Interest and CapitalPub Date : 2022-01-20DOI: 10.1093/oso/9780198816232.003.0009
J. Toporowski
{"title":"Industrial without Financial Circulation?","authors":"J. Toporowski","doi":"10.1093/oso/9780198816232.003.0009","DOIUrl":"https://doi.org/10.1093/oso/9780198816232.003.0009","url":null,"abstract":"The theory of the monetary circuit, as represented in the work of Augusto Graziani, appears as a ‘natural’ complement to the monetary theory of Kalecki because both share a focus on the circulation of money rather than monetary aggregates. However, the ‘circuitist’ theory differs in assuming that capitalists have no money and therefore need ‘initial finance’. Graziani has credit used as means of payment, with the credit of workers as claims on indebted capitalists. ‘Neo-Kaleckian’ financialization theory has capitalists’ credit as claims on indebted workers. Both exaggerate the importance of inter-class debt, at the expense of the intra-class debt whose circulation among capitalists is the foundation of Kalecki’s monetary macroeconomics.","PeriodicalId":313534,"journal":{"name":"Interest and Capital","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121735742","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Interest and CapitalPub Date : 2022-01-20DOI: 10.1093/oso/9780198816232.003.0004
J. Toporowski
{"title":"The Wartime Fragments II","authors":"J. Toporowski","doi":"10.1093/oso/9780198816232.003.0004","DOIUrl":"https://doi.org/10.1093/oso/9780198816232.003.0004","url":null,"abstract":"Working on government finance during the Second World War, Kalecki addressed the question of how the government can manage a rapidly growing debt. This should cause no problem because the money from government expenditure ended up in the bank accounts of capitalist businesses, so the problem of financing that expenditure is reduced to the technical one of taking that money through taxation on profits and capital to finance government borrowing. Kalecki also criticized Pigou’s attempt to resolve the problem of unemployment by price and wage deflation, pointing out that downward movements in prices raise the real value of business debt, and thereby reinforced lower production and investment.","PeriodicalId":313534,"journal":{"name":"Interest and Capital","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121124981","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Interest and CapitalPub Date : 2022-01-20DOI: 10.1093/oso/9780198816232.003.0006
J. Toporowski
{"title":"A Fable on Debt and Debt Management","authors":"J. Toporowski","doi":"10.1093/oso/9780198816232.003.0006","DOIUrl":"https://doi.org/10.1093/oso/9780198816232.003.0006","url":null,"abstract":"Kalecki told a fable about how a forged banknote may circulate in an impoverished community paying off debts. The fable reveals the necessity for liquidity in a financial system conceived as a group of mutually-indebted agents, who can maintain payments on their debts as long as they have enough liquidity, or can sell debt claims to each other, or a banking system exists which can create credit to buy debt claims, or a central bank exists to buy in debt claims. This means that income from actual production and exchange of ‘real’ goods and services is unnecessary to maintain debt payments.","PeriodicalId":313534,"journal":{"name":"Interest and Capital","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123996776","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Interest and CapitalPub Date : 2022-01-20DOI: 10.1093/oso/9780198816232.003.0002
J. Toporowski
{"title":"Kalecki’s Monetary Theory before the Second World War","authors":"J. Toporowski","doi":"10.1093/oso/9780198816232.003.0002","DOIUrl":"https://doi.org/10.1093/oso/9780198816232.003.0002","url":null,"abstract":"The starting point of Kalecki’s monetary theory is not the abstract properties or functions of money, or the suppliers of that money, whether bankers or the state, but the possession of money by capitalists or firms. This chapter examines Kalecki’s pre-war monetary analysis. In his business cycle theory he put forward for the first time his idea that, from the point of view of the economy as a whole, investment finances itself, because investment raises the circulation of already existing money held by businesses in the economy. Investment merely redistributes that money as profits among those businesses. Investment is limited by the liquidity that enterprises possess. External finance, in the form of bank borrowing, incurs financial risk and requires higher rates of interest as that borrowing rises.","PeriodicalId":313534,"journal":{"name":"Interest and Capital","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133548043","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Interest and CapitalPub Date : 2022-01-20DOI: 10.1093/oso/9780198816232.003.0003
J. Toporowski
{"title":"The Wartime Fragments I","authors":"J. Toporowski","doi":"10.1093/oso/9780198816232.003.0003","DOIUrl":"https://doi.org/10.1093/oso/9780198816232.003.0003","url":null,"abstract":"While working in Cambridge and Oxford, Kalecki took issue with the Neo-Classical Wicksellian theory that the rate of interest determines the amount of investment in the economy. His studies showed only a weak effect of interest on business investment, in particular during recessions when firms were more likely to be operating with excess capacity. The short-term rate of interest would only affect velocity of circulation of money. But he also rejected Keynes’s idea that the long-term rate of interest could affect the amount of investment in the economy. Like Hawtrey, Hicks, and Shackle, Kalecki found that the long-term rate of interest does not vary much, and is therefore unlikely to be a causal factor in the business cycle.","PeriodicalId":313534,"journal":{"name":"Interest and Capital","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132125686","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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