confidence in the credit system, is an arbitrary measurement in the sense that confidence as a value is unquantifiable, but, nonetheless, it is a core value. Confidence is essential to the credit system. In fact, credit and the credit system, in general, is based on the creative-power of confidence to sustain the capitalist circuits of credit flows and credit repayment. Without this basic fundamental confidence, there would be no mutual advances of any kind between individuals, that is, no credit whatsoever. As a result, confidence, which is a creative-power, is an unquantifiable value central to the basic structural maintenance of the credit system, it is a central element within the social construction of credit and the credit system. And a whole host of capitalist institutions have been developed to sustain confidence in the credit system and in general the capitalist system. In abundance, confidence permits credit growth, credit development and credit reproduction etc., which translates into industrial growth, capitalist development and capitalist reproduction; and in scarcity, confidence interrupts, bankrupts and collapses the velocity of credit flow, credit development and credit reproduction. Therefore, in sum, contrary to Marx’ s limited definition of value, confidence is valuable and value-producing, and its breeding infectious general-value is unquantifiable, i. e.( priceless), in sustaining, maintaining and stimulating the capitalist modes of production, consumption and distribution. Concerning this specific Marxian example, the unquantifiable creative-power inherent within confidence and the social constructive process is the engine of the credit system. Confidence is, specifically, the armature of credit in the sense that, according to Marx, the creative-power of confidence“ is faith that brings salvation. Faith in money value as the immanent spirit of commodities, faith in the [ capitalist ] mode of production and its predestined disposition …[ for ] selfvalorizing capital”[ 89 ] etc.
Secondly, the initial invention of credit itself, i. e., bills of exchange and / or promissory notes, is an example of the unquantifiable value produced by creative-power so as to solve a financial dilemma and / or facilitate the overall capitalist processes of exploitation, reproduction and expansion. From the Marxian perspective, this initial invention is not value-producing. It is unproductive. However, contrary to Marx, the invention of the socio-economic mechanism of credit must be value-producing. It must be value and value-producing, although unquantifiable, in the sense that this socio-economic mechanism, brought forth via creative-power, outside the factory walls, permits faster, bigger and better levels of capital circulation, thus in turn, facilitating and augmenting the accumulation and extraction of surplus-value of all types and kinds. By doing so, the invention of the socio-economic mechanism of credit, brought forth via unquantifiable creative-power, adds value to the overlapping circuits of capital, specifically general-value, because, in theory, credit can now be augmented ad infinitum, a powerful idea that can only benefit the capitalist modes of production, consumption and distribution in marshalling confidence in its favor. Thus, following Marx, via the lubrication of credit within the socio-economic processes of capitalism, because of the creative-power inherent in confidence and the social constructive process,“ there is [ now ] an incessant exchange of advances …, which combine and intersect each other in all directions”[ 90 ]. And fuelled by this underlying creative-power,“ the development of credit is … the multiplication of these mutual advances, and this is the true seat of its power”[ 91 ], namely, the creative-power of the credit system itself, that is, the underlying unquantifiable creative-power of confidence and the social constructive process.
Moreover, creative-power is the reason why capitalism has not succumbed to the Marxian law / tendency of the general falling rate of profit in the sense that unquantifiable creative-power enables the capitalist-system to avoid such pitfalls and / or to avert such crisis. For instance, for Marx, the law / tendency of the general falling rate of profit, is the product of“ the mass of living labor [ productively ] applied, [ which ] continuously declines in relation to the mass of objectified labor [ i. e. constant capital ] that [ is ] set in motion …[ resulting in a ] rate of profit … [ that in the end ] steadily falls”[ 92 ]. This law / tendency is counteracted, according to Marx, by capitalists in varying ways. To name a few, this is accomplished“ through more intense exploitation of labor”[ 93 ],“ reduction of wages below their