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The supply of credit money and capital accumulation: A critical view of Post-Keynesian analysis

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Abstract

This chapter critically examines the Post Keynesian horizontalist theory of money from a Marxian perspective. Horizontalist analyses are criticised from three angles. First, monetary theory should be historically specific. Second, credit money is an advanced form of money, created mostly as liabilities of financial institutions, and its supply is endogenous in a more complex and profound sense than Post Keynesian analysis allows. Third, although credit money is endogenous, the quantity supplied is not always compatible with the needs of the sphere of circulation. Consequently, pronounced instability and inflation are possible for purely monetary reasons.

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... De Brunhoff (1976), Crotty (1987), Evans (1997), Foley (1983Foley ( , 1986a and Weeks (1981) hold that Marx's commodity theory of money is a correct albeit historically restricted starting point for the analysis of money and therefore not applicable to modern economies. Lapavitsas (2000) and Lapavitsas & Saad-Filho (2000) do not only consider commodity money to be an appropriate starting point for Marx's theory of money and credit but also argue that anchoring the monetary system on a money commodity would stabilize capitalist reproduction, also in modern times. Graziani (1997), on the contrary, argues that the capital labour relation requires credit money because the purchase of labour power is logically prior to the production of commodities and hence also to the production of the money commodity. ...
... In Marx's theory, money and credit are not considered to be means to overcome uncertainty as ahistorical characteristics of human life as such, as in Davidson (1994). Marx rather considers money and credit to be historically specific social institutions mediating the social division of labour which itself cause uncertainty and instability as main characteristics of capitalist reproduction (see also Lapavitsas & Saad-Filho 2000). 24 It should be noted that the position sketched here differs from those post-Keynesian views which assume that a decreasing liquidity position of commercial banks and rising lender's and borrower's risk finally lead to rising interest rates when the quantity of credit is expanding in the accumulation process (Minsky, 1986;Palley, 1996;Rousseas, 1998;Wray, 1990). ...
... We therefore disagree withLapavitsas (1997Lapavitsas ( , 2000a andLapavitsas & Saad-Filho (2000) who consider the credit system in Marx's theory to be mainly a mechanism for the internal reallocation of idle funds among industrial and commercial capitalists. ...
Article
Starting from Schumpeter's important distinction between 'real analysis' and 'monetary analysis', in this paper it is shown that major elements of Marx's economic theory fall in the camp of 'monetary analysis'. This is true for Marx's theory of value, his rejection of Ricardo's interpretation of Say's Law, his treatment of the realization problem in the schemes of reproduction and his theories of credit and the rate of interest. The implications of this monetary interpretation for Marx's theory of distribution and growth display broad similarities to a monetary extension of a Kaleckian version of the post-Keynesian model, in which the equilibrium growth path is determined by the interaction between monetary and real variables.
... 532-533), Duménil (1980, pp. 8, 22-23, 51), Lipietz (1982, p. 64), Meek (1956, p. 98;1973, pp. xxi, 191), Sweezy (1949, p. xxiv;1968, p. 115), de Vroey (1982, p. 47) and Winternitz (1948, p. 278). 1 Marx's theory of money is analysed by Arnon (1984), de Brunhoff (1976de Brunhoff ( , 1978b, Campbell (1997Campbell ( , 1998, , Foley (1975Foley ( , 1983, Hilferding (1981), Itoh and Lapavitsas (1999), Lapavitsas (1994Lapavitsas ( , 2000aLapavitsas ( , 2000c and Lapavitsas and Saad-Filho (2000). See also Fine (1989, pp. ...
... Many post-Keynesian writers (e.g., Moore 1988) argue that if the money supply is endogenous there cannot be excess supply of money. For a counter-argument, see Hilferding (1981, ch. 5) and Lapavitsas and Saad-Filho (2000). 45 De Vroey (1984). ...
Book
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Introduction 1. Materialist Dialects 1.1 Real Abstractions and Mental Generalisations 1.2 Marx, Hegal and 'New Dialects' 1.3 Conclusion 2. Interpretations of Marx's Value Theory 2.1 Embodied Labour Approaches 2.1.1 Traditional Marxism 2.1.2 Sraffian Analyses 2.2 Values from Theories 2.2.1 The Rubin Tradition 2.2.2 The 'New Interpretation' 2.3 Conclusion 3. Value and Capital 3.1 Division of Labour, Exploitation and Value 3.2 Capital 3.3 Conclusion 4. Wages and Exploitation 4.1 Wage Labour and Exploitation 4.2 Value of Labour Power 4.3 Conclusion 5. Values, Prices and Exploitation 5.1 Normalisation of Labour 5.1.1 Labour Intensity and Complexity, Education and Training 5.1.2 Mechanisation, Deskilling and Capitalist Control 5.2 Synchronisation of Labour 5.2.1 Value Transfers 5.2.2 Technical Change, Value and Crisis 5.3 Homogenisation of Labour 5.4 Conclusion 6. Composition of Capital 6.1 Understanding the Composition of Capital 6.2 Production and the Composition of Capital 6.3 Capital Accumulation 6.4 Conclusion 7. Transformation of Values into Prices of Production 7.1 Surplus Value, Profit, and the Composition of Capital 7.2 From Values to Prices of Production 7.3 The Transformation of Input Values 7.4 Conclusion 8. Money, Credit and Inflation 8.1 Labour and Money 8.2 Money and Prices of Production 8.3 Credit, Money and Inflation 8.4 Conclusion Conclusion References
