Money capital

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Under money capital ( English monetary capital ) are understood in economics , the right of disposition of money for the purpose of procurement of capital goods . The opposite is real capital .


The means of production and the services necessary for production are paid for with money capital . It thus represents the preliminary stage for the formation of real capital. Money capital can be used for investments , financial wealth creation or consumption , so that these serve as forms of transferring money capital. Money capital in the narrower sense is only formed for investment purposes.

Karl Marx

In his most famous work, Das Kapital , Karl Marx spoke of the “transformation of money capital into productive capital” in 1894. For him capital and money capital were the central concepts of his theories . Marx has the capital turnover that takes place permanently during the production process in his famous formula

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Then money capital is converted into the “commodity form” for production and the capital tied up in the commodity form is converted back into the money form by selling the manufactured goods , whereby the amount of money redeemed should be greater than the initially invested money capital . Is ideally


Marx speaks of surplus value .


Money capital includes cash ( banknotes , coins ) in the form of cash on hand , book money ( sight , savings and time deposits ) and money-like claims such as securities (especially savings bonds ) of non-banks towards the banking system , regardless of the source ( savings , corporate profits , credit ) from which it is available.

Monetary capital formation

Monetary capital formation ( english formation of monetary capital ) is in the monetary theory the emergence of (net) claims of the non-banking sector to the banking system with a maturity of more than two years, the money supply can develop an expansive or contractive effect. In its money stock change calculation, the Deutsche Bundesbank understands this to mean the change in the long-term claims of non-banks on the banking system. For this purpose, it summarizes the non-liquid aggregates “Deposits with an agreed term of more than 2 years (including building society deposits)”, “Deposits with an agreed notice period of more than 2 months” and “Bonds with a term of more than 2 years”. The Bundesbank counts investment forms under 2 years or with an agreed notice period of up to 2 months as part of the money supply. A negative correlation indicates a substitution relationship between the formation of money supply and money capital. It can be assumed that the formation of money capital is an early indicator for the development of the money supply.

See also

Individual evidence

  1. Hans Wagner, Bankbetriebslehre , 1939, p. 37
  2. ^ Karl Marx, Das Kapital , Volume 3: The total process of capitalist production , 1894, o. P.
  3. Werner Mahr, Introduction to General Economics , 1971, p. 103
  4. ^ Deutsche Bundesbank, The money supply and its counterparts on the balance sheet: A comparison between important countries of the European Monetary Union , January 1999, p. 27