The Value Foundation of Exchange Rate

DOI

10.2991/meic-14.2014.54How to use a DOI?

Keywords

Exchange rate; World labor; International value; Labor parity; Virtual labor parity

Abstract

The theory of international value is the deepening development and application of Marx’s theory of labor value, and also the basis for revealing the exploitative relationship of international capitalism in the world economic globalization. But so far the major challenges that have been faced by Marx’s theory of labor value and Marxism international economics are how to quantitatively study on the fundamental principle that the international value is decided by the necessary labor time of the whole world and reasonable to explain the contemporary complex international economic problems with the theory of international value. On the basic assumptions of Marxist economics, the paper analyses the specific expressions of exchange rate in gold and silver money in circulation and in the notes in circulation, in turn, and derivates the general expression of exchange rate. Then it shows that the world labor is the value foundation of exchange rate, and the exchange rate must depend on the world labor which can creates the international value of export commodities, and change with the change of necessary world labor time.

Copyright

© 2014, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Shuli Song
PY  - 2014/11
DA  - 2014/11
TI  - The Value Foundation of Exchange Rate
BT  - Proceedings of the 2014 International Conference on Mechatronics, Electronic, Industrial and Control Engineering
PB  - Atlantis Press
SP  - 239
EP  - 243
SN  - 2352-5401
UR  - https://doi.org/10.2991/meic-14.2014.54
DO  - 10.2991/meic-14.2014.54
ID  - Song2014/11
ER  -