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The Japanese economy has shown paradoxical changes. Its successes in forming a company-centred society generated the long downturn toward zero-growth capitalism. Successful spread of information technologies resulted in deterioration of economic life among working people and a wide fall in birth rate. At the zenith of the Japanese model of company system, a huge bubble swelled, so as to prepare a prolonged depression throughout the 1990s. Neoliberalism with spiral reversal of capitalist development toward more competitive markets rather promoted difficulties among people. A lucid reconsideration of neoliberalism through concrete Japanese experiences.
Analyzes Japanese contributions to Marxist theory Marxist economic thought has had a long and distinguished history in Japan, dating back to the First World War. When interest in Marxist theory was virtually nonexistent in the United States, rival schools of thought in Japan emerged, and brilliant debates took place on Marx’s Capital and on capitalism as it was developing in Japan. Forty years ago, Makoto Itoh’s Value and Crisis began to chronicle these Japanese contributions to Marxist theory, discussing in particular views on Marx’s theories of value and crisis, and problems of Marx’s theory of market value. Now, in a second edition of his book, Itoh deepens his study Marx’s theories of value and crisis, as an essential reference point from which to analyze the multiple crises that have arisen during the past four decades of neoliberalism. One contribution of the original Value and Crisis was to bridge Japan and the world in the field of Marxian political economy. Itoh’s second edition demonstrates an even wider-ranging familiarity with major schools of Marxist thought, summarizing and assessing viewpoints of such theorists as Hilferding, Bauer, Kautsky, Bukharin, Luxemburg, Grossman, Sweezy, the Japanese Marxist Kozo Uno, together with the relevant parts of Capital and a section on the 1930’s Great Depression. Given today’s current emergencies of world capitalism and socialism, says Itoh, we need to work together to resolve new global problems, articulating new issues of Marx’s theories of value and crisis. The promise of Marx’s theories has not waned. If anything—given the failure of Soviet-style socialism and the catastrophe of neoliberalism—it grows daily.
Japanese Political Economy Revisited by David Chiavacci,Sébastien Lechevalier Pdf
During the last 30 years, the Japanese political economy system has experienced significant changes that are usually not well understood or analysed because of their complexity and contradictions. This book provides new analyses and insights on the process of evolving Japanese political economy including Japan’s current economic policy known as Abenomics. The first three chapters looks at evolutions at the corporate level, characterised in recent years by increasing firm heterogeneity. The authors apply theoretically driven analyses to the complex subject of corporate governance, human resource management and corporate reporting by discussing new developments in context of their economic opportunities as well as of their institutional contradictions with continuities in Japanese business practices. The second group of chapters deals with institutional changes and evolving economic reforms on the macro level of political economy. The two chapters focus on the financial system regulation and economic growth policies as two central elements of Japan’s political economy and key drivers in the evolution of its economy. Their analysis allows us to better understand the interplay between reforms and change in consumption credit and to reinterpret Abenomics as a manifestation of ongoing contradictions within the Japanese political economy. The chapters were originally published in a special issue in Japan Forum.
Keynes’s General Theory Reconsidered in the Context of the Japanese Economy by Masayuki Otaki Pdf
This book reconsiders Keynes’s The General Theory of Employment, Interest and Money and establishes a new interpretation. In contrast to the existing models, this book finds that the stickiness in the nominal wage is not crucial for his theory. Moreover, the author has also succeeds in capturing the concept of liquidity in a rigorous mathematical model. In conjunction with the development of the concept of liquidity, the separation of the decision between savings and capital investment, which plays a key role in the principle of effective demand and denies Say’s law, is exactly and originally formulated. The theory thus developed is applicable to elucidating some serious political economic causes that entrap the long-stagnated Japanese economy. For example, an analytical explanation is provided about why disinflation/deflation incessantly progresses despite the exorbitant expansionary monetary policy (ijigen kin-yuu seisaku) by the Bank of Japan. This phenomenon is an unsolvable question from the quantity-theoretic approaches (e.g., monetarism and new Keynesianism) which, although they differ in assumptions concerning the length of adjustment periods, commonly assume that the price level sooner or later rises in proportion to the quantity of money. Owing much to Keynes, the author’s approach considers that the price level is mainly governed by its marginal prime cost which is equal to the nominal wage as a first approximation. As such, the drastically sagging wages during the past 10 years provoke serious disinflation/deflation. It should be noted that this discussion never depends on the quantity of money.
Japanese Economic Policy Reconsidered by Craig Freedman Pdf
The rise and relative decline of the Japanese economy has been an important feature of the world economy since the late 1980s. This book re-evaluates commonly held perceptions in the West and in Japan about the strength of the Japanese economy, shedding new light on Japan's current economic situation and prescribing policies to restructure the domestic economy in order to achieve growth objectives.
