The social relations of money as universal equivalent: a response to Ingham

In a recent debate in Economy and Society, Ingham criticized Marxist theory of money on the grounds that it relates money to commodities through the labour theory of value, while ignoring credit money. Ingham suggested instead that money is constituted by social relations characteristic of credit, namely relations of ‘promise to pay’. Drawing on Marx, this article shows that, pace Ingham, it is necessary theoretically to relate money to commodities. Money is indeed constituted by social relations, but these are commercial relations among ‘foreign’ commodity owners, not credit relations. The social relations of money are successfully captured by Marx's concept of the universal equivalent, when that is interpreted as monopoly over the ability to buy. In this light, both commodity and credit money are forms of the universal equivalent, but qualitatively different from each other.     

The rise of China as a constructed narrative: Southeast Asia's response to Asia's power shift

This article examines the rise of China from the perspective of three selected countries – the Philippines, Vietnam, and Malaysia – in Southeast Asia. I argue that their perceptions of China's rise are political constructs: while the objective reality may be an increasingly powerful China, their responses have been far from uniform. They vary in ways that are shaped by their domestic politics. These constructed narratives serve their respective political agenda, from leadership legitimacy to the supremacy of a party faction. Since theories of international relations tend to fixate on power politics between great powers, this article explains how and why small regional powers add to the process of understanding China's rise. In short, regional states’ domestic politics affect their narratives of China, and therefore affect how China's rise is being understood in the region and beyond.