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Univ. Guest Prof. Toshiaki Hirai Table of Contents with Preface Preface Part I Global Capitalism and the Economies Lecture 1 How Should We Grasp Capitalism and Globalization? Lecture 2 Financial Liberalization and Instability Lecture 3 Whither Capitalism (the Market Society)? Lecture 4 The Euro Crisis Lecture 5 Self-Trapped Japanese Economy Lecture 6 Quantitative Easing Policy in the US and Japan Lecture 7 What Is Happening to Economics? Part II. What Keynes Achieved for the Modern World Lecture 8 The Life of Keynes Lecture 9 Keynes’s Economics in the Making Lecture 10 Social Philosophy in Interwar Cambridge Lecture 11 Employment Policy in the Making Lecture 12 Welfare State in the Making Lecture 13 Commodity Control Scheme Lecture 14 Relief and Reconstruction Problem Lecture 15 International Monetary System *** Preface From April through June in 2016 I had the opportunity to deliver a series of lectures at the University of Cassino and Southern Lazio, Italy, and I prepared the files for them. Now, one year later, it has occurred to me that I might arrange and edit them in such a way as to produce a readable book. Let me present this plan. Through an exchange of emails with the professors in charge of the program there, I planned to deliver the lectures based on two themes: Part I “Global Capitalism and the Economies” and Part II “What Keynes Achieved for the Modern World”. At first sight the two appear to be presented separately, but they are, in fact, interconnected. This book is structured with Part I and Part II Part I Global Capitalism and the Economies Even confining attention to the last three decades, the world economy has gone through considerable transformation. In the latter half of the The Capitalist Camp, meanwhile, had already made great changes, in the 1970s, in the international monetary system and trade structure, deterioration of the US The former Soviet bloc, which abandoned the socialistic system, tried to reconstruct their economies by adopting the capitalistic system in haste (that is, applying “Shock Therapy”), which brought about Such was not the case with China, however. China, which had launched reconstruction of the economy under the leadership of Deng Xiaoping through the gradual Capitalistic reform in 1978 (“Reform and Opening-Up” Policy), succeeded in attaining vigorous economic growth (over 10 percent annual rate of growth consecutively since the 1990s), as a result of which it has emerged as a great economic nation, ranking second in terms of GDP, and on the strength of Besides China, the new “emerging nations” called the BRICs achieved rapid economic development, raising their heads purposefully in the world economy. Among other countries, Russia, with Putin as the President, has shown great presence in not only economic but also political terms. Over just these three decades, the world economy has thus seen transformation on a vast scale. As from the In Part I, “Global Capitalism and the Economies”, how global capitalism has evolved during these three decades and where it will be going from now on are examined from several points of view. Firstly, examination focuses on what capitalism and globalization are (Lecture 1) and the financial liberalization (or financial globalization) and instability which it brought on the world economy (Lecture 2). Secondly, we come to what kinds of problems the economies of the developed nations such as the US, the EU and Japan faced and how the governments addressed them, and what the results of these efforts were (Lecture 3 through Lecture 6). Thirdly, critical examination is made of the role economics has played in these events (Lecture 7). Part II. What Keynes Achieved for the Modern World John Maynard Keynes was probably the most important ― unquestionably the most influential ― economic thinker to emerge in the first half of the 20th century. After his death, his influence in the spheres of macroeconomics and economic policy-making became, over the course of the third quarter of the twentieth century, so overwhelmingly dominant that the period might with some credit be designated as the “Age of Keynes”. The evolution of Keynes’s thought was induced as much by the events of the real world, in which he was himself deeply engaged, as by those of the world of economics. He developed his own monetary approach to economics, centering on the theory of effective demand, and, on that foundation, advocated economic policies to address the pressing problem of mass unemployment which marked the inter-war years. It should be added that the stance Keynes took in economics and in practical affairs was closely linked to his social philosophy ― the “New Liberalism” ― which insisted on the necessity for judicious intervention on the part of governments to facilitate the orderly functioning of the economy ― an outlook set squarely against the 19th -century laissez―faire. Apart from his activities as an economist, Keynes was much involved in international negotiations throughout his life, starting with the financial negotiations with the US during WW1 and at the Paris Peace Conference. Among other things, he not only put forward important proposals for the design of the post-war world In Part II, “What Keynes Achieved for the Modern World”, firstly Keynes is introduced with a brief biography (Lecture 8). Secondly, we see how Keynes arrived at his Last but not least, I wish to express my great gratitude to Professors Sergio Nisticò and Eleonora Sanfilippo for this great opportunity, and indeed to the graduate students for their assiduous attendance. August 15, 2017, Tokyo Toshiaki Hirai |
