This paper presents a theory that argues that the values of foreign moneys are not determined on the exchange markets but outside of them. It discusses the following in three logical steps. (1) Even fiat money has a commodity character within the circle of commodity producers in the least, to...

Providing direct replies to the three charges of redundancy (Ricardian prices), inconsistency (negative surplus value with positive profit and the value-to-price transformation), and lack of realism (immeasurability of labor) often made against Marx's labor theory of value are provided while the...