1996 Fiscal Year Final Research Report Summary
An Inquiry into the History of Theories of Instability and Controllability of Money and Credit.
| Project/Area Number |
07630004
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
経済理論
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| Research Institution | Division of Economics, Graduate School, The University of Tokyo |
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Principal Investigator |
ITOH Makoto The University of Tokyo, Graduate School, Division of Economics, Professor, 大学院・経済学研究科, 教授 (10012121)
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| Project Period (FY) |
1995 – 1996
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| Keywords | Credit system / Money / instability / Central bank / Political economy / Credit crisis / Capitalist economy / capital market |
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| Research Abstract |
This research project intended to promote both Western and Japanese studies in the history of theories on instability and controllability of money and the credit system. It would serve to revise the weakness of Western Marian economics in reference to the Keynesian and Post-Keynesian contributions by mobilizing the accumulated Japanese Marxian studies in this field.
The project was performed in two fiscal years 1995-96 by cooperation with Dr. Costas Lapavitsas in University of London. The main results are incorporated into a joint-book, Makoto Itoh and Costas Lapavitsas, Political Economy of Money and Finance (London : Macmillan). Its manuscript is being completed so as to be sent to the publisher by the end of March 1997. We have a further plan to make a Japanese version of the joint-book too. The main achievements of this research project would be summarized as follow ;
(1) Since the very beginning of systematic growth of economics, the role of the pyramid structure of money and credit
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to promote the efficiency of the capitalist market system has continuously gathered attention of dominant schools, while their role to amplify intrinsic instability of capitalist market economy has also contemporaneously stressed. The different views on this point have been an incessant source of important controversies. (2) In relation with this, there have been rival theoretical views concerning the responsibility and limitations of the State and the central banks. (3) From the view of Marxian school, we can understand the controversial history of theories of money and credit as a theoretical reflection of the characteristic functions of money and the credit system upon the ground of basically anarchical formation of capitalist economic system. The controversies also represent the actual historical contexts of capitalist development in the view of contemporary economic schools. The changing phases of capital accumulation in different stages of capitalist development are essential backgrounds in these regards. (4) In comparison with the case in capitalist economies, the possible roles of money and credit in different types of socialist economies are also investigated as an addendum. Less
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