What is btcetheas
Publish: 2021-05-24 08:06:21
1.
There are many maps of copper mines in Warcraft: Durotar (331), black coast (306), Irvine forest (249), damoro (232), northern barren land (257), western wilderness (194), which are mostly on low-level maps. The refresh locations are as follows:
< P > 1 Duranthal 
extended data
Warcraft mining method
players need to buy a miner's hoe from the supplier. Miner's hoe doesn't need to be equipped. It must be in the player's package
players who learn mining skills can use the function of finding minerals, which can be used to track nearby mineral veins on a small map. Keep in mind that tracking does not last until death and must be enabled manually
in order to mine effectively, it is important to know where the vein will occur. In general, veins occur in the natural environment near hills, cliffs, mountains, regional boundaries, caves and / or mines. Use this information to plan routes based on the map data. Before you go to a new area to continue mining, make sure you have enough skills to collect any veins you may encounter in the area (excluding rare veins such as gold ore nodes)
2. LM is a dead mine. BL is between Ogg gate and nu Shui River. However, if there is a large size, it is not recommended to dig copper to make money. One hour's fram income is all collected, which is not twice and a half times as high as the efficiency of self digging. Unless you want to start mining from scratch
3. Hehe, a beginner
very simple, copper mines are basically distributed in areas of grade 1-20, as we all know, Irvine forest, western wilderness, damoro, lockmodan, black coast, tedashore, and Miran island. It can be collected along mountain road or hilly area
for you are grade 36 LR, I give you two suggestions
1. Turn on the automatic attack mode and go to the mines in Irvine forest and the West wilderness. In addition, there are many mines in the death mine. You should be able to get through level 36 by yourself
2, it's the simplest way. If there is a little g, you can buy copper ore directly from ah and smelt it into copper ingot. The primary growing point is very fast, and then you can auction it back to ah. The price of basic copper ore and copper ingot is the same, so you won't lose money and achieve the goal of long mining skill point
PS: ah is the auction house.
very simple, copper mines are basically distributed in areas of grade 1-20, as we all know, Irvine forest, western wilderness, damoro, lockmodan, black coast, tedashore, and Miran island. It can be collected along mountain road or hilly area
for you are grade 36 LR, I give you two suggestions
1. Turn on the automatic attack mode and go to the mines in Irvine forest and the West wilderness. In addition, there are many mines in the death mine. You should be able to get through level 36 by yourself
2, it's the simplest way. If there is a little g, you can buy copper ore directly from ah and smelt it into copper ingot. The primary growing point is very fast, and then you can auction it back to ah. The price of basic copper ore and copper ingot is the same, so you won't lose money and achieve the goal of long mining skill point
PS: ah is the auction house.
4. Random. Now mining has no future
5. It can be said that Marx's monetary theory contains a very modern insight, which foreshadows Keynes's theory from all aspects. This is most obvious in Marx's treatment of credit and financial crisis. However, only in the background of general value theory can Marx's monetary theory be fully understood. In other words, it is necessary to establish a close relationship between the form and function of money as the general equivalent of exchange value. The derivatives of money become the independent form of value and the measure of value. Money itself appeared before capitalism, and it completed various functions in the field of exchange and general circulation in the historical evolution. The various forms of these currencies are inseparable from the functions performed by the general monetary equivalents. This paper will propose that the combination of specific capitalist monetary form and monetary circulation theory provides a more systematic and coherent analytical framework, which strengthens Marx's original analysis of credit money. Corresponding to these specific forms of capitalist money is the evolution of modern banks and complex credit creation tools
the form and function of money
under the condition of capitalism, the derivative of money is conditional on its independent form of value. The monetary expression of commodity exchange value constitutes a measurable "general equivalent". The price of a commodity is the exchange ratio between the commodity and the currency (such as the expanded form of value). It is determined by the relative amount of social necessary labor time contained in the general equivalent. In this respect, the form of value represents the social form of commodity, which enters the exchange process and expresses the price of money with its inherent ability. Labor time, which is objectified into use value, can only be recognized by the society in the form of money, and can be realized through the market as exchange value. According to Marx, the general equivalent form is objectified as the monetary expression of exchange value. Indeed, the monetary system itself can be used as a means of delayed payment or a modern manifestation of credit cycle. But money appeared in the form of commercial capital or merchant capital before capitalism. Marx believed that social customs and regulations would determine which commodity currency was chosen, and by excluding all other commodities, he gave a special commodity the role of general equivalent. Money thus gained the monopoly power of commodity purchasing power. As a monopolistic means of purchase, general equivalent is the social bond of commodity owners and the nerve of capitalist society
