Interest and Capital最新文献

Industrial without Financial Circulation? 没有金融流通的产业?

Interest and Capital

Pub Date : 2022-01-20 DOI: 10.1093/oso/9780198816232.003.0009

J. Toporowski

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.

奥古斯托·格拉齐亚尼(Augusto Graziani)的作品所代表的货币循环理论，似乎是对卡莱茨基货币理论的“自然”补充，因为两者都关注货币的流通，而不是货币总量。然而，“电路主义者”理论的不同之处在于，它假设资本家没有钱，因此需要“初始融资”。格拉齐亚尼把信用作为支付手段，把工人的信用作为负债的资本家的债权。“新卡列基”金融化理论将资本家的信用视为对负债工人的债权。两者都夸大了阶级间债务的重要性，以牺牲阶级内债务为代价，而阶级内债务在资本家之间的流通是卡莱茨基货币宏观经济学的基础。

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The Wartime Fragments II 战时残片2

Interest and Capital

Pub Date : 2022-01-20 DOI: 10.1093/oso/9780198816232.003.0004

J. Toporowski

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.

卡莱茨基在第二次世界大战期间从事政府财政工作，解决了政府如何管理快速增长的债务的问题。这应该不会造成任何问题，因为政府支出的钱最终进入了资本主义企业的银行账户，因此，为这些支出融资的问题被简化为一个技术问题，即通过对利润和资本征税来利用这些钱为政府借款提供资金。卡莱茨基还批评了庇古试图通过价格和工资紧缩来解决失业问题的做法，他指出，价格的下跌提高了企业债务的实际价值，从而加剧了生产和投资的下降。

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A Fable on Debt and Debt Management 关于债务和债务管理的寓言

Interest and Capital

Pub Date : 2022-01-20 DOI: 10.1093/oso/9780198816232.003.0006

J. Toporowski

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.

卡莱茨基讲了一个关于假钞如何在贫困社区流通以偿还债务的寓言。这个寓言揭示了金融系统中流动性的必要性，金融系统被设想为一群相互负债的代理人，只要他们有足够的流动性，他们就可以维持债务的支付，或者可以相互出售债权，或者存在一个可以创造信用来购买债权的银行系统，或者存在一个中央银行来购买债权。这意味着来自实际生产和“实际”商品和服务交换的收入对于维持债务支付是不必要的。

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Kalecki’s Monetary Theory before the Second World War 二战前卡莱茨基的货币理论

Interest and Capital

Pub Date : 2022-01-20 DOI: 10.1093/oso/9780198816232.003.0002

J. Toporowski

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.

卡莱茨基货币理论的出发点不是货币的抽象属性或功能，也不是货币的提供者，无论是银行家还是国家，而是资本家或公司对货币的占有。本章考察卡莱茨基战前的货币分析。在他的经济周期理论中，他第一次提出了这样的观点:从整个经济的角度来看，投资为自己融资，因为投资促进了经济中企业持有的现有货币的流通。投资只是将这些钱作为利润在这些企业之间进行再分配。投资受到企业所拥有的流动性的限制。外部融资，以银行借款的形式，会招致金融风险，并且随着借款的增加，需要更高的利率。

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The Wartime Fragments I 战时的碎片1

Interest and Capital

Pub Date : 2022-01-20 DOI: 10.1093/oso/9780198816232.003.0003

J. Toporowski

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.

在剑桥和牛津工作期间，卡莱茨基对新古典主义的威克塞尔理论提出了质疑，该理论认为利率决定了经济中的投资数量。他的研究表明，利息对商业投资的影响很微弱，尤其是在经济衰退期间，企业更有可能出现产能过剩。短期利率只会影响货币的流通速度。但他也驳斥了凯恩斯的观点，即长期利率可能影响经济中的投资量。与Hawtrey、Hicks和Shackle一样，Kalecki发现长期利率变化不大，因此不太可能成为商业周期的因果因素。

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