Table of Contents

Monetary Economies of Production

Monetary Economies of Production

Banking and Financial Circuits and the Role of the State

Edited by Louis-Philippe Rochon and Mario Seccareccia

The central focus of this book is the relationship between money, the sphere of production, and the State. It explores how best to adapt the fundamental ideas of the circulationist perspective to achieve a better understanding of the financialisation of the production processes within contemporary capitalist economies. Importantly, the expert contributors illustrate that the true challenge ahead is to address how these new emerging forms can be eventually tamed, a challenge that the recent financial crisis has forcefully proven essential.

Chapter 4: Time of production, time of circulation and turnover time: exploring the guts of Marx’s circuits of capital

Mathew Forstater

Subjects: economics and finance, post-keynesian economics

Extract

The vision of capitalism of Alain Parguez is first and foremost of a monetary production system. In the work of Parguez, this vision manifests as a crystal clear depiction of capitalism’s systemic drive for profits and wealth – forever-increasing market share and rising value of assets. This is reminiscent of Marx and Keynes, of course, but Parguez recalls them not only in terms of analytical substance, but rhetorically and stylistically. In particular, Parguez’s voice can be at turns dramatic, acerbic, satirical and humorous. I first had the opportunity to meet Alain Parguez at the ‘Money in Motion’ conference that brought together scholars working broadly in the post-Keynesian and monetary circuit traditions, held at the Levy Economics Institute in 1990 (Deleplace and Nell 1996). At the time, I was a graduate student at the New School for Social Research, assisting my professor, Edward Nell, in organizing the conference.

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