as long as the abstract labor needs social recognition, the general equivalent is bound to be an independent and independent form of value. In Marx's time, gold was the general equivalent, and Marx regarded paper money as the "symbol" of gold. Money as a common attribute, as a measure of value and as a necessary means of social expression of commodity value. The amount of money in circulation follows the law of reflux to adapt to the total price. The way is storage or selling in the financial system, or the change of circulation speed. The process of circulation creates the illusion that money itself can make goods commensurate. But on the surface or under the "phenomenal form" of exchange value, abstract labor determines the material essence of value. In Marx's own words: "because all goods as value are objectified human labor, so they can be commensurate, so they can jointly use a unique commodity to measure their own value, and this unique commodity is converted into their common value scale or currency."[ 1] In the general cycle of m-c-m ', money acts as the intermediary of the cycle process, in which the real social proction characteristics are classified into the indivial behavior in the transaction. Money actively treats goods as value. This presupposes that buy for sell (m-c-m ') is dominant in developed capitalist relations. In m-c-m ', money can not be regarded as passive, because the increase of money is set as the purpose of circulation. Money is the most active thing in the economy. An important goal of any monetary theory is to explain this phenomenon
unlike Ricardo, Marx believed that money could not only be used as a means of exchange and circulation. Indeed, even before Keynes criticized say's law, Marx opposed the classical doctrine of monetary neutrality, which believed that money was only a "veil" on barter. In the pure commodity economy, money, as a passive role, reflects the exchange proportion of commodities in the process of barter. In this barter economy, purchase and sale go on at the same time, that is to say, the use value of goods is the main purpose. It is on this basis that say's law, which holds that there is no universal overproction, can be verified. Certainly, even assuming that commodity exchange is through money as a means of circulation, as long as money is not idle or stored as a store of value, say's law will be effective. The classical system confuses the pure commodity economy and the capitalist monetary economy. Marx's system is obviously on the contrary. He started from the initial form of money. As far as the main purpose is to realize the exchange value in the form of money, the general equivalent in the form of money determines the logic of market economy. The ultimate driving force for a single capitalist is to create and realize surplus value in the form of money. The contradiction between the monetary form of capital and the commodity form indicates the possibility of financial crisis
"the devaluation of the credit currency (let alone its illusory loss of currency qualification) will shake all existing relationships. Therefore, in order to ensure the fantasy and independent existence of commodity value in money, we must sacrifice the value of commodity. Generally speaking, as long as money is guaranteed, the value of goods as monetary value is guaranteed. Therefore, many millions of goods have to be sacrificed for millions of money. This phenomenon is inevitable in capitalist proction, and it is one of its advantages. There was no such phenomenon in the former mode of proction, because credit and credit money have not been developed on the narrow basis of their movement. Once the social nature of labor is manifested as the existence of commodity currency, which is beyond the real proction, the currency crisis, which is independent of the real crisis, or as a sharp manifestation of the real crisis, is inevitable. On the other hand, it is clear that as long as the credit of a bank does not waver, the bank will ease the panic by increasing the credit currency under such circumstances, but it will aggravate the panic by shrinking the credit currency. "[ 2]
Marx confirmed the three basic functions of money. First of all, money is regarded as a unit of calculation, which functions as a measure of value by determining the price. Marx's theory of commodity currency made him regard gold as the measure of value. The value of gold itself is determined by the social necessary labor time consumed in the proction of this special commodity. Unlike all other commodities, gold has a general exchange value, which is recognized by society and recognized by the state as a measure of value. Second, money as a means of circulation (such as modern paper money) is issued by private banks and ultimately regulated by the central bank through its reserve of high-energy money. The third function can be described as an abstract representation of value or simply as "money as money". In this point of view, Marx distinguished the functions of three kinds of money: (1) to store value in the form of money storage: "a certain part of capital must continue to exist as storage money and as possible monetary capital, that is: reserve for purchasing means, reserve for payment means, a kind of idle capital waiting to be used in the form of money; And part of the capital keeps flowing back in this form. "[ 3] Money appears as potential capital. As a store of value, money has acquired its inherent purchasing power and self expanding value through M-M 'cycle 2) Delay payment as a means of payment or in the form of credit 3) As the world currency, international means of payment and reserve assets. In Marx's own time, this function was carried out by the international gold position supported by the British power. Once money is used as a measure of value and a standard of price, it will become a means of circulation. As a means of circulation, the legal means of payment of money is recognized and guaranteed by the state and issued as legal currency. In other words, the state was granted the privilege of seigniorage. The function of money as a measure of value is recognized by the society. Only in the process of circulation can money act as a general equivalent in the form of price. Marx's analytical framework establishes a causal relationship. Money as a measure of value and price standard is based on its existence as a means of circulation
