,*APT] #af 
,SCI5TIFIC ,SOCIALISM - ,K>L ,M>X ,I,I ,MONEY 

,PEOPLE 3 

,AU?OR 3 ,WILLIAM ,MORRIS 

,TEXT 3 

      ,WE HAVE N[ COME TO ! PO9T :]E IT IS NECESS>Y TO 
      CONSID] ! CIRCULATION ( COMMODITIES2 ! FIR/ MEANS TO ?IS CIRCULATION IS ! 
      E/ABLI%M5T ( A T]TIUM QUID1 OR UNIV]SAL EQUIVAL5T4 ,& 9 ORD] TO 
      HAVE A REALLY UNIV]SAL EQUIVAL5T IT IS NECESS>Y ?AT USE-VALUE %\LD BE 
      ELIM9AT$ FROM IT1 S9CE SU* AN EQUIVAL5T IS REQUIR$ TO EXPRESS NOT ! DIV]SE 
      QUALITIES ( ALL ! V>I\S COMMODITIES1 BUT ! RELATIVE QUANTITY ( 
      EMBODI$ HUMAN LABOR :I* !Y SEV]ALLY CONTA94 
     
     

      ,MONEY AS A M]E MEASURE ( VALUE IS IMAG9>Y & IDEAL1 BUT ! BODILY =M ( IT 
      MU/ EXPRESS QUANTITIVELY EQUIVAL5T AB/RACT VALUE -- IE41 LABOR -- & 
      TAKES ! =M ( ! PRECI\S METALS1 F9ALLY ( GOLD4 
     
     

      ,GOLD HAS COME TO BE ! BODILY =M TAK5 BY ! UNIV]SAL MEASURE ( VALUE1 P>TLY 
      BECAUSE ( ITS NATURAL QUALITIES -- PORTABILITY1 DURABILITY1 ETC41 BUT *IEFLY 
      BECAUSE ! C\RSE ( HI/ORY HAS 9VE/$ IT ) ?IS FUNCTION2 & ALSO BECAUSE 
      ITS VALUE1 9/EAD ( *ANG+ FROM1 SAY1 WEEK TO WEEK1 AS IS ! CASE ) O!R 
      COMMODITIES1 *ANGES RA!R FROM C5TURY TO C5TURY1 
      SO ?AT ITS VALUE MAY BE CONSID]$ /ABLE RELATIVELY TO !M1 JU/ AS ONE SPEAKS 
      ( 9DIGO AS A P]MAN5T DYE1 :I* IT IS RELATIVELY TO O!R DYES1 AL?\< NONE 
      >E ABSOLUTELY P]MAN5T7#a74 
     
     

      ,PAP] MONEY IS PROMISES TO PAY GOLD1 :I* IS DIRECTLY EX*ANGEABLE ) ALL O!R 
      COMMODITIES4 ,PAP] MONEY1 !RE=E1 IS M]ELY A SYMBOL ( ! EX*ANGE REALLY 
      EFFECT$ BY GOLD4 ,?IS UNIV]SAL EQUIVAL5T TAKES 
      ! PLACE ( B>T]1 :I* IS ! PRIMITIVE & DIRECT =M ( EX*ANGE7#b71 & AT :I* /AGE ! DI/9CTION BETWE5 BUY] & 
      SELL] HAS NOT >IS54 ,IT N[ GIVES PLACE TO ! FIR/ =M ( 9DIRECT EX*ANGE1 
      9 :I* A ?IRD T]M IS 9T]POS$ BETWE5 ! >TICLES :I* >E TO BE P>T$ 
      ) & ACQUIR$4 ,N[ = ! FIR/ TIME ! ABOVE DI/9CTION TAKES %APE4 ,! 
      SELL] HAS A COMMODITY :I* HE DOES NOT PROPOSE TO CONSUME1 & !RE=E HE 
      ACQUIRES ) IT MONEY1 ) :I* MONEY HE BUYS 9 TURN ANO!R COMMODITY EQUAL 9 
      QUANTITY TO ?AT ) :I* HE HAS P>T$1 BUT DIFF]5T FROM IT 9 QUALITY4 ,M>X 
      HAS =MULAT$ ?IS TRANSACTION BY ! WELL-KN[N & USEFUL =MULA1 ,COMMODITY1 
      ,MONEY1,COMMODITY3 ,C - ,M - ,C4 
     
