「貨幣貸付資本と現実資本」論,その現代的意義 : MEGA版(手稿)によって(<特集>現代の貨幣・信用論争)

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  • The Analysis on 'Moneyed Capital and Real Capital' in "Capital" Book III, and its Contemporary Meaning(<SPECIAL ISSUE>Controversy in Contemporary Money and Banking)
  • 「貨幣貸付資本と現実資本」論,その現代的意義--MEGA版(手稿)によって
  • カヘイ カシツケ シホン ト ゲンジツ シホン ロン ソノ ゲンダイテキ イギ MEGAバン シュコウ ニ ヨッテ

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Overstone really confused continually 'capital' and 'money'. To him, 'value of money' means not only purchasing power which changes according to the quantity of money, but also it means interest. On the other hand, 'value of capital' was supposed to be interest and also profit. Moreover, he regarded that moneyed capital was identical with real capital, and using such 'strange jumble of words', he gave Ricardo's old theory on money the new mode. Using this he made a fundamental principle of 1844-45 Bank Act. To criticize such Overstone's Opinion, Marx brings forward two problems at the beginning of Ch.XXX in "Capital" Book III, as 'the only difficult questions in connection with whole affairs of the credit'. First: is the accumulation of moneyed capital identical with the accumulation of real capital? Second: is the accumulation of moneyed capital affected by the quantity of money in the country? In this paper, we will pursue the thread of Marx's analysis about these questions according to his manuscript itself of "Capital", that is, MEGA, II/4・2. Marx's conclusions are the following; first: both accumulations are not identical with each other, but only in the phase of prosperity of the industrial cycle, the accumulation of moneyed capital is coincident with the accumulation of real capital. Second: the accumulation of moneyed capital is independent from the quantity of money. But, under a developed credit-system, all money required for the reproduction process by industrial capitalists assumes the form of money borrowed by them from bankers. Thus, in times of stringency, the amount of money required for the reproduction process may be lacking in the money market, and that may raise the rate of interest. Only in this case, the absolute quantity of circulation affects the rate of interest. Analyzing those questions, Marx presupposed the following: all bank-notes required for the reproduction process is determined by two factors (commodity-prices and the quantity of transactions), and the bank-notes which are held by the bank as a reserve are passively and secondly as the result of the amount of actually circulating bank-notes. Thus the Bank of England is merely a passive agent against the amount of actually circulating bank-notes. Such Marx's conclusion on the monetary policy of the central bank is still effective to criticize the current quantity theory of money, because Marx's premises are appropriate in the present credit-system.

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