the functions of money are also consistent with its specific historical form. The emergence of banking and credit creation are consistent with the advanced stage of capitalist evolution. On the contrary, the spontaneous evolution of legal money and precious metals, or the appearance of metal money form before capitalism, has its origin as ancient as cultural relics. These different forms of money deeply affect the decision of money intermediary. As a result, money, as an abstract expression of value, is consistent with the more developed and advanced form of money intermediary of capitalist exchange. The evolution of modern banks has witnessed the integration of payment and credit creation management. Modern credit creation tools and financial media can be said to be the latest form of abstract expression of value. They are the place where the formation and regulation of credit take place, and they are in the center of money circulation between capitalists and workers as well as capitalists. However, it must be emphasized that the basic functions are still the same regardless of the form of currency. Commodity currency is only a historical form of general equivalent. With the development of capitalism, other specific forms of capitalist money, such as credit, non convertible legal money, bank deposits and so on, have graally become the dominant form.
the form and function of money
under the condition of capitalism, the derivative of money is conditional on its independent form of value. The monetary expression of commodity exchange value constitutes a measurable "general equivalent". The price of a commodity is the exchange ratio between the commodity and the currency (such as the expanded form of value). It is determined by the relative amount of social necessary labor time contained in the general equivalent. In this respect, the form of value represents the social form of commodity, which enters the exchange process and expresses the price of money with its inherent ability. Labor time, which is objectified into use value, can only be recognized by the society in the form of money, and can be realized through the market as exchange value. According to Marx, the general equivalent form is objectified as the monetary expression of exchange value. Indeed, the monetary system itself can be used as a means of delayed payment or a modern manifestation of credit cycle. But money appeared in the form of commercial capital or merchant capital before capitalism. Marx believed that social customs and regulations would determine which commodity currency was chosen, and by excluding all other commodities, he gave a special commodity the role of general equivalent. Money thus gained the monopoly power of commodity purchasing power. As a monopolistic means of purchase, general equivalent is the social bond of commodity owners and the nerve of capitalist society
as long as the abstract labor needs social recognition, the general equivalent is bound to be an independent and independent form of value. In Marx's time, gold was the general equivalent, and Marx regarded paper money as the "symbol" of gold. Money as a common attribute, as a measure of value and as a necessary means of social expression of commodity value. The amount of money in circulation follows the law of reflux to adapt to the total price. The way is storage or selling in the financial system, or the change of circulation speed. The process of circulation creates the illusion that money itself can make goods commensurate. But on the surface or under the "phenomenal form" of exchange value, abstract labor determines the material essence of value. In Marx's own words: "because all goods as value are objectified human labor, so they can be commensurate, so they can jointly use a unique commodity to measure their own value, and this unique commodity is converted into their common value scale or currency."[ 1] In the general cycle of m-c-m ', money acts as the intermediary of the cycle process, in which the real social proction characteristics are classified into the indivial behavior in the transaction. Money actively treats goods as value. This presupposes that buy for sell (m-c-m ') is dominant in developed capitalist relations. In m-c-m ', money can not be regarded as passive, because the increase of money is set as the purpose of circulation. Money is the most active thing in the economy. An important goal of any monetary theory is to explain this phenomenon
