By Jack Gray
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Additional resources for Chinese Communism in Crisis: Maoism and the Cultural Revolution
Money is not a mere “medium” for facilitating economic transactions. It is the necessary form of appearance of “self-valorising value”, of capital. A highly specific role in the activation of money as capital is played by interest-bearing capital, the operations of which Marx attempts to come to grips with above all in that part of his Manuscripts 1863-67 which appeared as Part Five of the third volume of Capital, particularly in chapters 21-24. In the Marxist system both value and money are concepts which cannot be defined independently of (or before) the notion of capital.
E. the conversion of surplus value into capital) is defined as accumulation. 14 With the production process consuming (using up) one part of the preexisting material capital, which is not only replaced by the (gross) product but also increased through invested (capitalised) surplus value, after a certain point the entire material capital becomes a product of (capitalised) surplus value. Surplus value (as the process of capitalist production and capitalist exploitation of labour) is produced by – and also produces – capital.
Real” wealth consists in commodities’ total value, irrespective of the quantity of precious metals which serve to put those commodities in circulation. e. the view according to which money is a public “symbol of value” (or “imaginary value”) and not a commodity: Conversely, according to the Classical labour theory of value, whether in its Smithian version of expended labour or its Ricardian variant, money is a commodity and as such has “intrinsic value”, whose dimensions are determined by the quantity of labour expended on producing and bringing it to market (see above).
Chinese Communism in Crisis: Maoism and the Cultural Revolution by Jack Gray