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This is due to 'various innovations' which have led to the 'reasonably 6. ' Financial market innovations have reduced 'the economies of scale to a network of manned branch buildings' and other cost-advantages which had previously allowed banks to monopolize payments services (ibid : 82-83) . Indeed, Goodhart (p . ' 57 Notes Capital & Class 58 7. The quoted words are Alan Greenspan's, as cited by Sweezy and Magdoff (1988 :2) . 8. ' 9. Such idle money balances (or hoards) are made possible by the use of money as a medium of exchange, which eliminates 'the analytically instantaneous character of commodity exchange in barter,' by introducing a passage of time while money is suspended between acts of circulation' (Crotty 1985 :53) .

For example, commodities may be 'sold and delivered, but the payment is deferred by contract (bill of exchange)' (Reuten 1988 :130) . In this case, 'money acts as a means of deferred payment' (Crotty 1985 :58), and need not be physically present as the medium of circulation when the exchange is contracted . Money as means of payment is an undeveloped form of credit money because the bills of exchange represent claims on the future incomes of particular producers, and hence are not likely to operate as a generally accepted medium of exchange .

3. White (1984 :707-708) offers anecdotal evidence that investment fund money is usually underwritten by checking balances of fixed nominal value in this fashion . Further empirical research on the extent to which this is actually the case would be most welcome . 4. Goodhart (1987 :80) notes that because '[t]he value of the drawers' units would change between the date of writing the cheque and of its being presented . . ' Thus, 'one would expect a mutual fund to limit payments services and convertibility by requiring some minimum balance .

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