Credit Money

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Abstract
An examination of the notion of pure credit money within the framework of Marxist theory of the value form. The necessary conditions according to Marxist theory for any instrument to serve in the capacity of money are indicated, and the development of the fetishism of value is investigated, with the latter being found to be the basis for the transition from commodity money to credit money. The theoretical prerequisites and the historical genesis of credit money are then sketched with an aim toward understanding why, within the context of credit money, crisis may assume an inflationary form.