... De Brunhoff (1976), Crotty (1987), Evans (1997), Foley (1983Foley ( , 1986a and Weeks (1981) hold that Marx's commodity theory of money is a correct, albeit historically restricted starting point for the analysis of money and therefore not applicable to modern economies. Lapavitsas (2000) and Lapavitsas and Saad-Filho (2000), however, do not only consider commodity money to be an appropriate starting point for Marx's theory of money and credit but also argue that anchoring the monetary system on a money commodity would stabilize capitalist reproduction, also in modern times. 8 Graziani (1997), on the contrary, convincingly argues that the capital labour relation requires credit money because the purchase of labour power is logically prior to the production of commodities and hence also to the production of a money commodity. ...
... This view comes close to the position following from Marx's theory: Money and credit are not considered to be means to overcome uncertainty as ahistorical characteristics of human life and economic processes as such. Marx rather considers money and credit to be historically specific social institutions indispensable for capitalist commodity production and exchange which itself cause uncertainty and instability as main characteristics of capitalist reproduction (Lapavitsas and Saad-Filho, 2000). ...
Article
In this paper we have taken issue with those Marxian and post-Keynesian views which neglect the broad similarities between Marx’s economics and post-Keynesian approaches in the field of money, credit and the rate of interest. Starting from the older observations on the common ground of Marx’s and Keynes’s views in the fields mentioned above, we have shown that Marx’s economics cannot only be seen as one of the sources of post-Keynesian economics because his theory of capitalist reproduction has had a major impact on Kalecki’s theory of effective demand, but also because his monetary economics fit quite well into the post-Keynesian research programme of a monetary theory of production.
... 532-533), Duménil (1980, pp. 8, 22-23, 51), Lipietz (1982, p. 64), Meek (1956, p. 98;1973, pp. xxi, 191), Sweezy (1949, p. xxiv;1968, p. 115), de Vroey (1982, p. 47) and Winternitz (1948, p. 278). 1 Marx's theory of money is analysed by Arnon (1984), de Brunhoff (1976de Brunhoff ( , 1978b, Campbell (1997Campbell ( , 1998, , Foley (1975Foley ( , 1983, Hilferding (1981), Itoh and Lapavitsas (1999), Lapavitsas (1994Lapavitsas ( , 2000aLapavitsas ( , 2000c and Lapavitsas and Saad-Filho (2000). See also Fine (1989, pp. ...
... Many post-Keynesian writers (e.g., Moore 1988) argue that if the money supply is endogenous there cannot be excess supply of money. For a counter-argument, see Hilferding (1981, ch. 5) and Lapavitsas and Saad-Filho (2000). 45 De Vroey (1984). ...
... Further to this, post-Keynesian theorists, following Kaldor's tradition, formulated the conception that in contemporary developed economies based on credit, money is created endogenously (for a compendious presentation of these approaches, see Moore 1988;Rousseas 1992: 65-122;Itoh/Lapavitsas 1999: 207-245;Mollo 1999;Lapavitsas/Saad-Fihlo 2000). ...
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... Further to this, post-Keynesian theorists, following Kaldor's tradition, formulated the conception that in contemporary developed economies based on credit, money is created endogenously (for a compendious presentation of these approaches, see Moore 1988;Rousseas 1992: 65-122;Itoh/Lapavitsas 1999: 207-245;Mollo 1999;Lapavitsas/Saad-Fihlo 2000). ...
Chapter
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This paper examines the relation between the fluctuations in the quantity of money and the fluctuations in economic activity; that is, the cyclical components of each variable. The principal question posed is: how do the fluctuations in the quantity of money affect or get affected by the fluctuations of output and profitability in the US economy (1958–2006)? Our investigation stops in 2006 as the dynamics of the traditional economic structures changed dramatically in the US and globally after 2006. The empirical results indicate strong cyclical behaviour of most variables. Furthermore, the cyclical components of output/profitability and the quantity of money move in the same direction and there is also a significant relationship between them. A very interesting result is that fluctuations in output/profitability do cause fluctuations in the quantity of money, but fluctuations in the quantity of money do not cause fluctuations in output/profitability, giving priority to a 'macroeconomic' point of view, where overall economic activity, expressed through profitability and output, shapes (but is not shaped by) the quantity of money. Our empirical findings, thus, imply a revision of the usual reading which favours causality running from the quantity of money.
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Methodology and the Analysis of a Monetary Economy
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Has the Demand for Money been Mislaid?
  • B. Moore
The Political Economy of Central Banks, Agents of Stability or Source of Instability?
  • C. Lapavitsas