Essay Questions

Why does Marx allude to Revelation in "Exchange"?

Marx elucidates, "To be the universal equivalent, becomes, by this social process, the specific function of the commodity thus excluded by the rest… ["These have one mind, and shall give their power and strength unto the beast." Revelations, 17:13; "And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name." Revelations, 13:17.]" The Biblical allusion underscores the quintessence of money across the universal. There is no region or place in the universe where money is not used. “Buying and selling” cannot transpire in the absence of money which is equivalent to a beast. Money possesses immense power which makes it mandatory for all economies and individuals.

Why is money noteworthy in labour markets? - “The Buying and Selling of Labour-Power”

Marx elucidates, “The possessor of money does find on the market such a special commodity in capacity for labour or labour-power. By labour-power or capacity for labour is to be understood the aggregate of those mental and physical capabilities existing in a human being, which he exercises whenever he produces a use value of any description.” Money enables capitalists to pay for labour which comprises, of mental and physical inputs, which is central in the production of commodities. Labour costs are incurred to generate profits. In the context of labour markets, labour is a commodity that is exchanged for wages.

Expound the universal nature of money. - "Universal Money"

Marx explains, "Within the sphere of home circulation, there can be but one commodity which, by serving as a measure of value, becomes money. In the markets of the world a double measure of value holds sway, gold and silver." "Gold and silver" are used internationally as symbols of money which are utilized to facilitate international trade. Balances of trade among nations are dependent on the amount of 'gold and silver' reserves that the countries hold. The use of these standard metals ensures that the money attains a universal face that can be used in any country. The value of money becomes uniform because 'gold and silver' are valued equally across the universe.