Notes on the current conceptual status of inconvertible money

Gustavo Moura de Cavalcanti Mello About the author

Abstract

The end of the convertibility of the dollar into gold gave rise to considerable debate among Marxist theorists, regarding the current nature of money (devoid of substance). In view of the specificity of the Marxian analysis about the genesis, the essence and the roles of money within the dynamics of accumulation of capital, a key point of debate concerns its current validity. It is noted that a significant number of the Marxist interpretations remain close to specific and partial determinations of the concept of money, dissociating it from the concept of capital.The present article, in opposition to this trend, shows the relevant “steps” of this concept, to sequentially, in light of the historical evolve, carry out a brief critical incursion by the contemporary Marxist debate around the subject, devoting particular attention to Brazilian contributions. We strive to point out the virtues and deficiencies of certain representative approaches and identify, in analyses carried out by Prado (2013PRADO, E. F. S. (Neo)liberalismo: da ordem natural à ordem moral. Outubro, São Paulo, v. 18, p. 149-174, 2009., 2016aPRADO, E. F. S. Da controvérsia brasileira sobre o dinheiro mundial inconversível. Revista da Sociedade Brasileira de Economia Política, Niterói (SEP), Niterói, RJ, n. 35, p. 129-152, 2013., 2016bPRADO, E. F. S. From gold money to fictitious money. Brazilian Journal of Political Economy, São Paulo, v. 36, n. 1 (142), p. 14-28, 2016a.), a path towards the solution to some of the controversies.

Keywords:
Money; Inconvertible money; Contemporary capitalismo; Fictitious capital; Marx’s theory of value.

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