Theory of Interest

Thomas T. Sekine
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Thomas T. Sekine: Aichi Gakuin University

Chapter 9 in An Outline of the Dialectic of Capital, 1997, pp 134-218 from Palgrave Macmillan

Abstract: Abstract In forging ‘’external” relations with landed property, capital agrees to cede part of surplus value to it in the various forms of ground-rent. This practice rationalises the principle that, in capitalist society, the owner of a property is entitled to a flow of periodic incomes. The same principle, once established, can be applied ‘’internally” to capital itself, which then regards itself as a ‘’property”, yielding a stream of interest (rather than rental) revenues. The adoption of this particular principle of distribution, however, involves a re-conceptualisation of capital by capital itself. Rather than viewing itself as value-augmenting motion operating in the production-sphere in which the technical diversity of use-values needs to be addressed, capital now returns to where it originated, namely, to the circulation-sphere. For, it is in the latter sphere that the diversity of use-values are meant to be subdued, attenuated and eventually overcome. Capital thus takes the final step towards surmounting use-value restrictions.

Keywords: Central Bank; Banking System; Trade Credit; Money Market; Bank Credit (search for similar items in EconPapers)
Date: 1997
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DOI: 10.1057/9780230378353_3

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