Whiter Global Capitalism:
Marxian Economics in Japan
Nobuharu Yokokawa
Musashi University
• Heterodox Economics Organizations
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Japan Society of political Economy
Political Economy & Economic History Society
Japan Association for Evolutionary Economics
The Japanese Society for the History of
Economic Thought
• The Japan Society of International Economics
• Main stream: Japanese Economic Association
Kozo Uno’ three level analysis
Kozo Uno’s three levels of analysis:
The general theory of capitalism;
The stages of capitalist
developments;
Detailed studies of particular
countries and time-periods.
Heterodox Economics
• The French Regulation school
• The Keynesian models
• Institutionalist and historical
schools
The Japan Society of Political Economy
(1) The largest organization of heterodox
economists in Japan since its founding in 1959
(2) The JSPE began inviting non-Japanese
economists since 2001.
(3) The first English publication of collected
papers from the annual meetings, The Crisis of
2008 and the Future of Capitalism.
(4) We plan to publish a volume of collected
papers each year and to publish Newsletters in
English.
Structural changes in Bureaucratic
Capitalism after World War II
(1) The cyclical crises in the golden age solved the
conflict between capital and labour over the
distribution of value added per unit of labour and
reinforced the self-regulating nature of capitalism.
(2) The structural crisis in the 1970s destroyed the
accumulation regime of the golden age and created
that of neo-liberalism.
(3) The subprime loan crisis was a systemic crisis
that would destroy the present capitalist world
system.
Systemic Crisis and Evolution of
capitalism
(1) Britain in the end of 19 century left the investment
strategy to market.
Ricardian liberalism was partially responsible.
(2) The USA in the 1970s took the same strategy, choosing
neo-liberalism and kicked away followers’ protectionist
ITT policies.
(3)The USA after 2007
Full development of IT industries requires solving demand
constraints by rebuilding the link between productivity
growth and wages and keeping most advanced
knowledge within the country by controlling
transnational corporations.
The neo-liberal ideology makes these policies impossible.