Armaments and wars, usually financed by budget deficits, are also a source of this kind of profits. - Michał Kalecki

It has been frequently assumed that V is constant; and this indeed is the cornerstone of the quantity theory of money. But it seems fairly obvious that the velocity of circulation in fact depends on the short-term rate of interest.

The capitalists of a country which manages to capture foreign markets from other countries are able to increase their profits at the expense of the capitalists of the other countries. Similarly, a colonial metropolis may achieve an export surplus through investment in its dependencies.

We have found that the degree of monopoly is likely to increase somewhat during depressions.