     

      ,! HABIT ( HO>D+ :I* IS COMMON AMONG ANCI5T SOCIETIES1 & ALSO AMONG 
      B>B>\S PEOPLES1 IS A NATURAL CONCOMITANT ( ?IS /AGE ( EX*ANGE1 & IS ! 
      FIR/ G]M ( ,CAPITAL4 ,IT IS BR\<T AB\T BY ! >RE/ ( ! ABOVE PROCESS AT 
      ITS FIR/ PHASE ?US1 ,C - ,M -- ! SELL] ( ! COMMODITY DOES 
      NOT GO ON TO BUY4 ,UND] !SE CONDITIONS MONEY BECOMES A SOCIAL P[]2 & BE+ A 
      COMMODITY LIKE O!R COMMODITIES1 CAN BE ACQUIR$ BY PRIVATE P]SONS1 :OM IT 
      9VE/S ) SOCIAL P[]4 ,!RE=E 9 ?OSE /ATES ( SOCIETY :I* HAD NOT 
      \TGR[N !IR PRIMITIVE SOCIAL E?ICS1 MONEY WAS CONSID]$ ! EMBODIM5T ( ALL 
      EVIL4 
     
     

      ,?IS /AGE ( EX*ANGE M>KS ! PRE-COMM]CIAL USE ( MONEY2 AFT] A :ILE IT 
      T5DS TO DEVELOPE 7SIC7 9TO ANO!R /AGE1 :I* C>RIES ! EX*ANGE A 
      /EP FUR!R4 ,! HOLD] ( A COMMODITY :I* HE DOES NOT PROPOSE TO CONSUME 
      EX*ANGES IT = MONEY1 :I* HE AGA9 EX*ANGES = A COMMODITY TO BE US$1 NOT 
      = HIS P]SONAL CONSUMPTION BUT TO BE EX*ANG$ ONCE MORE = MONEY4 ,HE W\LD HAVE 
      NO OBJECT 9 DO+ ?IS IF HIS AIM W]E M]ELY ?AT ( ! SIMPLE EX*ANG] 
      7,C4 ,M4 ,C471 NAMELY1 TO OBTA9 AN >TICLE ( CONSUMPTION DIFF]5T 
      9 K9D TO ?AT :I* HE HAS EX*ANG$1 S9CE 9 MONEY !RE IS NO 9H]5T 
      DIFF]5CE ( QUALITY & !RE=E :ATEV] DIFF]5CE !RE MAY BE MU/ BE ONE ( 
      QUANTITY4 ,ACCORD+LY ! OBJECT ( ! EX*ANG] 9 ?IS SECOND /AGE IS AM\NT1 
      NOT K9D4 ,9 GO+ ?R\< HIS PROCESS ( EX*ANGE 7! =MULA = :I* MAY BE 
      /AT$ ?US3 ,C - ,M - ,C - ,M - ,C 71 ! SECOND 
      QUANTUM ( MONEY MU/ BE MORE ?AN ! FIR/1 OR ELSE HE WILL HAVE FAIL$ 9 HIS 
      OBJECT2 WILL HAVE MADE A BAD B>GA91 AS ! PHRASE GOES4 ,ON ! O!R H&1 ?\< 
      ?IS =M ( EX*ANGE DIFF]S ESS5TIALLY IT NEV]!LESS CONNECTS ITSELF ) ! 
      E>LI] =M1 9 :I* MONEY OCCURS ONLY AS ! MIDDLE T]M BETWE5 COMMODITY & 
      COMMODITY1 ?US DI/+UI%+ IT FROM SIMPLE B>T]1 BECAUSE EV5 9 ! LAT] 
      =M ! RESULT ( ! M]*ANT'S TRANSACTION IS A COMMODITY ) :I* HE 9T5DS 
      TO BEG9 A FRE% TRANSACTION -- 
     
     

