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|home Banking Books Money and credit - Ivanov V.M.|
Money and credit - Ivanov V.M.
Goods cannot always be sold for cash, because by the time one seller appears on the market, others often do not yet have cash. Therefore, there is a need for the sale of goods on credit, that is, with a deferment of payment of money. When goods are sold with a deferred payment, money, when determining the prices of goods, function ideally as a measure of value, but do not fulfill the role of a medium of circulation. Buyers pay money for the goods upon maturity. Therefore, in this case, the money in the circulation process does not directly oppose the goods, but comes into circulation only after a certain time.
The use of money as a means of payment occurs not only when selling goods on credit. Money performs the function of a means of payment in all cases when there is no direct exchange of goods for money and they appear in the form of an independent exchange value. The characteristic features of the function of money as a means of payment are its one-way movement and the presence of a time gap between the transfer of goods to the buyer of goods and money to the seller of goods. This gap arises due to the fact that the goods are available to the buyer before the seller receives the money. In advance payments, money is transferred to the seller before receiving goods from him. Consequently, in both cases there is a simultaneous movement of money and goods, since the T – D – T circuit is interrupted and the movement of monetary value acquires relative independence with respect to the commodity value. This movement of money is a payment. Money acts as a means of payment, which reflects a higher stage in the development of commodity production and circulation.
Money as a means of payment differs from money as a medium of circulation, since they do not mediate, but only complete the purchase and sale transaction.
The function of the means of payment can be performed only by real money. Credit money acting as a means of payment does not carry goods from the hands of the seller to the hands of the buyer. This role in this case is played by the bill of exchange, which carries, as a necessary condition, coercion, guarantee, trust, because it itself does not have value, and therefore is not able to directly ensure the equivalence of exchange. The essence of the monetary function of the payment is to compensate the former seller by the buyer for the cost of the goods sold to him with a real value equivalent, that is, gold or other noble metal that plays this role. In other words, if A produced goods containing 10 hours of socially necessary labor and sold them to B, then in exchange he should receive an equivalent value embodying the same 10 hours of socially necessary labor. The function of the medium of payment differs from the function of the medium of circulation in that money from an intermediary in the exchange chain is turned into the final link of the latter.
The transfer of credit instruments of circulation creates only the appearance of payment (imaginary payment). A creditor, receiving a banknote, only exchanges one credit obligation (usually a bill) for a treasury or bank credit obligation, which is ultimately a bill. Obviously, this transaction does not give rise to the transfer to the creditor of the real value in its monetary form. It is more logical to assume that the goods themselves make the payment when they are bought and sold for credit facilities. In our example, A produced and B sold a product containing 10 hours of socially necessary labor. As a result of the exchange, B turned out to have a product containing 10 hours of socially necessary labor, while A had only a bill of exchange that did not have its own value, the purchasing power of which was forcibly provided by the state. Payment will occur only when A sells the bill and receives from C the necessary use value that encompasses 10 hours of socially necessary labor.