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What is money?
Money is a a paper IOU note written by the bank which promises to pay the bearer the amount printed on the bill, right? Wrong, explains the MARX MEMORIAL LIBRARY

“The first form of appearance of capital is money” (Marx Capital, Volume 1)

MONEY appears on the surface a simple thing; a “token of exchange,” something whose value is convertible into commodities through purchase.

Without such an intermediary, commodity exchange — the acquisition and disposal of goods — would be based (as it was before money was “invented”) on barter and extremely complicated.

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