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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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Towards the New Theory of Commodity Money on Inconvertible Credit Money

Endogenous money supply theories have recently experienced a resurgence, but variance exists within these theories. We created a 2 × 2 matrix to analyze endogeneity and exogeneity across various money theories, with one axis representing the money supply and the other representing the logical generation of money. Many endogenous money supply theories consider inconvertible money exogenous, contending that money with finality is fiat money issued by central banks or governments. Nonetheless, some contemporary Marxian economists, particularly Unoists, argue that even inconvertible bank money remains credit money rooted in commodity value and is endogenous to the market economy. Banks issue credit money by lending or purchasing securities. Credit money is based on the value of commodities through the debtors’ assets. To explain such credit money in the value-form theory, Unoist scholars have recently proposed new value-form theories, including a claim to commodity set, as well as branch structure and polymorphism of money. 

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