In this study, the relationships between Kalecki’s and Marx’s schemes of reproduction are examined. In particular, I point out that Kalecki’s views on finance are closely related to Marx’s treatment of the monetary aspects of the reproduction process. In developing his schemes of reproduction, Marx paid most attention to the monetary aspects of the process. Earlier in the first volume of Capital (Marx, 1954), Marx held that even the simple circulation and exchange of commodities could not possibly take place without money (cf. Marx, 1954, pp. 88-96). In Volume II of Capital (Marx, 1956), this point of view is reaffirmed when production, circulation and reproduction are dealt with at the macro level (cf. Marx, 1956, p. 358). But in later expositions and generalisations of Marx’s schemes the monetary aspects are frequently ignored.¹