      ,C - ,M - ,C - ,M - ,C4 
     
     

      ,?IS IS ! =M ( EX*ANGE :I* WAS ! PRACTICE ( ! DEVELOP$ CLASSICAL WORLD 
      9 ITS COMM]CIAL OP]ATIONS4 ,! BREAK UP ( ! ,ROMAN ,EMPIRE1 & ! CONFUSION 
      ?AT FOLL[$1 DISLOCAT$ ?IS COMM]CE1 & L>GELY BR\<T EX*ANGE BACK AGA9 TO 
      ITS E>LI] & SIMPLE =M ( ! EX*ANGE ( A COMMODITY = MONEY ) :I* TO 
      BUY ANO!R COMMODITY TO BE CONSUM$1 :I* WAS = ! MO/ P>T ! *>ACT] ( 
      ! EX*ANGE ( ! ,MIDDLE ,AGES4 
     
     

      ,?IS SECOND =M ( EX*ANGE LEADS )\T A BREAK 9TO ! ?IRD OR MOD]N =M ( 
      ,CAPITALI/IC ,EX*ANGE1 9 :I* ! EX*ANG]1 BEG9N+ ) MONEY1 BUYS A 
      COMMODITY 9 ORD] TO EX*ANGE IT = MONEY2 :I* MONEY1 AS 9 ! =EGO+ 
      /AGE1 MU/ BE MORE 9 QUANTITY ?AN ?AT ) :I* HE BEGAN1 OR HIS TRANSACTION 
      WILL BE A FAILURE4 ,?IS PROCESS DIFF]S FROM ?AT ( ! LA/-M5TION$ /AGE ( 
      EX*ANGE 9 ?AT ! RESULT ( ! TRANSACTION IS ALWAYS MONEY1 & NOT A COMMODITY 
      7?AT IS1 A USE-VALUE71 ! LATT] 9 ! LONG-RUN APPE>+ ONLY NOM9ALLY 9 ! 
      TRANSACTION4 
     
     

      ,TO MAKE ?IS CLE>]1 WE MAY GIVE CONCRETE EXAMPLES ( ! ?REE =MS ( EX*ANGE3 
     
     

      ,9 ! FIR/ /AGE1 ILLU/RAT$ BY ! PROCE$+S ( ! ,CRAFTSMAN ( ! TIME ( 
      ,HOM]1 :I* W]E PRETTY MU* ?OSE ( ! ,M$IAEVAL ,CRAFTSMAN ALSO1 ! 
      VILLAGE POTT] SOLD HIS POTS & ) ! MONEY HE GOT = !M1 :I*1 POSSIBLE 
      TRICK]Y AP>T1 REPRES5T$ JU/ ! VALUE OR EMBODI$ LABOR ( ! POTS1 HE 
      B\<T MEAL1 OIL1 W9E1 FLE%1 ETC41 = HIS [N LIVELIHOOD & CONSUM$ !M4 
     
     

      ,! M]*ANT ( ! LAT] CLASSICAL P]IOD %IPP$1 SAY1 PURPLE CLO? FROM ,SIDON TO 
      ,ALEX&RIA1 SOLD HIS CLO? !RE1 & ) ! MONEY B\<T GUM-,>ABIC 7FROM ! 
      ,S\DAN7 & FRANK9C5SE 7FROM ,>ABIA71 :I* HE SOLD AT ,A!NS1 :]E AGA9 HE 
      %IPP$ OIL = ANO!R M>KET4 ,HE ALWAYS H&L$ ! ACTUAL GOODS HE PR(ESS$ TO 
      TRADE 91 & ! W>ES :I* HE ?US EX*ANG$ AGA9/ ! UNIV]SAL EQUIVAL5T1 
      MONEY1 W]E ( V>I\S K9DS4 ,SIMIL> COMM]CE W5T ON 9 ! ,MIDDLE ,AGES1 AS ) 
      ! M]*ANTS ( ,AMALFII1 ,V5ICE1 ETC41 SIDE BY SIDE ) ! PRIMITIVE EX*ANGE ( 
      ! FEUDAL MANOR1 & ! M>KET- T[N ) ITS CORPORATION & GILDS4 
     
