Adam thinks the society I am describing no longer resembles the capitalist mode of production as described by Marx in Capital. He wonders why changes in the monetary system would have such far-reaching changes in how the mode of production operates. And he questions the validity of my reading of Marx’s labor theory:
The implication, Jehu, of what you say is that since April 5, 1933, capitalism has been replaced by a different system of society, an implication which no doubt you accept and which is the basis of your whole approach. But I don’t think it holds water. Society today is still based on the ownership and control of productive resources by rich individuals, corporations and states; production is still carried for sale on a market with a view to making a monetary profit, and is performed by people hired to do the work for a monetary payment. The change in the currency that took place in the USA in 1933 hasn’t altered this basic social fact. And, as a purely monetary change, there is no reason why it should have done. That workers should be paid in tokens for money rather than money itself is not a significant change. Nor was 1933 the first time it had happened.
Has capitalism been replaced by a different system?