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Redefining the Commodity Theory of Money: From the Viewpoint of the Recent Unoist Approach and Japanese Debates on Credit Money

  1. Introduction Marx introduced money as the form through which commodities express their own value. Traditional Marxist economics assumes that money was gold, and after the suspension of convertibility, money became state fiat money. In contrast, unlike traditional Marxism , Unoists in Japan reconstruct Marx’s Capital logically in many respects , beyond textual interpretation . Regarding credit theory, Unoists emphasize the uncertainty of circulation, which leads to specialized capitals engaged in circulation, such as commercial capital and banking capital. They argue that even inconvertible credit money still has a basis in commodity value . This means that the salability of commodities gives rise to the value of money. Banks link commodity value with value of money. Thus, money gains access to commodity value, either directly or indirectly. In this sense, money remains commodity money, and is different from state fiat money. T his paper will give an overview of ...
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Turnover of industrial capital, commercial and bank credit: modern Unoist approach 0. Abstract

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

Abstract

 After the experience of large-scale Quantitative Easing, exogenous monetary theories such as monetarism have been losing influence. In contrast, Endogenous Money Supply Theories maintain that money is created “from nothing” through commercial bank lending. However, they often treat banks themselves as emerging from nothing, without explaining their logical emergence.


In Marxian economics, bank credit is regarded as originally rooted in commercial credit. Furthermore, Unoist scholars have argued that the inevitable idle money arising during the turnover of capital leads to the development of commercial credit, and that banking capital can emerge from the credit operations of industrial capital.


Expanding on these contributions, this study examines how individual industrial capital can evolve into banking capital. First, it shows that uncertainty in circulation time necessitates indeterminate reserve funds under continuous production. Second, to manage these funds efficiently, industrial capitalists extend commercial credit to one another. Third, a credit-giving capitalist in a favorable position can expand its credit functions beyond its productive capacity and ultimately evolve into banking capital. Fourth, the paper formulates how profit is transferred through both markups on commercial credit and interest, using a simple mathematical expression within a self-contained relationship between two or three industrial capitals. These findings demonstrate the logical emergence of banking capital specializing in credit intermediation and profit transfer through competition between capitals in credit operations.


This approach enables the analysis of industrial and banking capital as functionally interchangeable, offering insights into their transformation under neoliberal financial deregulation.


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