Japanese Institutionalist Post-Keynesians Revisited: Inheritance from Marx, Keynes and Institutionalism

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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.   Preface Contents Chapter 1: Introduction: Inheritance from Marx, Keynes, and Institutionalism 1.1 Perspective and Aim of the Book 1.2 Institutionalism in the Broad Sense 1.3 Main Contents of the Book References Chapter 2: Eiichi Sugimoto´s Creative Rivalry in ``Modern Economics´´ and the Present State of Economics 2.1 Introduction 2.2 Sugimoto´s Research Plan and Academic Development by Creative Rivalry 2.2.1 Sugimoto´s ``Modern Economics´´ in the History of Economic Thought 2.2.2 Marshall´s Economic Theory with Multi-layered Time and Space 2.2.3 Marx, Keynes, and Institutionalism in Sugimoto 2.2.4 Sugimoto´s Concept of ``Creative Rivalry´´ 2.3 The Stagnation of Economic Theory Caused by the Dominance of the Walrasian Paradigm 2.3.1 The Theoretically Closed Nature of the Walrasian Paradigm and the Development of Microeconomics 2.3.2 The Isolation of Economy from Politics and Society, or Political-Economic Analysis? 2.3.3 Theoretical Characteristics of the Walrasian Paradigm 2.4 Conclusion References Chapter 3: Shigeto Tsuru´s ``Institutionalism in the Broad Sense´´ and Theories of Contemporary Capitalism Constructed by Yosh... 3.1 Introduction 3.2 Shigeto Tsuru´s Study on Contemporary Capitalism with Institutionalism in the Broader Sense 3.2.1 Tsuru´s Question: ``Has Capitalism Changed?´´ 3.2.2 The Political Economy of Environmental Disruption 3.2.3 The Political Economy of System Reform 3.2.4 Institutional Economics Revisited 3.3 Yoshihiro Takasuka´s Theory of Contemporary Capitalism: A Structural Analysis of Inflation and Capital Accumulation 3.3.1 Takasuka´s Prelude to the Theory of the Contemporary Price System and Productivity Differential Inflation 3.3.2 Takasuka´s Analysis of Stagflation in the 1970s 3.4 Shigenobu Kishimoto´s The Theory of the Capitalist Economic System and Analyses of the Japanese Economy and Society 3.4.1 Kishimoto´s The Theory of the Capitalist Economic System as Citizens´ Economics 3.4.2 Kishimoto Criticized ``The 100 Million All in the Middle Class´´ as an Illusion 3.5 Conclusion References Chapter 4: Yoshikazu Miyazaki and Mitsuharu Itoh: Research on Keynes and Contemporary Capitalism 4.1 Introduction 4.2 Miyazaki and Itoh on Keynes and Miyazaki´s The Historical Development of Modern Economics 4.2.1 Comprehensive Understanding of Keynes´s Theory in Commentary: Keynes, The General Theory 4.2.2 Miyazaki: The Historical Development of Modern Economics 4.3 Analyses of Contemporary Capitalism by Miyazaki and Itoh 4.3.1 Itoh´s Study of Modern Price Theories 4.3.2 Itoh´s Institutional Analysis of Contemporary Capitalism 4.3.3 Miyazaki´s Study of Contemporary Capitalism: Company Groups, High Economic Growth, and Multinational Corporations 4.4 The Japanese Economy in ``the Complex Depression´´ and ``Transnational Civil Society´´ 4.5 Conclusion References Chapter 5: Hirofumi Uzawa and Tsuneo Ishikawa: Institutionalism, Macroeconomic Analysis, and Social Common Capital 5.1 Introduction 5.2 Hirofumi Uzawa´s Macroeconomic Dynamics and ``Social Common Capital´´ 5.2.1 Uzawa´s Turning Point, The Re-examination of Modern Economics 5.2.2 Uzawa´s Theory of Disequilibrium Dynamics 5.2.3 The Economic Thought of ``Social Common Capital´´ and Institutionalism 5.2.4 Market Imbalance and Social Imbalance: The Macroeconomic Effect of Social Common Capital 5.3 Tsuneo Ishikawa´s ``Economics of Distribution´´ and Dynamic Analysis of Contemporary Capitalism 5.3.1 Basic Types of Dynamics in Contemporary Capitalism 5.3.2 Income