Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/313230 
Year of Publication: 
2022
Citation: 
[Journal:] Review of Evolutionary Political Economy [ISSN:] 2662-6144 [Volume:] 4 [Issue:] 3 [Publisher:] Springer International Publishing [Place:] Cham [Year:] 2022 [Pages:] 497-513
Publisher: 
Springer International Publishing, Cham
Abstract: 
The paper argues that non-circulating tokens should be used as an alternative to money in a socialist economy. These tokens would be used to distribute consumer products out of socialised production to individual consumers. Like modern fiat money, these tokens are a kind of IOU. But unlike money, these tokens are not intended to facilitate the private exchange of commodities. Marx’s proposal to eventually abolish a token-based lower phase of communism in favour of a distinct higher phase is rejected because the ‘needs principle’ of the higher phase can be sufficiently realised within the token system. It is further shown that the prices of items should not be tied to the socially necessary labour time needed to produce them. Instead, prices should be regulated towards market clearing rates.
Subjects: 
Money
Labour tokens
Socialism
Communism
Marx
JEL: 
B14
B24
B51
B52
D3
D4
D61
D63
E31
E4
E5
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version

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