(How the Abandonment of the Gold Standard led to The Abandonment of the Modern Labor Theory of Value)
The theory of conceptual-commodity-value-management is a theory, which descends right down to the depths and to the core of post-industrial post-modern bourgeois-state-capitalism; i.e., its bourgeois economy and its bourgeois financial institutions. So much so that today, the theory of conceptual-commodity-value-management is foundational, to such a radical extent, that it is the logic by which the central banks of the world’s global financial superpowers function and operate.
Initially based on the gold standard, the bourgeois economy and the central banks buttressed their financial transactions via gold, meaning that all monetary transactions within a nation and/or within international markets would be insured and secured through gold. Gold was the universal equivalent by which all commodities were measured and gold was, in essence, an insurance policy that if a specific national currency was devalued or loss much of its value, gold could nonetheless secure financial transactions both internally and/or internationally, in order to keep capitalism and markets functioning smoothly. For instance, as Karl Marx stated:
Every nation…employs… gold…as world money. Gold…in the sphere of international commodity circulation appear not as means of circulation but as universal means of exchange,… as means of purchase and means of payment. All commodities…