スキップしてメイン コンテンツに移動

注目

The Logical Emergence of Banking Capital from the Circuit of Industrial Capital: A Modern Unoist Approach

  introduction 　 To explain commercial capital and banking capital, Marx began by discussing the transformation of commodity capital and money capital into commercial capital and money-dealing capital (Marx 1981: title of Part 4). His method was first to divide the circuit of industrial capital, G-W…P…W’-G’, into production and circulation. The capital in the circulation phase is called “merchant’s capital”. Then the merchant capital is divided into “Commercial capital” and “Money-dealing capital” (Marx 1981: 379). We can denote merchant capital as W’-G’-G-W, commercial capital as W’-G’, and money-dealing capital as G’-G. This method is, in terms of form, well balanced. However, Uno and the Unoists criticized it and argued that, methodologically, the emergence of specialized capital requires an explanation of how it can raise the profit rate by reducing circulation capital and costs. Behaviors for higher profit by individual capitals leads to the emergence of specialized capita...
コメントを投稿
続きを読む
ラベル

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.

 Click here.


ラベル:

コメント

コメントを投稿

人気の投稿