The Golden Contradiction: A Marxist Theory of Gold : with Particular Reference to South AfricaThis is a work of political economy which explains how the traditional constancy of gold came to give way to a daily-fluctuating gold price. The fixed gold price is radically re-examined while the reverence of the gold standard system is challenged. The book looks at the gold producing labour, including the Wild West gold digger and the origins of apartheid in South Africa. |
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Page 59
... Standard of price , on the other hand , has its own , quite different , set of demands . Since the value of commodities is measured in the physical body of a single commodity , a definite quantity of that commodity must stand as the ...
... Standard of price , on the other hand , has its own , quite different , set of demands . Since the value of commodities is measured in the physical body of a single commodity , a definite quantity of that commodity must stand as the ...
Page 60
... standard of price parts company with the measure of value . It , therefore , does not matter what the value of gold is , its variation will merely mean that , all else remaining the same , commodities will exchange for one another in ...
... standard of price parts company with the measure of value . It , therefore , does not matter what the value of gold is , its variation will merely mean that , all else remaining the same , commodities will exchange for one another in ...
Page 61
... standard of price , in this case the ounce : x units of paper currency 1 ounce of gold . The amount of value represented by such a token as standard of price is the value of commodities expressed by the unit of gold which that token ...
... standard of price , in this case the ounce : x units of paper currency 1 ounce of gold . The amount of value represented by such a token as standard of price is the value of commodities expressed by the unit of gold which that token ...
Contents
Towards a theory of gold 1 Gold as money | 1 |
The moneycommodity and the value of labourpower | 49 |
Gold as capital | 77 |
Copyright | |
15 other sections not shown
Common terms and phrases
abstract labour amalgamation amount average becomes black workers capitalist Chamber of Mines character circuit of capital commodity competition concrete labour consumption contradiction cost diamond Duncan Innes emph exchange value expression factors of production financial markets fixed price gold as money gold mines gold production goldmining capital goldmining industry hence human labour ibid increase individual Innes Johannesburg Johnstone joint stock capital labour force lode London Marx Marx's means of production measure of value metals miners money-commodity monopoly native nature necessary labour-time nineteenth century Onselen paper currency particular use-value placer mining political economy productivity of labour proletarianisation quantity of gold Rand reduced relation remains role shafts silver slavery social capital social form South African goldmining standard of price superexploitation surplus surplus labour surplus-value thesis Ticktin Trewhela unit value of gold value of labour-power values of commodities wages wealth Williams Witwatersrand workforce