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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