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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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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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