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GenZhou: GenZedong Without the Shitposts(TM)

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Capital Vol. 1 (chapter 6) | GenZedong/GenZhou Reading Group (Juche 113, Week 11-12) (lemmygrad.ml)

submitted 6 months ago* (last edited 6 months ago) by [email protected] to c/[email protected]

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This time we're reading chapter 6 of Capital Volume 1. Participation welcome at any time, not just on the weekend of week 12, either in this thread or in our Matrix room (see this post for instructions on how to join)

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[–] [email protected] 2 points 5 months ago (1 children)

The word pound, for instance, was the money-name given to an actual pound weight of silver. As soon as gold had driven out silver as a measure of value, the same name became attached to, say, one fifteenth of a pound of gold, depending on the ratio between the values of gold and silver. Pound as a money-name and pound as the ordinary weight-name of gold are now two different things.

he's illustrating that, in non-fiat currencies, the name of a certain quantity of money does not necessarily correlate to the actual money commodity

[–] [email protected] 1 points 5 months ago

Oh, good point.