50 Years Ago: Socialism and Money

Then he goes on to tell us that Marxians and Marx “approve a gold standard” . . . He refrains from giving any specific quotation . . . to justify his assertion. He does not quote such a passage because no such passage exists. The statement is completely false. Marx did not, and socialists do not approve the gold standard or any other currency system. Socialism means a system of society in which goods are produced for the use of the members of society, not for the profit of a privileged class. There will, under socialism, be no buying and selling, and therefore no need for any currency system, on a gold basis, or of any other kind. That is socialism and that is what we work for.

(From “Socialism and the Gold Standard” reply to a correspondent, Socialist Standard December 1929)