Researches On The Theory Of Credit And Fictitious Capital By Marx And Its Epochal Value

The theory of credit and fictitious capital is an important component of Marxist economic theory, which Marx put forward during his researches on the general process of capitalist production. However the theory of credit and fictitious capital is referred to very little in the study of Marxist theory for a long time. So the theory of credit and fictitious capital becomes rare. Since the end of last century to the beginning of 21th century, the continual financial crises of many countries suggest the importance of the theory of credit and fictitious capital. In the works "On Capital", Marx scientifically predicted problems which might arise in the course of the operation of the fictitious capital. The vain hope of fetishism, which broke away from real economy and pursued the monetary self-appreciation, happened during the operation of interest-making capital. The credit system of capitalism created a gambling system of fraud that incurred money-making at risk with others'and social fortune and surely produced economic crisis.During the researching work, the contents of relevant chapters of "On Capital"have been summed up and arranged to make the theory more orderly and systematic. With penetrating discussions of Karl Marx this article reveals the contribution of credit and fictitious capital to the economic development of mordern society and depicts the epochal value of the theory.The research first investigates the use of medium of credit in the operation of interest-making capital and discusses the development of capitalist credit system which has a reaction on the usury. Capitalist credit system results from the adaptation of the usury capital to the capitalist form of production. This article holds that in the economic theory of Marx, credit always exists in the whole process of capital operation. Credit is not only the actual mode of loan capital but also the resultant requirements and the system base of the operation of fictitious capital. Under the condition of market economy, in order to ensure harmonious development of various sections in national economy, accumulate fund and control the trend and quantity of capital with the regulation of credit——all this has the most importance to inhibit bubble economy from expansion of imaginary capital and restrict passive influence from economic turmoil which arose from bubble economy. Thus the operation of economy would be efficient and orderly. In doing this, it is necessary to make researches on the operational law of fictitious capital in the movement of capital and to utilize the drawing on economic development by credit and virtual capital.Four sorts of relationship in the fictitious capital and credit system have been summerized through the inspection of the entire process in the operation of credit and virtual capital. And this suggests that under the medium of credit system, excessive expansion of imaginary capital will result in the foam economy that exerts a tremendous impact on the development of substantive economy. Over-expansion of fictitious capital will also deter and postpone the economic increase. This will even lead to financial and economic crises. In order to reduce economic turmoil and guard against economic crisis, the moderate development of fictitious capital should be supervised strictly in the development of capital market. Speedy adjustment of industrial structures, enforcing management of risk-warning system, utilizing better macro-control method——all this will ensure the fast, healthy and stable development of economy.