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This book re-visits the phenomenon of Japanese capitalism in light
of the fate of the North Atlantic and developing economies and
place it in a longer historical political and geopolitical economy
of capitalism from a variety of political and disciplinary
perspectives. Japanese capitalism, which was once an admired model
of miraculous growth with a relatively egalitarian distribution of
income, fell into secular stagnation in the early 1990s. The
phenomenon has since fascinated observers, provoked debates,
provided policy advocates with grist for the mills of a range of
policy proposals, some of them mutually contradictory, and, most
importantly, burdened an entire population, and particularly its
young. Japan's secular stagnation has raised new questions about
policy difficulties on a range of fronts - dramatically lowered
growth rate despite comparatively high investment, deteriorating
labor conditions, rising class and gender inequality, a profound
and many-faceted crisis of social reproduction and a deepening
fiscal crisis of the state - all of which have important
international ramifications. Moreover, interest in and the
importance of Japan's secular stagnation grew rapidly after 2008 as
many have sought to understand the economic malaise of the North
Atlantic by analogy and comparison with all or parts of the
Japanese condition. The chapters in this book attempt to understand
the causes, character and consequence of that original affliction.
They also reflect on the meaning of Japan's secular stagnation at
this stage of development capitalism. The result contains the key
to understanding the more widespread economic malaise of our time.
This book will be a beneficial read for researchers and scholars of
Economics and Politics interested in Japanese Studies as well as
the Japanese political economy. Most of the chapters in this book
were originally published as a special issue of The Japanese
Political Economy. The last chapter was originally published in the
Journal of Contemporary Asia.
What causes inequality? This book features an international
discussion on the economic causes of inequality between nations and
addresses the causes and effects of world inequality and its
possible remedies. Inequality has acquired the iconic status once
accorded to Full Employment, Growth, and Inflation. It is not a new
issue being a major preoccupation of welfare state literature and
the development debates of the 1950s and intersects with debates
among economic historians on The Great Divergence. The revivals of
these two intersecting controversies go beyond a minor dispute on
the margins of economics, to the heart of the question 'how far can
we trust the market?' The chapters in this book were originally
published as a special issue of The Japanese Political Economy.
Extraordinary growth of the financial relative to the nonfinancial
sector has marked the development of mature capitalism during the
last four decades. The changing balance between the two sectors has
altered the outlook of the economy and facilitated the spread of
financial concerns, practices, and outlooks across society. The
result has been the gradual transformation of contemporary
capitalism - namely, its financialization since the late 1970s.
There are similarities between the Marxian, the Post-Keynesian and
other heterodox approaches to analyzing the profound changes in
money and finance in the global economy since the 1980s. Prominent
among them is a common focus on financialization but also on the
limits of monetary policy, the transformation of banking, the
tendency to crisis related to financial excess, and the problematic
role of neoliberalism in finance. Furthermore, the complexity of
the interrelationship between finance and the rest of the economy
has increased since the great crisis of 2007-9. This book tackles
several of these developments as well as engaging in debate among
different currents of heterodox economics. The chapters in this
book were originally published in The Japanese Political Economy.
This book provides the basic knowledge of Japanese contributions in
political economy and the ongoing research agenda, such as the
pursuit of theoretical consistency in Marxian economics by Uno
School; the concept of 'civil society' as a criterion of existing
socio-economic structure; a mathematical reconstruction of Marxian
theory; and an analysis of environmental pollution. The new
generation of Japanese political economists in collaboration with
their overseas counterparts has produced new insights into
political economy and into the newly emerging structure of the
world economy. The book provides useful insights into international
capitalism and how past patterns of uneven development are now
changing; the role of international finance in affecting both
national and international growth and employment patterns; an
analysis of recent growth patterns in Asia; and the specific issue
emerging within the Asian region and the implications for
economics, social change and geopolitics.
Recent events in the global financial markets and macro economies
have served as a strong reminder for a need of a coherent theory of
capitalist crisis and analysis. This book helps to fill the gap
with well-grounded alternative articulations of the forces which
move today's economic dynamics, how they interact and how ideas of
foundational figures in economic theory can be used to make sense
of the current predicament. The book presents a comprehensive
collection of reflections on the origins, dynamics and implications
of the interlinked crises of the U.S. and global economies. The
book is a thoughtful collaboration between Japanese heterodox
economists of the Japan Society of Political Economy (JSPE) and
non-Japanese scholars. It provides a unique immersion in different,
sophisticated approaches to political economy and to the crisis.
The book illustrates with the understanding of Marx's crisis theory
and how it can serve as a powerful framework for analyzing the
contemporary sub-prime world crisis. The book explains the subprime
loan crisis as a crisis in a specific phase of the capitalist world
system and concludes that it is a structural one which destroys the
existing capital accumulation regime. It pays attention to
structural changes and to how these changes beget profound and
controversial consequences. The result is a must-read - one which
truly contributes to the resurgence of radical analyses of the
political economy, free from the market optimism of the main-stream
economics.
