The exchange ratios between commodities—and the same is naturally true of the exchange ratios between commodities and money—result from determinants which affect both terms of the exchange ratio.

All preexisting exchange ratios are quite irrelevant so far as the actual levels of the reciprocal exchange ratios of other economic goods are concerned.

This is true, not only of the direct exchange ratios between economic goods other than money, but also of the exchange ratio between money on the one hand and commodities on the other.

The exchange ratios of commodities are based upon the value scales of the individuals dealing in the market.

If this were not the case, it would not be possible to reduce all exchange-relationships to a common denominator.

If this were not so, it would be impossible to reduce all exchange relationships to a common denominator.

The non-equivalent exchange of goods is seen especially in the relations of exchange between the Soviet Union and the vassal countries.

They do not inquire how the exchange ratios between money and other economic goods are established.

For a good of this sort could exist only if all the exchange ratios between all goods were entirely free from variations.

Nevertheless the central administration of production and distribution cannot leave out of consideration the exchange relations which arise in this sort of traffic.

If this were not the case, it would not be possible to reduce all exchange-relationships to a common denominator.

If this were not so, it would be impossible to reduce all exchange relationships to a common denominator.

If this were not so, it would be impossible to reduce all exchange relationships to a common denominator.

If this were not the case, it would not be possible to reduce all exchange-relationships to a common denominator.

Since trade is hampered, the process which would restore the disrupted “static” exchange ratios among foreign currencies is held in check.