This edited volume traces the development of the Marxian theory of finance in Japan. Japanese Marxists have long been engaged in this field of study, yet their achievements are hardly known in other languages. Japanese Discourses on the Marxian Theory of Finance brings together in English for the first time six core essays essential to the understanding of the history and development of Japanese Marxian economics. Part I considers the so-called Uno-Miyake debate, which shaped the direction of the research in postwar Japan. Part II includes the three core essays influenced by Uno, including an essay by Shigekatsu Yamaguchi, who introduced a new method to systematically deal with “credit creation” which must be duly taken into consideration if scholars are to analyze today’s “financialization." Finally, the last two essays follow from Yamaguchi’s influential theory to consider the relation of banking with the capital market to complete the theory of finance in Marxian economics.
Author(s): Kei Ehara
Series: Marx, Engels, and Marxisms
Publisher: Palgrave Macmillan
Year: 2022
Language: English
Pages: 208
City: Cham
Titles Published
Titles Forthcoming
Acknowledgement
Contents
Notes on Contributors
List of Figures
Introduction to Japanese Studies of Marxian Theory of Finance
1 Uno’s Reorganization of Marx’s Capital
1.1 Reconceptualizing the Historical Transformation into the Stage of Imperialism
1.2 Building a Pure Theoretical Image of Capitalism
2 Uno’s Theory of Interest
3 Uno-Miyake Debate
4 Yamaguchi’s Methodological Change
4.1 Credit Creation
4.2 Central Banking
4.3 Capital Market
5 Post-Yamaguchi: Bank Capital and “Interest-Bearing Capital” Revisited
5.1 Equity Capital in Banking
5.2 Revisiting “Interest-Bearing Capital”
5.3 Bank Capital and Financial System
6 Conclusion
Uno-Miyake Debate: Formation of Marxian Theory of Finance
On Money Capitalists in the Theory of Interest in Capital
1 [“Money Capitalist” and “Functioning Capitalist”]
2 [The Problem with Marx’s Illustration]
3 [The Concept of Loan Capital]
4 [The Theory of Interest and the Theory of Ground Rent]
5 Conclusion
Interest-Bearing Capital: Response to the Explanation of Kōzō Uno
1 [“Loan Capital”]
2 [“Value of Capital”]
3 [The So-called “Funds”]
4 [Lacking the Concept of Capital Fetish]
5 [“Capital as an Automatically Interest-bearing Force"]
How a Theory of Interest Should Be Developed: Answering Yoshio Miyake’s Critique of the Theory of Interest in My Principles of Political Economy
1 [The Method of Marx’s Theory of Interest]
2 [“Loan Capital”]
3 [“Value of Capital”]
4 [The So-called “Funds”]
5 [Reification and Capital as an Automatically Interest-bearing Force]
Development After Uno
A Systematic Approach to Marxian Credit Theory Based on the Uno Theory
1 Kōzō Uno’s Problematics
1.1 The Introduction to the Theory of Interest
1.2 The Fetishism of Capital
1.3 Conceptualizing the Rate of Interest
1.4 The Roles of Money Loaning to the Capitalist Production
2 Industrial Capital and Credit System
2.1 Saving Costs of Circulation
2.2 Complementing the Theory of Profit
2.3 Idle Money Capital
3 The Basic Structure of the Credit System
3.1 Commercial Credit
3.2 Bank Credit
3.3 Central Banking
3.4 Credit Creation
Bank Capital and Credit System
1 Bank Capital and Reserves
2 The Two Types of Reserves and Their Functions
3 Bank Capital and Interest-bearing Deposit System
4 Bank Capital and Interbank Organization
Theorizing Bank Capital: Neo-Unoist Approach
1 “Banking Capital” and “Fictitious Capital”
1.1 “Bank Capital” and “Banking Capital”
1.2 Banking and “Fictitious Capital”
2 The Valorization of the Bank Capital
2.1 The Rate of Profit of the Bank Capital
2.2 The Credit Expansion
3 From DDM to the Polymorphic Approach
Index
