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Dear Paul,
You said: "I agree that banking as a whole is a deduction from surplus value."
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No. Only the profit of the banking capitals (not the banking capital) is a deduction from surplus value. Banking capital itself is not a flow but a stock, which is not spent. Do you think you have to deduct the same banking capital (like building, etc.) each year from the surplus value? Multiple deduction from the surplus value each year?
You said: "The question then is whether the stock of value represented as
buildings etc held by the banks should count as part of the
capital stock, or whether it should appear as a quite different
category - unproductive value stocks. If so, does it affect the
general rate of profit?"
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I argue the banking capital is a part of the whole social capital although it is unproductive. Even in the manufacturing, unavoidable unproductive capitals are included in the category of the capital stock.
A problem is my argument is that the socially average rate of profit across non-banking capitals will differ from that calculated on the whole social capital. In this case, I suppose we have to suggest a distinction between a nominal profit and a real profit.
Yours
Chai-on
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