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The General Equivalent: Money as a Solution to Exchange Dilemmas

Explore the concept of money as the general equivalent in commodity exchange, how value is represented, and the historical development of money. Discover the significance of money fetish and practical applications within the exchange process.

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The General Equivalent: Money as a Solution to Exchange Dilemmas

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  1. Commodity owners and their commodities But my commodity should also be a general equivalent of all others. My commodity should be a a general equivalent for all others so that I can exchange it for everything. use value use value commodity commodity = value value

  2. The commodity owner’s ponder … But it is not possible for all commodities to be the general equivalent at the same time. There can only be one. What should I do? … and me? use value use value commodity commodity = value value

  3. … and find a solution Great, money! It is directly exchangeable;I can exchange every-thing for it. Hey, great; there’s already a solution! Yay! Without even thinking. Commodity Commodity money money Commodity Commodity Commodity Commodity general equivalent «In their difficulties our commodity-owners think like Faust: ‹In the beginning was the deed.› They have therefore already acted before thinking».(p. 180)

  4. The money fetish Man, you’ve totally succumbed to the money fetish. The reverse is the case: Because we represent the value of all our commodities in an exclusive commodity, that commodity becomes money. Look, because we have money, we can relate all of our commo-dities to it as values. Practical, no? Commodity Commodity Commodity Commodity money Commodity Commodity Commodity Commodity

  5. Historical process: the development of money The historical broadening and deepening of the phenomenon of exchange develops the opposition between use-value and value which is latent in the nature of the commodity. […] At the same rate, then, as the transformation of the products of labour into commodities is accomplished, one particular commodity is transformed into money. (p. 181)

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