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.

It should first be stated that a joint-stock company is not a 'brotherhood of shareholders' but is managed by a controlling group of big shareholders while the rest of the shareholders do not differ from holders of bonds with a flexible rate of interest.