[lbo-talk] Why Marx is Right and Engels is Wrong

[c b]

In none of these societies did money- mediated exchange play a major
role. Money was invented by them for the denomination and payment of
debt over time. Its essential nature was (and still is) as means and
standard for deferred payment (the words on a dollar bill that define
it as *money* are "This note is legal tender for all debts public and
private"). The second major function of commodity-money, as medium of
exchange, followed and quickly became widespread once its
debt-denominating function had been securely established with the
institution of coinage. In inverting the historical sequence Marx and
Engels were merely repeating Aristotle, but in this, as in many other
things, Aristotle was just wrong.

Shane Mage

^^^^^
CB: Were the exchanges that resulted in debts barters ?