In the first of a five-part series analysing the role of money within capitalist society, Adam Booth looks at the origins and evolution of money. By applying the Marxist method to this question, we can strip away the mysticism of this seemingly omnipotent power – “the root of all kinds of evil” – and understand the solution to removing its grip over us.

Following the shock of the Brexit vote, Britain has now joined the centre of the world crisis of capitalism. Already in a fragile state, confidence in the British economy has plummeted, prompting the Bank of England to intervene. However with the world economy still in deep crisis, the Bank’s measures will be like trying to stick a plaster over a gaping wound.

All the focus around Osborne’s latest Budget announcement was on the dire forecasts for the state of the UK economy, signalling that growth is slowing and years of austerity lie ahead. Rather than committing Labour to a clear anti-austerity programme of socialist policies, however, McDonnell is pledging to balance the books.