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アダム・スミス著『国富論』における「紙幣過剰」分析について
https://stars.repo.nii.ac.jp/records/8912
https://stars.repo.nii.ac.jp/records/8912afbac1bb-48a2-48a6-bc17-2f6ce8c06c14
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
松尾 純 (1.2 MB)
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| Item type | 紀要論文 / Departmental Bulletin Paper(1) | |||||
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| 公開日 | 2018-02-27 | |||||
| タイトル | ||||||
| タイトル | アダム・スミス著『国富論』における「紙幣過剰」分析について | |||||
| タイトル | ||||||
| タイトル | Adam Smith’s Analysis of “Excessive Circulation of Paper Money” in The Wealth of Nations | |||||
| 言語 | en | |||||
| 言語 | ||||||
| 言語 | jpn | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | アダム・スミス | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | 『国富論』 | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | 紙幣過剰 | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | 融通手形 | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | 約束手形 | |||||
| 資源タイプ | ||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_6501 | |||||
| 資源タイプ | departmental bulletin paper | |||||
| 著者 |
松尾, 純
× 松尾, 純× MATSUO, Jun |
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| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | While Adam Smith on many occasions refers to the phenomenon of “over-stocked with commodities” in his An Inquiry into the Nature and Causes of The Wealth of Nations, Smith’s basic position is that an oversupply of commodities cannot generally occur. However, with regard to currency (money and paper money), Smith employs such terms as “overstocked with paper money” and “excessive circulation of paper money,” and expends a considerable number of pages in his book to examine the phenomenon of “excessive circulation of paper money” and to analyze in detail the causes of this excess from various perspectives. Smith’s basic position is that the volume of paper money in circulation should be equal to the value of the gold and silver money that it replaces, and that it cannot exceed the total value of gold and silver money. However, Smith confronts a situation where the volume of paper money in circulation actually exceeds the total value of the gold and silver money that it supposedly replaces. Regarding the “original cause” of the “excessive circulation of paper money,” Smith states: “The over-trading of some bold projectors in both parts of the United Kingdom was the original cause of this excessive circulation of paper money.” As long as banks make “advances” with propriety and within limits, “excessive circulation of paper money” cannot occur. However, a mechanism exists whereby banks can easily exceed such limits, which Smith identifies as “cash accounts.” The question is why banks, which can be assumed to have a good understanding of the use of “cash accounts,” engage in “excessive advances,” which results in the “excessive circulation of paper money.” Smith refers to the factor that undermines the prudent and appropriate judgement of bankers as the peculiar desire of traders to “extend their projects.” Smith observes that the desire of traders to “extend their projects” gives rise to and promotes the use of the “practice of drawing and redrawing” ( = “expedient”). If numerous traders “abuse” the “practice of drawing and redrawing” to raise money, this will eventually leave banks with no choice but to issue paper money in excess of the gold and silver in domestic circulation (the limit of lending by banks). Smith’s “bold projectors” are those who abuse the financial system to raise as much money as they desire so that they can rake in the profits through their “chimerical” and “extravagant undertakings.” Projectors undertake “vast and extensive projects” to realize their “golden dreams.” What is used to realize these “golden dreams” are such means of “raising money” as “cash accounts,” “drawing and redrawing promissory notes,” and “circulating bills.” Smith believes that the use of these methods supports the “vast and extensive projects” of projectors and the demands of projectors give rise to excessive circulation of paper money. The “vast and extensive projects” of projectors are not undertakings that arise at the end of a real economic process (process of accumulation of excess capital). They are based on unfounded “dreams” that are undertaken by “bold projectors” who extract excessive bank loans by using such “expedients” as “cash accounts,” “drawing and redrawing of promissory notes,” and “circulating bills.” This allows the pursuit of “vast and extensive projects” which result in the phenomenon of “excessive circulation of paper money.” If this is the reality of Smith’s theory of “excessive circulation of paper money,” it must be said that Smith’s theory is fundamentally different from Marx’s concept of “plethora of capital” as expounded in Part III of Das Kapital, and Fullarton’s concept of “plethora [of capital]” found in his Regulation of Currencies (1844), which is considered to be the antecedent to Marx’s “plethora of capital.” Marx and Fullarton point to the accumulation of excess capital caused by falling profit rates as the starting point in the process that gives rise to “plethora of capital.” In contrast, Smith posits that “excessive circulation of paper money” results from the “vast and extensive projects” that are based on the “dreams” of “bold projectors.” However, Smith provides no explanation for why “bold projectors” entertain such “nightmares.” In a previous paper on the subject of “plethora of capital” in the works of Marx and Fullarton, I wrote as follows. Fullarton discusses “plethora of capital” in the latter part of Chapter VIII of his Regulation of Currencies. The content of this section can be schematized as follows. The accumulation of “annual saving from income and the large fortunes in constant course of remittance from the colonies” → accumulation of “the amount of capital seeking productive investment” → accumulation of “over-flowings of domestic capital, which exceed the immediate capacity of advantageous employment offered by the homemarket” and “over-supply of capital” → “splendid visions of gain” based on a “wild spirit of speculation and adventure” and “speculative excitement” → give rise to the condition of “plethora of capital.” Marx’s discussion of “plethora of capita” appears in the first part of Chapter 15 Section 3 of Volume III Part III of Das Kapital, the content of which can be outlined as follows. “As the profit rate falls, so there is a growth in the minimum capital… Concentration grows at the same time… This growing concentration leads in turn, at a certain level, to a new fall in the rate of profit. The mass of small fragmented capitals are[sic] thereby forced onto adventurous paths: speculation, credit swindles, share swindles, crises. The so-called plethora of capital is always basically reducible to a plethora of that capital for which the fall in the profit rate is not outweighed by its own mass.” The theories of Fullarton and Marx greatly differ from the content of Smith’s theory of “excessive circulation of paper money.” Both Fullarton and Marx place emphasis on why the psychological conditions of “wild spirit of speculation and adventure” and “speculative excitement” are generated. On the other hand, Smith provides no explanation for the occurrence of conditions that Fullarton calls “wild spirit of speculation and adventure” and “speculative excitement.” In Smith’s conception, the “wild spirit of speculation and adventure” that results in “excessive circulation of paper money” is based on the unfounded “dreams” of “bold projectors” who appear accidentally. By contrast, in the theories of Fullarton and Marx, people are inevitably forced into the psychological conditions of “wild spirit of speculation and adventure” and “speculative excitement” that leads to “speculation, credit swindles, share swindles” as a consequence of the overproduction and over-supply of real capital. Smith considers the original cause of “excessive circulation of paper money” to be the psychological condition of the “dreams” of “some bold projectors in both parts of the United Kingdom.” By contrast, Fullarton and Marx identify the fundamental cause of “plethora of capital” to be the real phenomenon of the over-production and over-supply of capital that inevitably occurs in the course of capitalist development. |
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| 書誌情報 |
桃山学院大学経済経営論集 en : ST.ANDREW'S UNIVERSITY ECONOMIC AND BUSINESS REVIEW 巻 59, 号 4, p. 23-58, 発行日 2018-02-20 |
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| 出版者 | 桃山学院大学 | |||||
| ISSN | ||||||
| 収録物識別子タイプ | ISSN | |||||
| 収録物識別子 | 02869721 | |||||
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| 収録物識別子タイプ | NCID | |||||
| 収録物識別子 | AN00240555 | |||||
| 著者版フラグ | ||||||
| 出版タイプ | VoR | |||||
| 出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||