     

      ,! MOD]N MAN ( ,COMM]CE NECESS>ILY BEG9S HIS TRANSACTION ) MONEY4 ,HE BUYS1 
      SAY1 9DIGO1 :I* HE NEV] SEES1 RECEIVES = IT MORE MONEY ?AN HE GAVE = IT1 
      & GOES ON /EADILY 9 ?IS PROCESS1 DEAL+ 7UNLIKE ! ANCI5T C>RI]-M]*ANT7 
      ) ONE CLASS ( GOODS ONLY2 & ALL ! GOODS 9 :I* HE DEALS REPRES5T TO HIM 
      SO MU* MONEY3 !Y >E ONLY PRES5T 9 HIS TRANSACTIONS NOM9ALLY4 ,MONEY IS ! 
      BE-ALL & 5D-ALL ( HIS EXI/5CE AS A COMM]CIAL MAN4 
     
     

      ,?IS IS AN EXAMPLE ( ! PURE =M ( CAPITALI/IC EX*ANGE1 :]E9 MONEY IS 
      EX*ANG$ = COMMODITIES1 & !SE AGA9 = MONEY PLUS AN 9CREM5T2 ! =MULA 
      = :I*1 AS GIV5 BY ,M>X1 IS ,M - ,C - ,M4 
     
     

      ,! NEXT QUE/ION WE HAVE TO CONSID] IS H[ ! SURPLUS1 ! 9CREM5T 
      ABOVE-M5TION$1 OBTA9$ BY ?IS PROCESS ( EX*ANGE IS REALIZ$1 -- OR1 9 PLA9 
      LANGUAGE1 :]E IT COMES FROM4 
     
     

      #a4 ,AS A D$UCTION FROM ?IS1 WE MAY SAY ?AT :ILE 
      ON ! ONE H& !RE WAS NO AB/RACT NECESSITY = ! MEASURE ( VALUE TAK+ ! 
      =M ( GOLD1 ?\< !RE WAS A NECESSITY = IT TO TAKE A =M EMBODY+ A 
      C]TA9 DEF9ITE AM\NT ( LABOR2 ON ! O!R H&1 S9CE IT HAS TAK5 ?AT =M1 
      LABOR NOTES1 OR M]E PROMISES TO PAY :I* >E ( NO VALUE 9 !MSELVES1 CANNOT 
      AS LONG AS EX*ANGE LA/S TAKE ! PLACE ( GOLD1 :I* IS A COMMODITY HAV+ A 
      VALUE 9 ITSELF & ! P>TICUL> COMMODITY :I* HAS ASSUM$ ?AT FUNCTION 
      ?R\< HI/ORICAL SELECTIONBACK4 
     
     

      #b4 ,!RE >E TRANSITIONAL /AGES BETWE5 B>T] PURE 
      & SIMPLE & EX*ANGE OP]AT$ BY A UNIV]SAL EQUIVAL5T1 :I* ONLY P>TLY 
      FULFIL$ 7SIC7 ?IS (FICE3 EG41 CATTLE1 9 ! PRIMITIVE ANCI5T P]IOD1 FROM 
      :I* ! NAME = MONEY 7PECUNIA7 IS D]IV$2 OR ORD9>Y WOOL5 CLO?1 AS 9 ! 
      CURI\S & RA!R ELABORATE CURR5CY ( ! ,SC&9AVIANS BE=E CO9 WAS /RUCK 
      9 ,NORWAY3 :I* CURR5CY1 BY ! WAY1 HAS AGA91 9 ! =M ( BLANKETS1 BE5 
      US$ EV5 9 \R [N TIMES 9 ! ,HUDSON ,BAY ,T]RITORYBACK4 
     
     

      ,COMMONWEAL1 ,VOLUME #c1 ,NUMB] #f#a1 #ab ,M>* #a#h#h#g1 ,P4 #hb 
     

,FROM 3 ,M>XI/S4ORG4 

,*RONOLOGY 3 
,FEBRU>Y #b#h1 #bba 3 ,*APT] #af -- ,ADD$4 

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