and Wealth in the Japanese Economy 5.3.3 The Dual Labor Market in Japan 5.4 Conclusion References Chapter 6: Social Preference and Civil Society in the Institutional Analysis of Capitalisms: Integrating Samuel Bowles´ The Mo... 6.1 Introduction 6.2 Bowles´ The Moral Economy and Civic Social Preference 6.2.1 Bowles´ Economic Thought: Social Preferences and the Moral Economy 6.2.2 The Inseparability of Incentives and Social Preferences Based on Behavioral Sciences 6.2.3 Civic Social Preferences in ``Liberal Society´´: ``Crowding in´´ or ``Crowding out´´ 6.2.4 The Labor Market Theory Based on Incomplete Contracts 6.2.5 The Role of Legislators: Promoting Legislation and Civic Mentality 6.3 Boyer´s ``Civil Society´´ and Civic Social Democracy 6.3.1 Domains of Coordination: Market, Firm, State, Community, and Civil Society 6.3.2 Dynamic Interactions between the Economic and Political Domains 6.3.3 ``Economic Policy Regime´´ in the Régulation Theory: The Growth Regime and the Compromise of Social Groups 6.3.4 Boyer´s ``Civil Society (societé civile)´´ and New Social Democracy 6.4 Perspectives of ``Citizen´´ and ``Civil society´´ in Bowles and Boyer: How to Integrate their Social Thought 6.4.1 Common Perspectives of Bowles and Boyer 6.4.2 Different Perspectives between Bowles and Boyer 6.4.3 Integrating the Moral Economy and the Régulation Theory 6.5 Conclusion References Chapter 7: Institutional Economics in the Twenty-First Century Based on the Creative Rivalry among Post-Keynesian and Post-Mar... 7.1 Introduction 7.2 Post-Keynesian Economics and the Régulation Theory in Japan 7.2.1 Post-Keynesian Economics in Japan 7.2.2 Régulation Approach in Japan 7.3 Perspectives for a New Political Economy: Beyond Marx and Keynes 7.3.1 The Significance and Insufficiency of Marx: Toward Post-Marxian Political Economy 7.3.2 The Significance and Insufficiency of Keynes: Toward Post-Keynesian Political Economy 7.4 Methodological Foundations for a New Collaboration of Post-Keynesian, Post-Marxian, and Institutional Economics in the Bro... 7.4.1 The Analysis of the Interactions between the System and Agents 7.4.2 Multi-Layered Régulation in Time and Space Orienting the Evolutionary Course and Cumulative Causation 7.4.3 The Analysis of the Dynamic Interaction between the Money and Financial System and Wage-Labor Nexus to Promote Socio-Eco... 7.4.4 The Institutional Analysis of the Evolving Diversity of Capitalisms from Empirical and Normative Aspects 7.5 Theoretical Foundations for the Analysis of Contemporary Capitalism from the Perspective of Institutionalist and Post-Keyn... 7.5.1 The Institutional Analysis of the Multi-Layered Coordination Mechanisms of Large Firm Organizations and Industrial Dynam... 7.5.2 The Institutional Analysis of the Multi-Layered Coordination Mechanisms of Price-Cost Dynamics and Income-Demand Flow 7.5.3 The Institutional Analysis of Multi-Layered Coordination Mechanisms of Wage Determination and Income Distribution 7.5.4 Mutual Determination between the Dynamics of the Money and Financial System and the Wage-Labor Nexus in Growth Regimes: ... 7.5.5 The International Production System and the Trade of Intermediate Goods: The Restoration of the Classical Trade Theory o... 7.6 Conclusion: Toward a New Institutional Political Economy in the Twenty-First Century 7.6.1 Reconstructing a Creative Rivalry among Various Schools of Economics, Particularly Based on the Intellectual Legacy of M... 7.6.2 Creating a New Theoretical Framework Based on the Empirical Analysis of the Evolving Diversity of Contemporary Capitalis... 7.6.3 Constructing Theoretical Foundations of the Political Economy of Institutions and Evolution References Untitled