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Abstract. Reconsidering Marx’s Theory of Turnover under Uncertain Circulation: Japanese Marxian and Unoist Approaches

  Abstract Turnover consists of production and circulation processes. Although circulation interrupts the accrual of value in production, industrial capital can continue production by advancing additional capital, as Marx described in Chapter 15 of Volume II of Capital . Money that is set free in continuous production is often said to lie idle for a certain period. However, this paper argues, first, that industrial capital can eliminate set-free money by combining more than two production processes, as shown by Japanese Marxian economists. Second, by introducing uncertainty with variance into the circulation period, this paper shows that monetary reserve is essential for turnover. Third, as a consequence, idle money is unevenly distributed among industrial capitals. Some capitals persistently hold excess idle money, while others face shortages that threaten the continuity of production. This dispersion provides a foundation for further research on phenomena such as the emergenc...
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Even inconvertible money is credit money : Theories of credit money in Japanese Marxian economics from the banknote controversy to modern Uno theories

 


    My new article (note) has just been published. 

Abstract

        Since the suspension of the gold standard, many have considered that money becomes fiat money with no intrinsic value. Although theories of endogenous money supply assert that commercial bank lending supplies credit money, even they assume that the credit money is a promise to pay 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, and not fiat money. Significantly, they distinguish between “inconvertible” and “fiat.”

　　This paper quotes and translates some theories from the banknote controversy to modern Uno theories in Japan. Then, we argue that the commodity value underlies credit money and that money can take multiple polymorphic forms with respect to the assets backing the value of issued money.

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