Inconvertible bank money is not fiat but credit
money. Fiat money is issued by government spending. The government buys and
consumes commodities and does not have assets corresponding to the issued money.
In contrast, credit money is issued by a bank’s lending. The bank has assets backing
the value of money. Similarly, central banks’ money is also credit money.
However,
the problem does not end here. When approaching from the theory of money, credit
money is a “promise to pay the proper money.” It leaves unsolved the question
of what the proper money is.
On the other hand, when approaching from the credit
theory, credit money is what the bank delivers to the borrower in lending. The borrower
buys the commodity by diverting it, retrieves it by sales, and finally returns
it to the bank. Thus, the credit money is self-contained without the proper
money. Okahashi, Yamaguchi, and Yoshida persuasively discuss the mechanism of
credit money.
However, they do not answer what money is.
Moreover, unfortunately, they substitute the historical description for a
theoretical explanation of credit money. That is, once, the proper money was
gold, and the credit money was a promise to pay the gold money. Currently, the
credit money has been inconvertible and functions without conversion.
Instead, modern Uno theorists in Japan have
been attempting to elucidate the theoretical genesis of credit money. In
addition, there is a potential in rethinking the coexistence of the proper and
the non-proper credit money based on three laws of circulation which are
originally in Marx’s “The capital.” All of these are based on polymorphism of money, which will guide future research.
Inconvertible bank money is not fiat but credit
money. Fiat money is issued by government spending. The government buys and
consumes commodities and does not have assets corresponding to the issued money.
In contrast, credit money is issued by a bank’s lending. The bank has assets backing
the value of money. Similarly, central banks’ money is also credit money.
However,
the problem does not end here. When approaching from the theory of money, credit
money is a “promise to pay the proper money.” It leaves unsolved the question
of what the proper money is.
On the other hand, when approaching from the credit
theory, credit money is what the bank delivers to the borrower in lending. The borrower
buys the commodity by diverting it, retrieves it by sales, and finally returns
it to the bank. Thus, the credit money is self-contained without the proper
money. Okahashi, Yamaguchi, and Yoshida persuasively discuss the mechanism of
credit money.
However, they do not answer what money is.
Moreover, unfortunately, they substitute the historical description for a
theoretical explanation of credit money. That is, once, the proper money was
gold, and the credit money was a promise to pay the gold money. Currently, the
credit money has been inconvertible and functions without conversion.
Instead, modern Uno theorists in Japan have
been attempting to elucidate the theoretical genesis of credit money. In
addition, there is a potential in rethinking the coexistence of the proper and
the non-proper credit money based on three laws of circulation which are
originally in Marx’s “The capital.” All of these are based on polymorphism of money, which will guide future research.
Marx, Karl[1976] Capital:
A Critique of Political Economy, Volume 1. London: Penguin Books
Marx, Karl[1978] Capital:
A Critique of Political Economy, Volume 2. London: Penguin Books
Marx, Karl[1981] Capital:
A Critique of Political Economy, Volume 3. London: Penguin Books
Uno, Kozo [1977] Principles
of political economy: theory of a purely capitalist society, translated
from the Japanese by Thomas T. Sekine, Harvester
岡橋保［1957］『貨幣論：増補新版』春秋社
(Okahashi,
Tamotsu [1957] Theory of Money, augmented new edition, Shunju-Sha.)
吉田 暁 ［2002］『決済システムと銀行・中央銀行』日本経済評論社
(Yoshida,
Satoru [2002] On Payment Systems, Banks and the Central Bank, Nihonkeizaihyoron-Sha)
吉田 暁 ［2008］「内生的貨幣供給論と信用創造」『季刊経済理論』45(2), 15-25.
(Yoshida,
Satoru [2008] Endogenous Money Supply and Credit Creation, Political economy
revire, Vol.45, No.2)
山口重克［1984］『金融機構の理論』東京大学出版会
(Yamaguchi,
Shigekatsu [1984] Theory of Financial organization,
Tokyo-Daigaku-Shuppankai)
山口重克［2000］『金融機構の理論の諸問題』御茶の水書房
(Yamaguchi,
Shigekatsu [2008] Problems in the theory of Financial organization the real
economy, Ochnomizu-Shobo)
山口重克［2008］『現実経済の諸問題』御茶の水書房
(Yamaguchi,
Shigekatsu [2008] Problems in the real economy, Ochnomizu-Shobo)
小幡道昭『経済原論：基礎と演習』東京大学出版会
(Obata,
Michiaki [1984] The Principles of Political Economy: basics and exercises,
Tokyo-Daigaku-Shuppankai)
小幡道昭『価値論批判』弘文堂
(Obata,
Michiaki [2013] Critical Studies of Marxian Value Theory, Kobun-Do)
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