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