ABSTRACT

The more inflation spreads and is prolonged, the less owners of commodities and holders of credit notes can be obliged to accept inconvertible paper money outside the borders of a single state. In the final analysis, a world paper money of obligatory usage presupposes a world state, a world government, that is, the disappearance of inter-imperialist competition, that is, superimperialism. We are further from that than ever. (E. Mandel, The generalized recession of the international capitalist economy, Brussels, Imprecor, 1975, Chapter I.)