Back to exchange value

1. Back to exchange value Marx intends to explain the genesis of the money form. Solving the mystery of money: Why everything can be bought with money. How does Marx solve the mystery? He follows the expression of value from its simplest manifestation all the way to its monetary form. The value relation of two commodities: 20 yards of linen = 1 coat This yields the simplest expression of the value of a commodity: 20 yards of linen are worth 1 coat.

2. The simple, isolated or accidental form of value I 20 yards of linen = 1 coat Simple Does not presuppose anything other than two commodities. Isolated Does not encompass any relationship to other expressions of value, is considered in isolation. Accidental Could be any arbitrary commodity, such as wheat, a hat, a straw, or lemonade.

3. The simple, isolated or accidental form of value II 20 yards of linen = 1 coat 20 yards of linen are worth 1 coat Relative form of value Pole Equivalent form of value ACTIVE Roles PASSIVE

4. The content of the relative form of value … The magnitudes of different things only become comparable in quantitative terms when they have been reduced to the same unit […] The linen and the coat […] are expressions of the same unit, things of the same nature. […] Human labour-power […] creates value, but is not itself value. It becomes value in its coagulated state, in objective form. (pp. 140–42) Within the value expression 20 yards of linen are worth 1 coat, the coat counts as a form of existence of value, as a «thing of value.» The value of the linen has taken the form of the coat. Now the linen has a value formdistinct from its natural form.

5. The quantitative determination of the relative form of value The expression of the value of commodity A changes when: • Its value changes, but not the value of commodity B. • Its value does not change, but commodity B’s value changes. • The values of both commodities change, but not to the same extent or in the same direction. IMPORTANT: If the values of both commodities change to the same extent and in the same direction, the expression of value does not change at all!

6. The equivalent form The equivalent form of a commodity = the form of its direct exchangeability with another commodity: The coat is directly exchangeable with the linen. The three peculiarities of the equivalent form: • Use-value becomes a form of appearance of its opposite, value. • Concrete labour becomes a form of appearance of its opposite, abstract human labour. • Private labour becomes a form of its opposite, labour in immediately social form. The mystery of the equivalent form: The coat is an embodiment of value only in its relationship to the linen. Outside of this relationship, it is merely a use-value.

7. The total or expanded form of value 20 yards of linen = 1 coat 20 yards of linen = 10 lb. tea 20 yards of linen = 1 quarter of wheat 20 yards of linen = 2 ounces of gold 20 yards of linen = y commodity B

8. The general form of value iron = the result of wheat coat general equivalent 1 coat = tea pants = 10 lbs. tea 1 quarter of wheat = 20 yards of linen 2 oz. of gold = 1 ton of iron = etc. =

9. The monetary form 1 coat = 10 lbs. of tea = 1 quarter of wheat = 2 ounces of gold 1 ton of iron = = etc.