Rudolf Hilferding by Unknown

Author:Unknown
Language: eng
Format: epub
ISBN: 9783030473440
Publisher: Springer International Publishing

Like the chapter on money in Capital , Vol. I, the first part of FC also contains extensive discussions of historical instances in which these laws were violated and the effects of such violations, and how bourgeois theory itself, including Ricardo, struggled to impose some commodity discipline on the behaviour of money.

Hilferding’s insistence on gold as necessary for international transactions also follows Marx and is entirely correct. Only those who look away from the difficulties the use of both the pound sterling in the ‘gold standard’ era and the US dollar thereafter in international transactions created and continue to create, those who naturalise an international paper money in a capitalist world, can object. (Keynes was keenly aware of the imperial and managed nature of the gold standard as well the power dynamics of any dollar standard. See also De Cecco 1984, Desai 2013 and Desai 2019.)

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