Investment fund money is a particular form of credit money whose nominal value is linked to the market prices of the assets held by mutual investment funds. The present paper argues — contrary to some neoclassical theorists — that investment fund money cannot (by itself) provide an adequate monetary basis for the reproduction of capitalism. The argument is based on the role of a medium of circulation of credible exchange value in the processes by which a credit crisis creates conditions for an eventual renewal of capital accumulation.
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