unlike Ricardo, Marx believed that money could not only be used as a means of exchange and circulation. Indeed, even before Keynes criticized say's law, Marx opposed the classical doctrine of monetary neutrality, which believed that money was only a "veil" on barter. In the pure commodity economy, money, as a passive role, reflects the exchange proportion of commodities in the process of barter. In this barter economy, purchase and sale go on at the same time, that is to say, the use value of goods is the main purpose. It is on this basis that say's law, which holds that there is no universal overproction, can be verified. Certainly, even assuming that commodity exchange is through money as a means of circulation, as long as money is not idle or stored as a store of value, say's law will be effective. The classical system confuses the pure commodity economy and the capitalist monetary economy. Marx's system is obviously on the contrary. He started from the initial form of money. As far as the main purpose is to realize the exchange value in the form of money, the general equivalent in the form of money determines the logic of market economy. The ultimate driving force for a single capitalist is to create and realize surplus value in the form of money. The contradiction between the monetary form of capital and the commodity form indicates the possibility of financial crisis
"the devaluation of the credit currency (let alone its illusory loss of currency qualification) will shake all existing relationships. Therefore, in order to ensure the fantasy and independent existence of commodity value in money, we must sacrifice the value of commodity. Generally speaking, as long as money is guaranteed, the value of goods as monetary value is guaranteed. Therefore, many millions of goods have to be sacrificed for millions of money. This phenomenon is inevitable in capitalist proction, and it is one of its advantages. There was no such phenomenon in the former mode of proction, because credit and credit money have not been developed on the narrow basis of their movement. Once the social nature of labor is manifested as the existence of commodity currency, which is beyond the real proction, the currency crisis, which is independent of the real crisis, or as a sharp manifestation of the real crisis, is inevitable. On the other hand, it is clear that as long as the credit of a bank does not waver, the bank will ease the panic by increasing the credit currency under such circumstances, but it will aggravate the panic by shrinking the credit currency. "[ 2]
Marx confirmed the three basic functions of money. First of all, money is regarded as a unit of calculation, which functions as a measure of value by determining the price. Marx's theory of commodity currency made him regard gold as the measure of value. The value of gold itself is determined by the social necessary labor time consumed in the proction of this special commodity. Unlike all other commodities, gold has a general exchange value, which is recognized by society and recognized by the state as a measure of value. Second, money as a means of circulation (such as modern paper money) is issued by private banks and ultimately regulated by the central bank through its reserve of high-energy money. The third function can be described as an abstract representation of value or simply as "money as money". In this point of view, Marx distinguished the functions of three kinds of money: (1) to store value in the form of money storage: "a certain part of capital must continue to exist as storage money and as possible monetary capital, that is: reserve for purchasing means, reserve for payment means, a kind of idle capital waiting to be used in the form of money; And part of the capital keeps flowing back in this form. "[ 3] Money appears as potential capital. As a store of value, money has acquired its inherent purchasing power and self expanding value through M-M 'cycle 2) Delay payment as a means of payment or in the form of credit 3) As the world currency, international means of payment and reserve assets. In Marx's own time, this function was carried out by the international gold position supported by the British power. Once money is used as a measure of value and a standard of price, it will become a means of circulation. As a means of circulation, the legal means of payment of money is recognized and guaranteed by the state and issued as legal currency. In other words, the state was granted the privilege of seigniorage. The function of money as a measure of value is recognized by the society. Only in the process of circulation can money act as a general equivalent in the form of price. Marx's analytical framework establishes a causal relationship. Money as a measure of value and price standard is based on its existence as a means of circulation
the functions of money are also consistent with its specific historical form. The emergence of banking and credit creation are consistent with the advanced stage of capitalist evolution. On the contrary, the spontaneous evolution of legal money and precious metals, or the appearance of metal money form before capitalism, has its origin as ancient as cultural relics. These different forms of money deeply affect the decision of money intermediary. As a result, money, as an abstract expression of value, is consistent with the more developed and advanced form of money intermediary of capitalist exchange. The evolution of modern banks has witnessed the integration of payment and credit creation management. Modern credit creation tools and financial media can be said to be the latest form of abstract expression of value. They are the place where the formation and regulation of credit take place, and they are in the center of money circulation between capitalists and workers as well as capitalists. However, it must be emphasized that the basic functions are still the same regardless of the form of currency. Commodity currency is only a historical form of general equivalent. With the development of capitalism, other specific forms of capitalist money, such as credit, non convertible legal money, bank deposits and so on, have graally become the dominant form.
