This study seeks to reexamine the nature and essence of money beyond its conventional economic functions as a medium of exchange, a measure of value, and a store of wealth. It argues that money, in its contemporary capitalist form, cannot be understood merely through its material substance or functional utility, but rather through its political-legal constitution. Money derives its power from the sovereign authority that defines, issues, and legitimizes it as a socially-recognized representation of value. By tracing the historical evolution of money from primitive shells and metals to modern fiat and digital currencies, the research demonstrates that money is, above all, a product of organized labor sanctioned by political power. The study concludes that money’s essence is juridico-political before it is economic: it embodies a specific quantum of social labor through a form imposed by the ruling authority, which exclusively possesses the power to endow it with the status of legal tender.
This study seeks to reexamine the nature and essence of money beyond its conventional economic functions as a medium of exchange, a measure of value, and a store of wealth. It argues that money, in its contemporary capitalist form, cannot be understood merely through its material substance or functional utility, but rather through its political-legal constitution. Money derives its power from the sovereign authority that defines, issues, and legitimizes it as a socially-recognized representation of value. By tracing the historical evolution of money from primitive shells and metals to modern fiat and digital currencies, the research demonstrates that money is, above all, a product of organized labor sanctioned by political power. The study concludes that money’s essence is juridico-political before it is economic: it embodies a specific quantum of social labor through a form imposed by the ruling authority, which exclusively possesses the power to endow it with the status of legal tender.
المزيد...
