Turnover of industrial capital, commercial and bank credit: modern Unoist approach 0. Abstract
Turnover of industrial capital, commercial and bank credit: modern Unoist approach Abstract After the experience of large-scale Quantitative Easing, exogenous monetary theories such as monetarism have been losing influence. In contrast, Endogenous Money Supply Theories maintain that money is created “from nothing” through commercial bank lending. However, they often treat banks themselves as emerging from nothing, without explaining their logical emergence. In Marxian economics, bank credit is regarded as originally rooted in commercial credit. Furthermore, Unoist scholars have argued that the inevitable idle money arising during the turnover of capital leads to the development of commercial credit, and that banking capital can emerge from the credit operations of industrial capital. Expanding on these contributions, this study examines how individual industrial capital can evolve into banking capital. First, it shows that uncertainty in circulation time necessitates indeterminate...
