Date: Thu, 12 Feb 98 16:58:03 EST
From: boddhisatva <kbevans-AT-panix.com>
Subject: Re: M-TH: 'hidden essence' (was Essentialism, Morality & Communism)







		C. Proyect,




	I was worried that "temporally alienated" might be a little bit
condensed.  By "temporally alienated" I mean that there is a gap in time
between instances of valorization.  For example, an exchange is made for
gold.  At that moment gold as commodity is compared with the good as
commodity and valorization takes place.  Later, the gold accumulated by the
seller is used to make valorizing exchanges under new conditions of the
social relations of production.  Gold is fetishized because it cannot
logically be an equivalent in two very different situations, yet it must
be a stable means of exchange.  Likewise money.  Similarly, we fetishize
labor time spent to make a good at one time if we consider it to be an
equivalent measure of value at the time the good is consumed.  Between
labor time spent and use-valorization of a good, the character of the
social relations of production change.  Trying to render a labor-hour for
labor-hour equivalence between those two times is as fruitless as trying
to render a gold for gold equivalence between those times. 



	Credit money, however, is continually re-valorized between the time
it is borrowed to fund production and the time the goods produced are sold to
pay back the debt and even beyond that time.   Credit-money represents the
credit-worthiness of all borrowers.  Their credit-worthiness is dependent
specifically on the ongoing stability and productivity of the social
relations of production.  






	peace




     --- from list marxism-thaxis-AT-lists.village.virginia.edu ---