This book provides new perspectives on recent Asian dynamism which
go beyond the mainstream views, by attempting to situate the recent
economic expansion within a broader analysis of capitalist
accumulation and the various processes that it generates both
within and across economies. The contributions in the book include
analyses of recent growth patterns in both China and India;
assessments of the sustainability of such growth and potential
constraints and pitfalls; the role of international finance in
affecting both national and international growth and employment
patterns; the factors determining particular accumulation
strategies and the results of these strategies. These forces within
the two economies of China and India are situated within a broader
assessment of the impacts on the world economy, by identifying long
run tendencies in international capitalism and changing patterns of
uneven development. Specific issues emerging within the Asian
region are identified, including not just the relations between the
three large Asian economies, but also the wider geopolitical
implications as well as the political economy of these changes.
This book therefore provides a more comprehensive examination of
the longer run dynamics of the global capitalist system in which
these economies are necessarily destined to play more significant
roles in future.
This book provides new perspectives on recent Asian dynamism which
go beyond the mainstream views, by attempting to situate the recent
economic expansion within a broader analysis of capitalist
accumulation and the various processes that it generates both
within and across economies. The contributions in the book include
analyses of recent growth patterns in both China and India;
assessments of the sustainability of such growth and potential
constraints and pitfalls; the role of international finance in
affecting both national and international growth and employment
patterns; the factors determining particular accumulation
strategies and the results of these strategies. These forces within
the two economies of China and India are situated within a broader
assessment of the impacts on the world economy, by identifying long
run tendencies in international capitalism and changing patterns of
uneven development. Specific issues emerging within the Asian
region are identified, including not just the relations between the
three large Asian economies, but also the wider geopolitical
implications as well as the political economy of these changes.
This book therefore provides a more comprehensive examination of
the longer run dynamics of the global capitalist system in which
these economies are necessarily destined to play more significant
roles in future.
Recent events in the global financial markets and macro economies
have served as a strong reminder for a need of a coherent theory of
capitalist crisis and analysis. This book helps to fill the gap
with well-grounded alternative articulations of the forces which
move today's economic dynamics, how they interact and how ideas of
foundational figures in economic theory can be used to make sense
of the current predicament. The book presents a comprehensive
collection of reflections on the origins, dynamics and implications
of the interlinked crises of the U.S. and global economies. The
book is a thoughtful collaboration between Japanese heterodox
economists of the Japan Society of Political Economy (JSPE) and
non-Japanese scholars. It provides a unique immersion in different,
sophisticated approaches to political economy and to the crisis.
The book illustrates with the understanding of Marx's crisis theory
and how it can serve as a powerful framework for analyzing the
contemporary sub-prime world crisis. The book explains the subprime
loan crisis as a crisis in a specific phase of the capitalist world
system and concludes that it is a structural one which destroys the
existing capital accumulation regime. It pays attention to
structural changes and to how these changes beget profound and
controversial consequences. The result is a must-read - one which
truly contributes to the resurgence of radical analyses of the
political economy, free from the market optimism of the main-stream
economics.
For much of the twentieth century, rivalry existed between
centrally planned and capitalist solutions to the problems of
economic stability and growth. This changed in the 1990s. In that
same decade, the period of rapid growth of the Japanese economy
came to an end and by the close of the century, the American model
of capitalism was seen as the only possible option. Modern
capitalism has achieved spectacular rates of innovation and growth
but the system is still menaced by financial crises and economic
recessions. Furthermore, there is an unacknowledged diversity of
capitalist systems. Contributors to this volume argue that to
understand capitalism in evolution, this diversity of systems and
approaches must be taken into account and their individual
evolutions analysed. This book represents a major understanding of
the evolution of capitalism in the twenty first century and brings
together a distinguished group of experts with perspectives from
America, Europe and Japan.
This book provides the basic knowledge of Japanese contributions in
political economy and the ongoing research agenda, such as the
pursuit of theoretical consistency in Marxian economics by Uno
School; the concept of 'civil society' as a criterion of existing
socio-economic structure; a mathematical reconstruction of Marxian
theory; and an analysis of environmental pollution. The new
generation of Japanese political economists in collaboration with
their overseas counterparts has produced new insights into
political economy and into the newly emerging structure of the
world economy. The book provides useful insights into international
capitalism and how past patterns of uneven development are now
changing; the role of international finance in affecting both
national and international growth and employment patterns; an
analysis of recent growth patterns in Asia; and the specific issue
emerging within the Asian region and the implications for
economics, social change and geopolitics.
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