6. The basic contents of Marx's labor theory of value are as follows:
1) the two factors of commodity and the ality principle of labor
value in use --- concrete labor value --- abstract labor
2) the relationship between the quantity of value and labor proctivity
the quantity of commodity value is directly proportional to the socially necessary labor time for procing the commodity, It is inversely proportional to labor proctivity
3) the emergence and development of money
money is a fixed commodity acting as a general equivalent, and it is the end stage of the development of value form
4) law of value
the amount of value of goods is determined by the social necessary labor time for the proction of goods, and the exchange of goods is equivalent
we can clearly see the logical clue and basic position of Marx's labor theory of value in the theory of scientific socialism from the expositions of classical Marxist Writers: (1) compared with the classical economic school of the bourgeoisie, the greatest contribution of Marx's labor theory of value is to prove the "ality of labor" 2) On the basis of the ality of labor, Marx established the theory of surplus value 3) On the basis of surplus value theory, Marx revealed the essence of capitalist proction and the inherent contradiction of capitalist mode of proction, and thus came to the conclusion that capitalism is bound to perish and socialism is bound to win. To sum up, Marx's labor theory of value is the basic theory to reveal the historical law of capitalism from its birth to its demise, a theoretical cornerstone of scientific socialism, and a theory with a clear class position and striving for the economic and political dominant position for the working class. Starting from "labor is the only source of value", Marx mercilessly criticized the alienation of labor under the capitalist system and the crime of capitalist squeezing surplus value, and thus came to the historical conclusion that capitalism is bound to perish and socialism is bound to win.
1) the two factors of commodity and the ality principle of labor
value in use --- concrete labor value --- abstract labor
2) the relationship between the quantity of value and labor proctivity
the quantity of commodity value is directly proportional to the socially necessary labor time for procing the commodity, It is inversely proportional to labor proctivity
3) the emergence and development of money
money is a fixed commodity acting as a general equivalent, and it is the end stage of the development of value form
4) law of value
the amount of value of goods is determined by the social necessary labor time for the proction of goods, and the exchange of goods is equivalent
we can clearly see the logical clue and basic position of Marx's labor theory of value in the theory of scientific socialism from the expositions of classical Marxist Writers: (1) compared with the classical economic school of the bourgeoisie, the greatest contribution of Marx's labor theory of value is to prove the "ality of labor" 2) On the basis of the ality of labor, Marx established the theory of surplus value 3) On the basis of surplus value theory, Marx revealed the essence of capitalist proction and the inherent contradiction of capitalist mode of proction, and thus came to the conclusion that capitalism is bound to perish and socialism is bound to win. To sum up, Marx's labor theory of value is the basic theory to reveal the historical law of capitalism from its birth to its demise, a theoretical cornerstone of scientific socialism, and a theory with a clear class position and striving for the economic and political dominant position for the working class. Starting from "labor is the only source of value", Marx mercilessly criticized the alienation of labor under the capitalist system and the crime of capitalist squeezing surplus value, and thus came to the historical conclusion that capitalism is bound to perish and socialism is bound to win.
7. Introction
it can be said that Marx's monetary theory contains a very modern insight, which foreshadows Keynes's theory from all aspects. This is most obvious in Marx's treatment of credit and financial crisis. However, only in the background of general value theory can Marx's monetary theory be fully understood. In other words, it is necessary to establish a close relationship between the form and function of money as the general equivalent of exchange value. The derivatives of money become the independent form of value and the measure of value. Money itself appeared before capitalism, and it completed various functions in the field of exchange and general circulation in the historical evolution. The various forms of these currencies are inseparable from the functions performed by the general monetary equivalents. This paper will propose that the combination of specific capitalist monetary form and monetary circulation theory provides a more systematic and coherent analytical framework, which strengthens Marx's original analysis of credit money. Corresponding to these specific forms of capitalist money is the evolution of modern banks and complex credit creation tools
the form and function of money
under the condition of capitalism, the derivative of money is conditional on its independent form of value. The monetary expression of commodity exchange value constitutes a measurable "general equivalent". The price of a commodity is the exchange ratio between the commodity and the currency (such as the expanded form of value). It is determined by the relative amount of social necessary labor time contained in the general equivalent. In this respect, the form of value represents the social form of commodity, which enters the exchange process and expresses the price of money with its inherent ability. Labor time, which is objectified into use value, can only be recognized by the society in the form of money, and can be realized through the market as exchange value. According to Marx, the general equivalent form is objectified as the monetary expression of exchange value. Indeed, the monetary system itself can be used as a means of delayed payment or a modern manifestation of credit cycle. But money appeared in the form of commercial capital or merchant capital before capitalism. Marx believed that social customs and regulations would determine which commodity currency was chosen, and by excluding all other commodities, he gave a special commodity the role of general equivalent. Money thus gained the monopoly power of commodity purchasing power. As a monopolistic means of purchase, general equivalent is the social bond of commodity owners and the nerve of capitalist society
