Abstract: I collect and organize the essential elements of ITM (institutional theory of money) from Commons’ Institutional Economics (1934) and compare them with STM (sovereign theory of money), to make the book more accessible for Japanese researchers. After introduction, I examine how money is treated in Commons’ analysis of Capitalism. Then I examine Commons’ critical interpretation of Knapp's work, and compare ITM with STM (or Hypothesis of “debt of life”). Finally I consider two research theme related to ITM. The conclusions obtained from the above are as follows: (1) Commons inherited the basic idea of ITM (the whole of “releasable debts” and payment-means should be treated as an institution), from Knapp. Commons’ originality consists in his consideration of the historical variability of debts, and in his relativization of Knapp's “state theory” relative to selection of means of private payment. (2) Commons gives detailed explanation to the sequential structure (i.e., power—authority—sovereignty—believes and needs) that supports stability of the money as an institution. (3) In STM's works of social cohesion, study of debts is expanded to non-western and non-modern societies, and central bank moneys in our times. So I find such ITM genealogy as Knapp-Commons-STM.

中文翻译：

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货币制度理论：从JR Commons的制度经济学中学习

摘要：我从 Commons 的制度经济学 (1934) 中收集并整理了 ITM（货币制度理论）的基本要素，并将它们与 STM（货币主权理论）进行了比较，以使日本研究人员更容易阅读本书。在介绍之后，我研究了在康芒斯对资本主义的分析中如何对待金钱。然后我检查 Commons 对 Knapp 工作的批判性解释，并将 ITM 与 STM（或“生命债务”假设）进行比较。最后，我考虑了与 ITM 相关的两个研究主题。由以上得出的结论如下： (1) Commons继承了Knapp的ITM的基本思想（整个“可释放的债务”和支付手段都应该被视为一种制度）。康芒斯的独创性在于他对债务历史可变性的考虑，以及他对克纳普的相对化 与私人支付方式选择相关的“国家理论”。(2) Commons 详细解释了支持货币作为一种制度的稳定性的顺序结构（即权力-权威-主权-信仰和需求）。(3) 在STM关于社会凝聚力的著作中，对债务的研究扩展到了非西方和非现代社会，以及我们时代的中央银行货币。所以我发现像 Knapp-Commons-STM 这样的 ITM 谱系。