what is the deal with fiat currency? how does it arise and where does it attain its exchange-value? i’m currently participating in the hexbear capital reading group and in chapters 2 and 3 marx goes heavily into the way that gold standard money becomes exchange-value. fiat money is discussed only a little, and somewhat dismissively, although as far as i can tell none of the actual theory of the time precludes it from existing. are there any texts that go into it in detail?
important context: https://lemmygrad.ml/post/10346359/7603669
Imperialism is necessary for a transnational currency to flourish, like how the dollar is used for global trade and especially for oil trade. Fiat national currency only really needs the government of a particular polity to have a monopoly on violence, and this creates a stable internal market for currency as well as an exchange market for buying other national currencies.