as long as the abstract labor needs social recognition, the general equivalent is bound to be an independent and independent form of value. In Marx's time, gold was the general equivalent, and Marx regarded paper money as the "symbol" of gold. Money as a common attribute, as a measure of value and as a necessary means of social expression of commodity value. The amount of money in circulation follows the law of reflux to adapt to the total price. The way is storage or selling in the financial system, or the change of circulation speed. The process of circulation creates the illusion that money itself can make goods commensurate. But on the surface or under the "phenomenal form" of exchange value, abstract labor determines the material essence of value. In Marx's own words: "because all goods as value are objectified human labor, so they can be commensurate, so they can jointly use a unique commodity to measure their own value, and this unique commodity is converted into their common value scale or currency."[ 1] In the general cycle of m-c-m ', money acts as the intermediary of the cycle process, in which the real social proction characteristics are classified into the indivial behavior in the transaction. Money actively treats goods as value. This presupposes that buy for sell (m-c-m ') is dominant in developed capitalist relations. In m-c-m ', money can not be regarded as passive, because the increase of money is set as the purpose of circulation. Money is the most active thing in the economy. An important goal of any monetary theory is to explain this phenomenon
unlike Ricardo, Marx believed that money could not only be used as a means of exchange and circulation. Indeed, even before Keynes criticized say's law, Marx opposed the classical doctrine of monetary neutrality, which believed that money was only a "veil" on barter. In the pure commodity economy, money, as a passive role, reflects the exchange proportion of commodities in the process of barter. In this barter economy, purchase and sale go on at the same time, that is to say, the use value of goods is the main purpose. It is on this basis that say's law, which holds that there is no universal overproction, can be verified. Certainly, even assuming that commodity exchange is through money as a means of circulation, as long as money is not idle or stored as a store of value, say's law will be effective. The classical system confuses the pure commodity economy and the capitalist monetary economy. Marx's system is obviously on the contrary. He started from the initial form of money. As far as the main purpose is to realize the exchange value in the form of money, the general equivalent in the form of money determines the logic of market economy. The ultimate driving force for a single capitalist is to create and realize surplus value in the form of money. The contradiction between the monetary form of capital and the commodity form indicates the possibility of financial crisis
"the devaluation of the credit currency (let alone its illusory loss of currency qualification) will shake all existing relationships. Therefore, in order to ensure the fantasy and independent existence of commodity value in money, we must sacrifice the value of commodity. Generally speaking, as long as money is guaranteed, the value of goods as monetary value is guaranteed. Therefore, many millions of goods have to be sacrificed for millions of money. This phenomenon is inevitable in capitalist proction, and it is one of its advantages. There was no such phenomenon in the former mode of proction, because credit and credit money have not been developed on the narrow basis of their movement. Once the social nature of labor is manifested as the existence of commodity currency, which is beyond the real proction, the currency crisis, which is independent of the real crisis, or as a sharp manifestation of the real crisis, is inevitable. On the other hand, it is clear that as long as the credit of a bank does not waver, the bank will ease the panic by increasing the credit currency under such circumstances, but it will aggravate the panic by shrinking the credit currency. "[ 2]
Marx confirmed the three basic functions of money. First of all, money is regarded as a unit of calculation, which functions as a measure of value by determining the price. Marx's theory of commodity currency made him regard gold as the measure of value. The value of gold itself is determined by the social necessary labor time consumed in the proction of this special commodity. Unlike all other commodities, gold has a general exchange value, which is recognized by society and recognized by the state as a measure of value. Second, money as a means of circulation (such as modern paper money) is issued by private banks and ultimately regulated by the central bank through its reserve of high-energy money. The third function can be described as an abstract representation of value or simply as "money as money". In this point of view, Marx distinguished the functions of three kinds of money: (1) to store value in the form of money storage: "a certain part of capital must continue to exist as storage money and as possible monetary capital, that is: reserve for purchasing means, reserve for payment means, a kind of idle capital waiting to be used in the form of money; And part of the capital keeps flowing back in this form. "[ 3] Money appears as potential capital. As a store of value, money has acquired its inherent purchasing power and self expanding value through M-M 'cycle 2) Delay payment as a means of payment or in the form of credit 3) As the world currency, international means of payment and reserve assets. In Marx's own time, this function was carried out by the international gold position supported by the British power. Once money is used as a measure of value and a standard of price, it will become a means of circulation. As a means of circulation, the legal means of payment of money is recognized and guaranteed by the state and issued as legal currency. In other words, the state was granted the privilege of seigniorage. The function of money as a measure of value is recognized by the society. Only in the process of circulation can money act as a general equivalent in the form of price. Marx's analytical framework establishes a causal relationship. Money as a measure of value and price standard is based on its existence as a means of circulation
the functions of money are also consistent with its specific historical form. The emergence of banking and credit creation are consistent with the advanced stage of capitalist evolution. On the contrary, the spontaneous evolution of legal money and precious metals, or the appearance of metal money form before capitalism, has its origin as ancient as cultural relics. These different forms of money deeply affect the decision of money intermediary. As a result, money, as an abstract expression of value, is consistent with the more developed and advanced form of money intermediary of capitalist exchange. The evolution of modern banks has witnessed the integration of payment and credit creation management. Modern credit creation tools and financial media can be said to be the latest form of abstract expression of value. They are the place where the formation and regulation of credit take place, and they are in the center of money circulation between capitalists and workers as well as capitalists. However, it must be emphasized that the basic functions are still the same regardless of the form of currency. Commodity currency is only a historical form of general equivalent. With the development of capitalism, other specific forms of capitalist money, such as credit, non convertible legal money, bank deposits and so on, have graally become the dominant form.
