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Redefining the Commodity Theory of Money: From the Viewpoint of the Recent Unoist Approach and Japanese Debates on Credit Money

  1. Introduction Marx introduced money as the form through which commodities express their own value. Traditional Marxist economics assumes that money was gold, and after the suspension of convertibility, money became state fiat money. In contrast, unlike traditional Marxism , Unoists in Japan reconstruct Marx’s Capital logically in many respects , beyond textual interpretation . Regarding credit theory, Unoists emphasize the uncertainty of circulation, which leads to specialized capitals engaged in circulation, such as commercial capital and banking capital. They argue that even inconvertible credit money still has a basis in commodity value . This means that the salability of commodities gives rise to the value of money. Banks link commodity value with value of money. Thus, money gains access to commodity value, either directly or indirectly. In this sense, money remains commodity money, and is different from state fiat money. T his paper will give an overview of ...
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Theories of credit money in Japanese Marxian economics: 1 introduction

     Even inconvertible money is credit money

Theories of credit money in Japanese Marxian economics

Introduction

Why can money buy commodities? What is the ground of value of the money?

Marx has clarified that money is the specific commodity by which all commodities express their value. In the 19th century, people thought that money is gold, which has value in itself, and that credit money is a promise to pay the gold money. However, after the suspension of the gold standard, the inconvertible money does not seem to have any value in itself. However, here I show theories of credit money in Japanese Marxian economics that maintain the even inconvertible money is credit money and has commodity value.

Currently, people think the inconvertible money is fiat money thrown from outside the private economy. Although theories of endogenous money supply, such as Post Keynesian, assert that commercial banks’ lending supplies credit money, they assume that the credit money is a promise to pay the fiat money issued by central banks or states. However, some Japanese Marxian economists have advocated that inconvertible money, including central bank money, is credit money, not fiat money. By creating credit money by lending, the banks have financial assets that are rights to receive a part of the proceeds from the commodities in the debtors. As long as the debtors smoothly gain the proceeds, the money issued by the banks has value based on the commodities. Thus, credit money belongs to commodity money.

Considering this way, we can understand the universal reason enabling money to circulate, whether convertible or inconvertible.

The paper is structured as follows: Section A takes up Tamotsu Okahashi’s theory of credit money in the Japanese banknote controversy in the 1950s. Section B discusses Uno Kozo’s criticism of Marx and the development of credit money theory in Uno school. Section C explains the commodity theory of money in modern Uno theory.


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