Opinion

Gopal Balakrishnan on the Monetary Foundations of Bourgeois Society

Socialist Ricardians reasonably inferred that the time spent by individual workers at work could be transparently recorded in coupons, the coin of a new, cooperative order of social bookkeeping, redeemable at consumer-producer cooperatives. Marx rejected this conclusion and argued that the very conception of the law of value upon which it was based was fallacious.