it can be said that Marx's monetary theory contains a very modern insight, which foreshadows Keynes's theory from all aspects. This is most obvious in Marx's treatment of credit and financial crisis. However, only in the background of general value theory can Marx's monetary theory be fully understood. In other words, it is necessary to establish a close relationship between the form and function of money as the general equivalent of exchange value. The derivatives of money become the independent form of value and the measure of value. Money itself appeared before capitalism, and it completed various functions in the field of exchange and general circulation in the historical evolution. The various forms of these currencies are inseparable from the functions performed by the general monetary equivalents. This paper will propose that the combination of specific capitalist monetary form and monetary circulation theory provides a more systematic and coherent analytical framework, which strengthens Marx's original analysis of credit money. Corresponding to these specific forms of capitalist money is the evolution of modern banks and complex credit creation tools
the form and function of money
under the condition of capitalism, the derivative of money is conditional on its independent form of value. The monetary expression of commodity exchange value constitutes a measurable "general equivalent". The price of a commodity is the exchange ratio between the commodity and the currency (such as the expanded form of value). It is determined by the relative amount of social necessary labor time contained in the general equivalent. In this respect, the form of value represents the social form of commodity, which enters the exchange process and expresses the price of money with its inherent ability. Labor time, which is objectified into use value, can only be recognized by the society in the form of money, and can be realized through the market as exchange value. According to Marx, the general equivalent form is objectified as the monetary expression of exchange value. Indeed, the monetary system itself can be used as a means of delayed payment or a modern manifestation of credit cycle. But money appeared in the form of commercial capital or merchant capital before capitalism. Marx believed that social customs and regulations would determine which commodity currency was chosen, and by excluding all other commodities, he gave a special commodity the role of general equivalent. Money thus gained the monopoly power of commodity purchasing power. As a monopolistic means of purchase, general equivalent is the social bond of commodity owners and the nerve of capitalist society
as long as the abstract labor needs social recognition, the general equivalent is bound to be an independent and independent form of value. In Marx's time, gold was the general equivalent, and Marx regarded paper money as the "symbol" of gold. Money as a common attribute, as a measure of value and as a necessary means of social expression of commodity value. The amount of money in circulation follows the law of reflux to adapt to the total price. The way is storage or selling in the financial system, or the change of circulation speed. The process of circulation creates the illusion that money itself can make goods commensurate. But on the surface or under the "phenomenal form" of exchange value, abstract labor determines the material essence of value. In Marx's own words: "because all goods as value are objectified human labor, so they can be commensurate, so they can jointly use a unique commodity to measure their own value, and this unique commodity is converted into their common value scale or currency."[ 1] In the general cycle of m-c-m ', money acts as the intermediary of the cycle process, in which the real social proction characteristics are classified into the indivial behavior in the transaction. Money actively treats goods as value. This presupposes that buy for sell (m-c-m ') is dominant in developed capitalist relations. In m-c-m ', money can not be regarded as passive, because the increase of money is set as the purpose of circulation. Money is the most active thing in the economy. An important goal of any monetary theory is to explain this phenomenon
unlike Ricardo, Marx believed that money could not only be used as a means of exchange and circulation. Indeed, even before Keynes criticized say's law, Marx opposed the classical doctrine of monetary neutrality, which believed that money was only a "veil" on barter. In the pure commodity economy, money, as a passive role, reflects the exchange proportion of commodities in the process of barter. In this barter economy, purchase and sale go on at the same time, that is to say, the use value of goods is the main purpose. It is on this basis that say's law, which holds that there is no universal overproction, can be verified. Certainly, even assuming that commodity exchange is through money as a means of circulation, as long as money is not idle or stored as a store of value, say's law will be effective. The classical system confuses the pure commodity economy and the capitalist monetary economy. Marx's system is obviously on the contrary. He started from the initial form of money. As far as the main purpose is to realize the exchange value in the form of money, the general equivalent in the form of money determines the logic of market economy. The ultimate driving force for a single capitalist is to create and realize surplus value in the form of money. The contradiction between the monetary form of capital and the commodity form indicates the possibility of financial crisis
