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[464-2] Hobart: I would first like to define the Universal equivalent form. The
Universal equivalent form refers to the idea that a commodity, i.e.
linen, becomes socially acceptable to be exchanged for all other goods.
An important aspect of this is also the fact that all other commodities
are now excluded from becoming the Universal equivalent once the
Universal equivalent has been established and accepted. Now I will
address the small difference between the two forms. The transition to
the Money form occurs when another commodity replaces, in this case,
linen and becomes that commodity for which all other commodities are
traded in relationship to. So basically another commodity has replaced
the previously accepted Universal equivalent form. To illustrate this,
Marx uses the example of gold. The transition from Universal equivalent
form to the Money form took place (at least in this example) when gold
replaced linen as the socially accepted commodity upon which all other
commodities were traded in relationship to. |
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