Abstract: With regard to the transformation of money into capital， Marx's discussion has two connotations， thus there are two different ways of theoretical interpretation in the academic world. One is about the dualistic theoretical path of capitalism， i.e. constructing the theory of capital on the basis of constructing a market theory of monetary centralism， in which the transition of money to capital is theoretically broken. The other is that we should unify the money and capital logically， so as to construct a kind of capital-led market in theory. This is the monistic way in understanding capitalism. The Uno School in Japan is the representative of the latter one. However， there still remains some dualistic understanding of money and capital in Uno Kozo's theory. Obata Michiaki， the representative scholar of the third generation of Uno School， developed Uno Kozo's theory about the form of value and money with his theory of the imitation in commodity exchange， the time in commodity world and the species of value， in which way he reconstructed the theory of the transformation from money to capital successfully.

Key words: money, capital, Uno School, commodity circulation