From the December 1977 issue of the Socialist Standard
Since the quantity of money capable of being absorbed by the circulation is given for a given mean velocity of currency, all that is necessary in order to abstract a given number of sovereigns from the circulation is to throw the same number of pound notes into it, a trick well known to all bankers.
(Karl Marx, Capital Vol. 1, p. 136, Kerr edition)
No comments:
Post a Comment