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日英Meetup in London

   今、在外研究でロンドンに来ているが、諸般の事情で家族と日本語で話す他に、話す機会がほとんどない。 ネットで日本人とイギリス人のMeetupを探していってみると以下のものがよかった。他にもいくつかあるが、行ったことがないのでわからない。 日本語会話の会  パブで何時間か三々五々に分かれて話すというもの。日本語を話したがっているイギリス人(正確にはロンドン在住非日本人)が多く来るので、話しやすい。生活や旅行などいろいろ情報も聞きだすこともできる。イギリス人7割、日本人3割くらい。イギリス人の多くは日本語の日常会話には支障がない。日本人同士の会話にもなるので、生活情報には重要なこともある。イギリス人は、こちらが英語で話せば、英語の練習にも付き合ってくれる(人によるが) 。 月1回第1火曜、予約不要。参加費£3、食事つきはさらに食事代。その他、不定期にイベントあり。今年で25周年だそうで、しっかりとしたウェブサイトもある。 29歳以上の日英交流イベント  29歳以上、となっているが、こちらの方が若い人が多く、騒々しい。不定期開催。月に2回以上はあると思う。参加費£2。 このイベントの前に同じ会場で、 言語交換イベント が開かれる場合がある。こっちは参加費1ポンド。日本人1人、イギリス人(正確にはロンドン在住非日本人)1人、または2人で話をする。20分くらいで人を入れ替える。こちらの場は落ち着いて話ができる。この二つは Dillonという人が主催者。 情報収集が目的の場合はあらかじめ質問を決めておかないと何となくで終わってしまう。英語の勉強が目的の場合は、イギリス人が日本語を話したがっているので、こちらが勝手に英語を話し始めることが必要。参加者はだいたい性格の良い人が多い。こちらの変な英語でも理解しようとしてくれる。ロンドンで英語が分からないとストレスがたまるが、こうした場は逆に日本人が優位になる。

Turnover of industrial capital, commercial and bank credit: modern Unoist approach 3. Commercial credit

 

3. Commercial Credit

3.1 Reason for the Emergence of Commercial Credit

Now, we remove the assumption that no credit relations exist. The simplest form of credit is commercial credit between industrial capitals. When a buyer faces a shortage of money and a seller has abundant funds, the seller can sell products on credit. The buyer can thus save additional capital. This can be explained in two ways: Frist, when their sales are temporarily delayed, industrial capitalists can purchase materials on credit to maintain production. Second, if they can buy on credit whenever necessary, they can reallocate part of their reserves to expand production. (Itoh and Lapavitsas 1999, pp. 89–90).

In contrast, the seller can charge a markup on credit sales. It should be noted that selling on credit does not shorten the circulation time. The seller providing credit must advance additional capital to continue their own production until the buyer makes payment. If the seller discounts the bill with a bank (Marx 1991, p.615), they change from a credit giver to a credit receiver.

 

3.2 Profit transfer in the commercial credit between two capitals

Since the credit price increases by a markup on credit sales, part of the buyer’s profit is transferred to the seller. This transfer has been largely overlooked in literature. Macroeconomists, such as MTC and post-Keynesians, cancel out firm-to-firm relations. Economists focusing on production prices, such as Sraffians, ignore differences in circulation that exist within the same industry. Traditional Unoist scholars regarded markups on commercial credit only as a primitive form of interest and did not discuss them in detail.

Yamaguchi analyzed the transfer of a portion of profit through the delegation of circulation functions (Yamaguchi 1998, 70). Later, Obata discussed profit transfer between commercial and industrial capitals using a simple equation (Obata 2009). Following his approach, this paper examines profit transfer in commercial credit in this section, and in bank credit in the next section. The mathematical expressions in Sections 3 and 4 are a concise summary and further development of Iwata 2021a.

Suppose that the output of sector B is the input for sector A. Ai denotes an individual firm (i = 1, 2, …) and Bi denotes an individual firm (i = 1, 2, …). Assume that firm A1 in sector A faces a monetary shortage, while firm B1 in sector B has excess funds. B1 can sell their product to A1 on credit with a markup on the credit sale.

We denote the variables as follows:

PB: cash price of products B

α: markup on credit sale

Pk: cost price of B

PA: sale price of A
CA: Advanced capital of the normal firm in sector A, including productive and circulation capital

CB: Advanced capital of the normal firm in sector B, including productive and circulation capital

Q: quantity of purchases and sales (we use the same symbol Q by adjusting units at each stage) 

The variables Pk, PB, and PA are determined as production prices. One features of commercial credit is this relatively closed relation between two capitals, A1 and B1:αis represents a deviation from the production price PB only within this bilateral relation.

We denote β, the share of commercial credit used by A1, as:

β=  (Credit purchase by A1)/(Total purchase by A2)

First, on the production price system, assume that the profit rates of A1 and B1 are equal, without commercial credit,

Next, assume that A1’s lack of reserve funds and B1’s excess reserve funds are equal to the same amount Y.

Capitals A and B compete to maximize their respective profit rates via the markup. Finally, the following equality holds:


When the two profit rates are equal under commercial credit, the following holds:


   
This means that the transferred portion of the profit of A1 (αβQ) is corresponding to the proportion to Y against total capital of A and B ( ).

The interest rate  is given by:


The equation assumes that the maturity period of the bill coincides with the period used for calculating interest (e.g., one year). The parameter  indicates that, when B1 allots capital Y for credit sales, a lower β implies a higher markup on credit sales to secure a profit on Y.

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