Fundamentals of Marx: The Monetary Expression of Labor Time

In this video we explore the monetary expression of labor time (MELT), which is an important indicator in capitalist economies. We define MELT and demonstrate how discrepancies in national MELTs can lead to a fundamental imbalance in exchange.
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Narration, script, and editing by M.
Animated intro by Jack, co-host of the Auxiliary Statements podcast @AuxStatements on Twitter.
Intro music by Charles Tristan:
https://soundcloud.com/charles-tristan
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Patreon:https://www.patreon.com/themarxistprojectTwitter:https://twitter.com/MarxistProject
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Works Cited:
Lin, C. (2023). A Model of the Monetary Expression of Labor Time with Non-commodity Money. Review of Radical Political Economics, 04866134221140542.

In addition to the above article, the discussion in this video was inspired by Andrea Ricci's "Value and Unequal Exchange in International Trade" (2019).
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00:00 - 00:50 Background
00:51 - 01:03 Intro
01:04 - 02:41 Concrete and Abstract Labor
02:42 - 04:14 New Value and Net Product
04:15 - 04:37 Defining MELT
04:48 - 05:39 Gold or Paper Money?
05:40 - 07:31 A Two-Country Global Economy
07:32 - 07:47 Unit Values
07:48 - 10:35 MELT and Unequal Exchange
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Music used:
Airport Lounge - Disco Ultralounge by Kevin MacLeod is licensed under a Creative Commons Attribution 4.0 licence. https://creativecommons.org/licenses/by/4.0/

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Видео Fundamentals of Marx: The Monetary Expression of Labor Time канала The Marxist Project