Understanding money and the dollar system's contradictions with Radhika Desai & Michael Hudson
Geopolitical Economy Report
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The Most Important Thing About Money Is the Symbol
Karl Polanyi said that there are three things capitalism likes to treat as commodities, which are not commodities. The attempt to treat them as commodities causes a lot of problems, he says. Land is the common heritage of humankind; labor and money do not have prices governed by the same dynamics as ordinary commodities. And finally, money has no cost of production because it is an institution rather than a commodity.
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