Considering the fact that in post-war western Germany "the structural change" of the accumulation of capital, particularly the change of "investmentfinance", has been brought about and the role of the state is becoming remarkably important, the author of this paper attempts to make clear the theoretical criteria for the analysis of this "structural change". Putting emphasis on this point, the author analyzes the structures of the accumlationsprocess in both Marx's Scheme of capitalistic reproduction and Strumilin's Scheme of the balance of the Soviet national economy, together with the main features of capital market structure in those two "Integrated Accounts" on flow of funds which are based on these two Schemes and here drawn up by the author. The result is that, in the process of capitalistic accumlation, the surplus-value transforms into profit, i. e. into the form of revenue and then a portion of this profit reconverts into a new capitl, and this double process is revealed in the relationship between saving and investment by the capitalists class through the mediation of money circulation ; whereas in the process of socialistic accumulation such a double process of surplus-value does not proceed and the pubilic finance plays the leading role. Then the actual structure of "the investmentfinance" in western Germany which is summarized by the German Federal Bank (DBB) in "Flow of Funds Accounts" is fundamentally identical with the structure of the accumulationsprocess in Marx's Scheme. The transformation and reconversion of surplus-value remain unchanged in this "Accounts", although the role of the state in the process of accumulation has increased. "The structural change", of accumulation in western Germany is but the change in the form of accumulationsprocess. Hence "the internal contradiction" in the capitalistic accumulation must reveal itself in the course of economic growth of western Germany.

View full abstract

It is the purpose of this essay to analyze the relation-ship between the development of manufacturing and the formation of domestic market, which played an essential role in the growth of American capitalism, with particular reference to the West. In the older regions of the West, the specialization and division of labor between agriculture and manufacturing created local markets, which, with the transactions among farmers and craftsmen, became the starting point towards the formation of the indispensable domestic market. Many shops, mills and manufactories sprouted in and around the central communities of local market areas, producing the products consisted mainly of tools and the daily necessities, in considerable part at least, for local use. And these communities gave rises to the later industrial cities, such as Pittsburgh, western Pennsylvania, and Cincinnati, Ohio. The composition of manufacturing in these cities indicates that much of it had started as locally oriented manufacturing and gradually expanded to serve a larger market. In the newly settled areas, however, the division of labor and the exchange of local service did not result in the spread of local market and the development of rural manufacturing, because of the influx of manufactured goods from the outside, with the advance of transportation, especially railroads.

View full abstract

It is one of the important subjects of research to see how the emigration of the Japanese people and the advance of our Government, Armed Forces and Monopolists into foreign territories were interrelated to make up the whole body of the Japanese imperialistic, invasion in the early decades of this century. I tried in the following study to approach this problem by making clear the relation・・・・・・mainly in trade・・・・・・between Japan and the Vladivostok districts which had a great deal to do with the so-called "Manchuria, Mongol and the Russian Far East." By examining the nature of the trade and by analyzing the business management of the representative Japanese financial agencies in the Vladivostok districts, I tried to elucidate the historical fact that these agencies were founded one after another just in accordance with the various stages of the development of trade between Japan and Vladivostok. Some of the conclusions reached are as follows : (1) The Japan-Vladivostok trade before the Russo-Japanese War was limited mainly to the supply of materials needed for the maintenace of the functions of Vladivostok Harbor and to the small transactions with the Japanese emigrant workers ; consequently the financial business was carried out only by the small branches of private firms, for example, Vladivostok Sugiura Bank. (2) In time, however, the trade came to be centered upon Manchurian beans, and the increase of exchange transactions with various parts of the world made it imperative for modern financial establishments to found their branches in Vladivostok. Vladivostok Matsuda Bank ・・・ an overseas branch of Juhachi Bank, a provincial bank with its main office in Nagasaki ・・・ put its small capital and the deposits of the Chinese and Korean merchants into the selling and buying of foreign bills addressed to London, Yokohama and Osaka in connection with Vladivostok trade. (3) Finally big businesses began to take into their hands the trade of Manchurian beans and they came to take notice of the political and economic significance of "Manchuria, Mongol and the Russian Far East", and thus Vladivostok Harbor was regarded as an important outpost for their purpose; hence the advance of Yokohama Specie Bank and Korean Bank into these districts. And these special banks made the way clear for a financial rule over Manchuria by the Japanese imperialists.

View full abstract