Author : Lawrence B. Krause,Ai Tee Koh,Yuan Lee Tsao Publisher : Institute of Southeast Asian Studies Page : 247 pages File Size : 49,5 Mb Release : 1990-01-01 Category : Business & Economics ISBN : 9789971988630
The Singapore Economy Reconsidered by Lawrence B. Krause,Ai Tee Koh,Yuan Lee Tsao Pdf
This study re-examines some of the issues, challenges and policy options facing the Singapore economy in the light of the 1985–86 recession. Particular attention is paid towards reappraising the role of the government as an entrepreneur in economic activity, in macro-economic management, in savings and investment, and in the labour market. This is done in the context of and alongside an assessment of Singapore’s linkages with the global economy and its future comparative advantage in a dynamic international environment.
Japanese Institutionalist Post-Keynesians Revisited by Hiroyasu Uemura Pdf
This is the first book that systematically considers the academic achievements of Japanese institutionalist post-Keynesian economists in the postwar period and argues that we can learn much from their intellectual heritage. Those Japanese economists include the world-renowned figures, Shigeto Tsuru and Hirofumi Uzawa, whose inheritance came from Keynes, Marx, and institutionalism. In the era of globalization after the 1990s, economic inequality and social divide have intensified all over the world. In this situation, the academic achievements of those economists in postwar Japan should be reconsidered for the aim of establishing a new political economy. With this perspective, the book looks at what we can learn from Japanese institutionalist post-Keynesian economists In particular, the essence of research work that each of them developed is identified, focusing on the total image of the economy for contemporary capitalism. Those economists benefited from the diverse legacies of Keynes, Marx, Kalecki and institutionalist economists such as Veblen and Galbraith. When their research is examined systematically, Japanese institutionalist post-Keynesians are commonly characterized as those who developed their institutional analysis of contemporary capitalism with in-depth theoretical and empirical studies, with the aim of establishing their own political economy as the moral science of civil society. These important features provide us with insightful implications for institutional economics in the 21st century.
Conventionally, Japan is presented as the exception to mainstream economic theory. This book attacks that notion, bringing analytical economic thought to all aspects of the most dramatic economic success story since the 1950s.
Author : Daniel I. Okimoto,Thomas P. Rohlen Publisher : Stanford University Press Page : 308 pages File Size : 51,5 Mb Release : 1988 Category : History ISBN : 0804714231
Inside the Japanese System by Daniel I. Okimoto,Thomas P. Rohlen Pdf
Among the world's great industrial states, Japan is the newest, most dynamic, and most distinctive. Whether viewed as a model, a partner, or a threat, no country is more important or less understood. What are the central features of Japan's industrial system? What are the core institutions and practices that have to be understood in order to know how it functions? What sets it apart from other industrial systems, notably that of the United States? Is the Japanese system changing, and if so, how? These are the basic questions addressed in this volume, which presents in compact form the best thinking, the most stimulating arguments, and the classic interpretations of contemporary Japan. The book comprises 55 selections by economists, political scientists, anthropologists, business consultants, and others, which together give an unparalleled insight into the inner workings of the Japanese industrial system.
The Transformation of the Japanese Economy by Kazuo Satō Pdf
These readings address various aspects of the transformation of the Japanese economic system from one based on the government-business-bureaucracy triad to one which accommodates such changes as the further slowdown of growth, the rapid ageing of the population and structural changes.
The Japanese Economy by Victor Argy,Leslie Stein Pdf
The book offers a concise account of modern Japanese economic history and the essence of postwar macroeconomic issues and policy. The nature of the Japanese corporation, labour relations and technological innovations are discussed, with three chapters devoted to Japan's international economic relations and trade surplus, service sector (including distribution, health and education) and with Japan's quality of life (relating to matters such as pollution and urbanisation).
Japanese Economic Policy Reconsidered by Craig Freedman Pdf
The rise and relative decline of the Japanese economy has been an important feature of the world economy since the late 1980s. This book re-evaluates commonly held perceptions in the West and in Japan about the strength of the Japanese economy, shedding new light on Japan's current economic situation and prescribing policies to restructure the domestic economy in order to achieve growth objectives.
Japanese Capitalism Since 1945: Critical Perspectives by Tessa Morris-Suzuki,Seiyama Takuro Pdf
This book introduces students of the Japanese economy to a broad range of critical contemporary Marxian analyses by Japanese economists. Each of the five essays - on economic policy, agriculture, big business, labour relations, and foreign trade and investment - is written by a specialist in the field. The introduction places the essays in the wider context of contrasting theories of Japanese economic development. While such writings constitute an important part of the economic literature in Japan, virtually none of the great body of Marxian writing on Japanese capitalism has heretofore been available in English.
Turbulence and New Directions in Global Political Economy by J. Busumtwi-Sam,L. Dobuzinskis Pdf
James Busumtwi-Sam and Laurent Dobuzinskis have assembled a leading team of experts in the field to examine how phenomena associated with globalization impact on political economy in theory and in practice. The volume employs a variety of theoretical and analytical approaches to examine the very changeable nature of the global political economy, in terms of academic analysis, policy and practice.
