Univ. of Cassino and Southern Lazio Lectures, Italy April – June, 2016 World Capitalism in Crisis

Univ. of Cassino and Southern Lazio Lectures, Italy April – June, 2016 

　　 World Capitalism in Crisis 


                                 Guest Prof. Toshiaki Hirai





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, the table of contents which runs as follows. If you would be interested in it, you could download it from the following site:

https://drive.google.com/file/d/1dX3VITj9fiY_TqFxHFDxGU5MTdRZC2Dm/view?usp=sharing

(Completed in August, 2017. pp.464 in the form of PDF) 

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

*******

Author

Toshiaki Hirai　　

Emeritus Professor, Sophia University, Tokyo

President of the Keynes Society Japan (2011- )

Graduated from the Faculty of Economics, University of Tokyo, 1971

Graduated from Doctoral Course of Economics, University of Tokyo, 1977.

Up until March 2012, Professor of Economics, Sophia University.

(While working as Lecturer of University of Kyoto, Lecturer of Tohoku University, Guest Professor of Hitotsubashi University, Guest Professor at University of Cassino and Southern Lazio [Italy] and so forth)

・Editorial Board, History of Economic Ideas

・Associate Editor, Journal of Post Keynesian Economics

・Editor-in-Chief, Annals of the Society for the History of Economic Thought, October 1998-May 2001.　

・Member of the Editorial Board (Japan) for the Collected Writings of John Maynard Keynes (1992-  )

・Visiting Scholar, Faculty of Economics and Politics, Cambridge University (Oct.

    1987- March 1988)

・Visiting Scholar, Institute of Historical Research, University of London (August     1997- September 1998)

・Visiting Professor, University of Rome <La Sapienza>, October 2003 – March 2004.

・Visiting Scholar, University of Toronto, May 2004-July 2004.

・Member of the Council of the European Society for the History of Economic Thought (ESHEAT) April 2006- March 2010.

・The Union of National Economic Associations in Japan (April 2009 - March 2011)
・Guest Professor, University of Cassino and Sourthern Lazio, Italy(April – June  2017) 

MainBooks (confined to English books)　

Keynes’s Theoretical Development – from the Tract to the General Theory, Routledge, 2007.

  The Return to Keynes (co-edited by B. Bateman, T. Hirai and M.C. Marcuzzo), Harvard

University Press, 2010.

Keynesian Reflections (co-edited by T. Hirai, M.C. Marcuzzo and P. Mehrling), Oxford University Press, 2013.

Capitalism and the World Economy (edited by T. Hirai), Routledge, 2015.                     

    

Main Papers (confined to English papers)

　“The Turning Point in Keynes’s Theoretical Development”, History of Economic Ideas,

XII-2, 2004.

“How Did Keynes Transform His Theory from the Tract into the Treatise?”, European Journal of the History of Economic Thought, XIV-2, 2007.

“How, and For How Long, Did Keynes Maintain the Treatise Theory?”, Journal of the History

of Economic Thought,29-3, 2007.　

 “Exploring Hawtrey’s Social Philosophy through His Unpublished Book, Right Policy,z

Journal of the History of Economic Thought,34-2, 2012.

 “International Design and the British Empire”, History of Economics Review, 57 (Winter),

2013.

    

Univ. of Cassino and Southern Lazio Lectures Guest Prof. Toshiaki Hirai

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Univ. of Cassino and Southern Lazio Lectures Guest Prof. Toshiaki Hirai （Emeritus Prof., Sophia Univ., Tokyo） 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 bearing the same titles as the files for the lectures. Part I consists of seven lectures, Part II of eight. Let me briefly outline Part I and Part II, referring to the lectures concerned. 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 1980s we saw the rapidly accelerating political disintegration of the Socialist Bloc, which at last brought about the collapse of the Soviet Union, and with it the Cold War which had dominated the post-war world came to an end. The Capitalist Camp, meanwhile, had already made great changes, in the 1970s, in the international monetary system and trade structure, deterioration of the US economy contrasting with the remarkable economic growth of the economies of Japan and West Germany. With the advent of the 1980s, this trend became more striking – especially the economic growth of Japan – in contrast with the US, which suffered from stagflation as well as the “twin deficits”. In the latter half of the 1980s, Japanese firms made great efforts to address the depression resulting from rapid yen appreciation subsequent to the Plaza Accord (1885), and the technological innovation they achieved caught attention and stirred wonder throughout the world. With the 1990s, however, the world awaited another great transformation. In the US the IT industry, thanks to a new wave of innovation, grew at such an amazing pace that it soon came to dominate the world economy, while the financial sector achieved similar status through financial globalization. Contrastingly, despite various economic policies Japan failed to control the Bubble Economy in the early 1990s, as a result of which it suffered from the so-called “Lost 25 years” and remarkably lost much of its presence in the world economy. 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 tremendous economic collapse together with severe political and social decline. 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 this exerting great influence over the world economy. 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 1990s we have witnessed increasing uncertainty and fragility due to excessive financial globalization, eventually bringing about the catastrophic meltdown in the fall of 2008 ― the “Lehman Shock”. 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 order but also led the UK through the negotiations with the US as the top figure in the United Kingdom delegations. 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 magnus opus, The General Theory of Employment, Interest and Money (1936) moving on from his former book, A Treatise on Money (1930) (Lecture 9). Thirdly, we see what kind of social philosophy on capitalism the Cambridge economists expressed – six economists, including Keynes (Lecture 10). Fourthly, we look into his activities as policy advisor or system designer, including the field of domestic policy such as employment policy and welfare state planning (Lectures 11 and 12) and the issues of the international system including the commodity problem, relief and reconstruction, and the international monetary System (Lectures 13-15). 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

Univ. of Cassino and Southern Lazio Lectures World Capitalism in Crisis Guest Prof. Toshiaki Hirai

Univ. of Cassino and Southern Lazio Lectures 　　 World Capitalism in Crisis  Guest Prof. Toshiaki Hirai （Emeritus Prof., Sophia Univ., Tokyo） 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

Univ. of Cassino and Southern Lazio Lectures, Italy April – June, 2016 World Capitalism in Crisis

From April through June in 2016 I had an opportunity to deliver the lecture at the University of Cassino and the Sourthern Lazio, Italy. I prepared the files for it. Now that one year passed, a plan has emerged in my mind that I might arrange and edit the files in such a way as readable as a sort of book. Here is the result of this plan.

Univ. of Cassino and Southern Lazio Lectures, Italy  April – June, 2016

                    

     　　 World Capitalism in Crisis

Guest Prof. Toshiaki Hirai

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