In most of Marxist economics the theory of money is grounded in commodity money. This grounding calls for reconsideration in the light of recent debate over the Marxist theory of value and recent analysis of developments in the capitalist monetary institutions. It is shown in this paper that money, credit money and a fully developed credit system can be conceptualised at the level of abstract theory, without resort to commodity money. It is also argued that this resort at the level of abstract theory is inappropriate from the point of view of method.
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