.  The 
> market does not generate its own currency initially and consequently 
> monetary economies are intimately imbricated with the state from their origin.
>
> Terry
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