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The purpose of this paper is to contribute to the development of a systematic, Marxian approach to the content and contradictions of contemporary credit relations. It does this by abandoning traditional Marxian analyses of credit based on “monied capitalists” as well as the traditional understanding of credit as “the great regulator” of the velocity of money. Instead it considers the ex nihilo issuance of bank liabilities as the characteristic form taken by advanced credit relations. The paper approaches this form of credit on the basis of three Marxian analytical elements: the circuit of capital conceptualisation of accumulation, the understanding of money as the most general embodiment of value and foremost store of wealth, and characterisations of the market and institutional foundations for the circulation of different forms of credit money. On these bases it
offers distinctive insights into the content, limits and inherent contradictions posed by credit relations that are unavailable to existing deliberate analyses of credit money in capitalist accumulation.

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