Key Arguments

• Marx emphasizes that "The universal equivalent form is a form of value in general. It can therefore be assumed by any commodity," highlighting that there is no inherent natural monopoly in principle.
• However, "a commodity is only to be found in the universal equivalent form (form C) if, and in so far as, it is excluded from the ranks of all other commodities, as being their equivalent," indicating that universality requires exclusive social designation.
• He argues that "Only when this exclusion becomes finally restricted to a specific kind of commodity does the uniform relative form of value of the world of commodities attain objective fixedness and general social validity," making the choice historically and socially determinate.
• The commodity whose natural form is thus "socially interwoven" with the equivalent form "now becomes the money commodity, or serves as money," and it "becomes its specific social function, and consequently its social monopoly, to play the part of universal equivalent within the world of commodities."
• Among commodities that appeared as equivalents in earlier forms, Marx notes that "there is one in particular which has historically conquered this advantageous position: gold," indicating the contingent historical selection of gold as money.
• He states that in form D (the money-form), "Gold is in form D what linen was in form C: the universal equivalent," and that the advance lies only in the fact that "the form of direct and universal exchangeability, in other words the universal equivalent form, has now by social custom finally become entwined with the specific natural form of the commodity gold."

Source Quotes

Thus the expanded relative form of value, or form B, now appears as the specific relative form of value of the equivalent commodity. (3) The transition from the general form of value to the money form The universal equivalent form is a form of value in general. It can therefore be assumed by any commodity. On the other hand, a commodity is only to be found in the universal equivalent form (form C) if, and in so far as, it is excluded from the ranks of all other commodities, as being their equivalent.

It can therefore be assumed by any commodity. On the other hand, a commodity is only to be found in the universal equivalent form (form C) if, and in so far as, it is excluded from the ranks of all other commodities, as being their equivalent. Only when this exclusion becomes finally restricted to a specific kind of commodity does the uniform relative form of value of the world of commodities attain objective fixedness and general social validity.

On the other hand, a commodity is only to be found in the universal equivalent form (form C) if, and in so far as, it is excluded from the ranks of all other commodities, as being their equivalent. Only when this exclusion becomes finally restricted to a specific kind of commodity does the uniform relative form of value of the world of commodities attain objective fixedness and general social validity. The specific kind of commodity with whose natural form the equivalent form is socially interwoven now becomes the money commodity, or serves as money.

Only when this exclusion becomes finally restricted to a specific kind of commodity does the uniform relative form of value of the world of commodities attain objective fixedness and general social validity. The specific kind of commodity with whose natural form the equivalent form is socially interwoven now becomes the money commodity, or serves as money. It becomes its specific social function, and consequently its social monopoly, to play the part of universal equivalent within the world of commodities.

The specific kind of commodity with whose natural form the equivalent form is socially interwoven now becomes the money commodity, or serves as money. It becomes its specific social function, and consequently its social monopoly, to play the part of universal equivalent within the world of commodities. Among the commodities which in form B figure as particular equivalents of the linen, and in form C express in common their relative values in linen, there is one in particular which has historically conquered this advantageous position: gold.

It becomes its specific social function, and consequently its social monopoly, to play the part of universal equivalent within the world of commodities. Among the commodities which in form B figure as particular equivalents of the linen, and in form C express in common their relative values in linen, there is one in particular which has historically conquered this advantageous position: gold. If, then, in form C, we replace the linen by gold, we get: (d) The Money Form Fundamental changes have taken place in the course of the transition from form A to form B, and from form B to form C.

As against this, form D differs not at all from form C, except that now instead of linen gold has assumed the universal equivalent form. Gold is in form D what linen was in form C: the universal equivalent. The advance consists only in that the form of direct and universal exchangeability, in other words the universal equivalent form, has now by social custom finally become entwined with the specific natural form of the commodity gold.

Gold is in form D what linen was in form C: the universal equivalent. The advance consists only in that the form of direct and universal exchangeability, in other words the universal equivalent form, has now by social custom finally become entwined with the specific natural form of the commodity gold. Gold confronts the other commodities as money only because it previously confronted them as a commodity.

Key Concepts

• The universal equivalent form is a form of value in general. It can therefore be assumed by any commodity.
• a commodity is only to be found in the universal equivalent form (form C) if, and in so far as, it is excluded from the ranks of all other commodities, as being their equivalent.
• Only when this exclusion becomes finally restricted to a specific kind of commodity does the uniform relative form of value of the world of commodities attain objective fixedness and general social validity.
• The specific kind of commodity with whose natural form the equivalent form is socially interwoven now becomes the money commodity, or serves as money.
• It becomes its specific social function, and consequently its social monopoly, to play the part of universal equivalent within the world of commodities.
• there is one in particular which has historically conquered this advantageous position: gold.
• Gold is in form D what linen was in form C: the universal equivalent.
• the form of direct and universal exchangeability, in other words the universal equivalent form, has now by social custom finally become entwined with the specific natural form of the commodity gold.

Context

Subsection (3), describing the transition from the general form of value to the money-form, and explaining how one commodity (gold) historically acquires the monopolistic function of universal equivalent.