"the devaluation of the credit currency (let alone its illusory loss of currency qualification) will shake all existing relationships. Therefore, in order to ensure the fantasy and independent existence of commodity value in money, we must sacrifice the value of commodity. Generally speaking, as long as money is guaranteed, the value of goods as monetary value is guaranteed. Therefore, many millions of goods have to be sacrificed for millions of money. This phenomenon is inevitable in capitalist proction, and it is one of its advantages. There was no such phenomenon in the former mode of proction, because credit and credit money have not been developed on the narrow basis of their movement. Once the social nature of labor is manifested as the existence of commodity currency, which is beyond the real proction, the currency crisis, which is independent of the real crisis, or as a sharp manifestation of the real crisis, is inevitable. On the other hand, it is clear that as long as the credit of a bank does not waver, the bank will ease the panic by increasing the credit currency under such circumstances, but it will aggravate the panic by shrinking the credit currency. "[ 2]
Marx confirmed the three basic functions of money. First of all, money is regarded as a unit of calculation, which functions as a measure of value by determining the price. Marx's theory of commodity currency made him regard gold as the measure of value. The value of gold itself is determined by the social necessary labor time consumed in the proction of this special commodity. Unlike all other commodities, gold has a general exchange value, which is recognized by society and recognized by the state as a measure of value. Second, money as a means of circulation (such as modern paper money) is issued by private banks and ultimately regulated by the central bank through its reserve of high-energy money. The third function can be described as an abstract representation of value or simply as "money as money". In this point of view, Marx distinguished the functions of three kinds of money: (1) to store value in the form of money storage: "a certain part of capital must continue to exist as storage money and as possible monetary capital, that is: reserve for purchasing means, reserve for payment means, a kind of idle capital waiting to be used in the form of money; And part of the capital keeps flowing back in this form. "[ 3] Money appears as potential capital. As a store of value, money has acquired its inherent purchasing power and self expanding value through M-M 'cycle 2) Delay payment as a means of payment or in the form of credit 3) As the world currency, international means of payment and reserve assets. In Marx's own time, this function was carried out by the international gold position supported by the British power. Once money is used as a measure of value and a standard of price, it will become a means of circulation. As a means of circulation, the legal means of payment of money is recognized and guaranteed by the state and issued as legal currency. In other words, the state was granted the privilege of seigniorage. The function of money as a measure of value is recognized by the society. Only in the process of circulation can money act as a general equivalent in the form of price. Marx's analytical framework establishes a causal relationship. Money as a measure of value and price standard is based on its existence as a means of circulation
the functions of money are also consistent with its specific historical form. The emergence of banking and credit creation are consistent with the advanced stage of capitalist evolution. On the contrary, the spontaneous evolution of legal money and precious metals, or the appearance of metal money form before capitalism, has its origin as ancient as cultural relics. These different forms of money deeply affect the decision of money intermediary. As a result, money, as an abstract expression of value, is consistent with the more developed and advanced form of money intermediary of capitalist exchange. The evolution of modern banks has witnessed the integration of payment and credit creation management. Modern credit creation tools and financial media can be said to be the latest form of abstract expression of value. They are the place where the formation and regulation of credit take place, and they are in the center of money circulation between capitalists and workers as well as capitalists. However, it must be emphasized that the basic functions are still the same regardless of the form of currency. Commodity currency is only a historical form of general equivalent. With the development of capitalism, other specific forms of capitalist money, such as credit, non convertible legal money, bank deposits and so on, have graally become the dominant form.
8. Measure of value and means of circulation
9. The RMB we use to buy things belongs to "real currency", while the price on the label of goods in the store belongs to "conceptual currency"
the function of value measure in the function of currency can be imaginary or conceptual currency, while the function of circulation means must be realistic currency.
the function of value measure in the function of currency can be imaginary or conceptual currency, while the function of circulation means must be realistic currency.
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