Theoretical and historical studies on money and the state

2023 Fiscal Year Final Research Report

• Project/Area Number: 16K03583
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Economic doctrine/Economic thought
• Research Institution: Rikkyo University
• Principal Investigator: Toshiaki Otomo 立教大学, 経済学部, 特定課題研究員 (90194224)
• Project Period (FY): 2016-04-01 – 2024-03-31
• Keywords: 中央銀行の独立性 / 中央銀行 / 地金論争 / 貨幣政策 / 計算貨幣 / 福田徳三

Outline of Final Research Achievements

This study considered the relationship between money and the state. The first is that I examined the Bank of England’s independence. The increase in prices after the suspension of cash payments by the Bank of England in 1797 was caused by the government’s large quantity of borrowing from the Bank. However, H. Thornton asserted the theory of financial independence to criticize the theory of financial dependence. The second is J. Steuart's theory of money of account. Coins cannot be accomplished the standard of price for their exchange rate of gold to silver and wear.　Therefore, paper money, Bank notes and bank money taken from a commodity can be achieved its function. The third is that I studied Tokuzo Fukuda’s theory of money that had criticized G. F. Knapp’s state theory of money. He argued money as a means to pay the tax more than the legal tender and emphasized the acceptance by means of the state.

Free Research Field

経済学史

Academic Significance and Societal Importance of the Research Achievements

研究成果の学術的意義は（1）中央銀行の独立性という問題を19世紀前半の地金論争期における地金派と反地金派との論争のなかに見いだし、金融従属説と金融独立説という観点からとらえ直したことである。（2）J.ステュアートの計算貨幣論をアムステルダム銀行の銀行貨幣との関連において考察したことである。（3）福田徳三の流通の理論の形成過程を明らかにし、交換と分配の理論や貨幣の理論、余剰の概念を示した。そのうえで単線的生産構造とそれにもとづく貯蓄と消費の理論を考察したことである。