Political Economy of Money and Finance

By: C. Lapavitsas, M. Itoh

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Paperback | 16 November 1998 | Edition Number 1

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320 Pages

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Pronounced instability has characterised the capitalist world economy since the early 1970s, much of it originating in the mechanisms of money and finance. Several different government policies have failed to restore harmony, often appearing to exacerbate economic instability. This volume argues that monetary and financial instability has its roots in capitalist production and trade themselves, as well as in the defects of the mechanisms of money and finance. Thus, no mix of policies can fully establish monetary and financial harmony, though different policies can significantly amerliorate or worsen instability. To sustain its central claim, the book re-examines the historical and logical origin of money, the creation of interest-bearing capital, the spontaneous emergence of a capitalist credit system, the mechanism of capitalist crises, and the nature and functions of central banks. Further support is provided by the systematic examination of the monetary and financial analysis of all of the important schools of thought, including Classical political economy, Marxism, Keynesianism, Post-keynesianism and monetarism. The authors' ability to present important insights from Japanese political economy, not previously discussed in Anglo-Saxon economies, makes this a highly significant work in radial political economy, offering a systematic and up-to-date Marxist analysis.

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Non-Fiction Accounting & Finance Finance Economics Political Economy Macroeconomics Monetary Economics Politics & Government International Relations

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Published: 16th November 1998

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Introduction	p. xi
Acknowledgements	p. xvii
Classical Foundations
Classical Political Economy of Money and Credit	p. 4
Value, commodities and money	p. 5
The measurement of value	p. 5
The quantity theory of money	p. 7
The 'channel of circulation'	p. 11
Money and the processes of credit	p. 14
Historical and institutional background	p. 14
The reflux and the balance of payments	p. 16
The real bills doctrine	p. 18
The bullion controversy	p. 20
The banking/currency controversy	p. 24
Value and Money in Marx's Political Economy	p. 33
Money and the forms of value	p. 33
Marx's theory of the forms of value	p. 33
The labour theory of value and commodity exchange	p. 37
The functions and forms of money	p. 40
Measure of value	p. 40
Means of exchange (or means of purchase)	p. 43
Money as money	p. 45
Money, the nexus rerum of capitalism	p. 52
Interest-Bearing Capital: The Distinctive Marxist Approach	p. 59
Preliminary analytical considerations	p. 59
Marx's two approaches to interest-bearing capital	p. 60
The formation of interest-bearing capital in the circuit of industrial capital	p. 62
'Monied' capitalist and 'functioning' capitalist	p. 62
Stagnant money and the circuit of capital	p. 65
The rate of interest and the rate of profit	p. 69
Precapitalist money lending	p. 73
Usury and interest-bearing capital	p. 73
Money lending and social reproduction	p. 74
Neoclassical theory of interest and optimal contract design	p. 77
Principles of Credit and Finance
The Credit System	p. 83
Preliminary remarks	p. 83
The early historical development of credit	p. 83
The representative form of the capitalist credit system	p. 84
Commercial credit	p. 86
Promissory notes and bills of exchange	p. 87
The functions and limitations of commercial credit	p. 89
Interest in credit prices	p. 91
Banking credit	p. 92
The discounting of bills of exchange	p. 92
The liabilities of banks, bank capital and bank profit	p. 94
The money market	p. 96
The central bank	p. 98
The social functions of banking credit	p. 101
Joint-Stock Capital and the Capital Market	p. 103
Brief historical overview	p. 103
The era of mercantilism	p. 103
The era of liberalism	p. 104
The era of imperialism and after	p. 105
The forms of joint-stock capital	p. 107
Joint investment	p. 107
The facilitation of mergers	p. 109
The capital market and expected dividend yield	p. 111
Founder's profit	p. 114
The social functions of joint-stock capital	p. 116
The mobilisation of capital and the efficient market hypothesis	p. 116
The rate of profit of joint-stock capital and monopoly profit	p. 119
Instability induced by capital market speculation	p. 121
Monetary and Financial Aspects of the Business Cycle	p. 123
Marx's analysis of monetary crises	p. 123
Instability in a monetary economy	p. 123
The theoretical interpretation of Marx's theory of crisis	p. 125
Fundamental theory of the business cycle	p. 128
Preliminary theoretical observations	p. 128
The upswing	p. 129
The final phase of the upswing	p. 131
Crisis	p. 133
Depression	p. 136
Determination of the value of money over the business cycle	p. 139
The quantity theory of money and the business cycle	p. 139
Balancing the demand and supply of gold	p. 141
The historical evolution of the business cycle	p. 143
The transformation of the business cycle	p. 143
Long-wave theories	p. 147
Non-Marxist theories of instability and the business cycle	p. 150
Central Banking	p. 154
The nature of the central bank	p. 154
Bank of banks	p. 154
Bank of the state	p. 157
Holder of international money	p. 160
Operator of monetary policy, overseer of the credit system and lender of last resort	p. 163
Monetary policy	p. 163
Overseer of the credit system and lender of last resort	p. 166
Central bank independence and free banking	p. 170
Central bank independence	p. 170
Free banking	p. 175
Postwar Realities and Theories
Loss of Control over Money and Finance	p. 185
Relative stability under the Bretton Woods system	p. 185
Four main causes of relative stability	p. 186
Money and finance in the long boom	p. 189
The inflationary crisis and the long downswing	p. 190
The inflationary crisis and 'stagflation'	p. 190
Overaccumulation and the transformation of the capitalist crisis	p. 193
The long downswing	p. 194
Increased financial instability	p. 195
Increased economic instability	p. 195
The impact of the information revolution	p. 197
The limitations of economic policy	p. 200
Can stability be restored?	p. 202
The Rise and Fall of Keynesianism	p. 207
The radical content of Keynes' General Theory	p. 208
Rejection of Say's law	p. 208
Money and interest	p. 211
Expectations and effective demand	p. 213
An assessment	p. 214
The neoclassical synthesis	p. 216
The return of a fragmented orthodoxy	p. 219
Post-Keynesian Monetary Theory	p. 226
Uncertainty, time and money	p. 227
The critique of general equilibrium theory	p. 227
Money, uncertainty and private property	p. 229
Money supply endogeneity	p. 234
Money supply endogeneity in Kaldor's work	p. 234
Banks and the endogeneity of the money supply	p. 236
Post-Keynesian critics of the horizontal money supply	p. 238
Exogeneity/endogeneity and the form of money	p. 241
The exchange value of endogenous credit money	p. 242
Money and Credit in a Socialist Economy	p. 246
Abolition or socialisation of money?	p. 246
'Money' in a planned socialist economy	p. 248
'Labour money'	p. 248
Socialist money (S-money)	p. 251
Money in a market socialist economy	p. 256
The credit system and interest in a socialist society	p. 257
Notes and References	p. 261
Bibliography	p. 283
Index	p. 297
Table of Contents provided by Syndetics. All Rights Reserved.

Political Economy of Money and Finance

At a Glance

Paperback

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