Table Of ContentROUTLEDGE STUDIES IN THE MODERN WORLD
ECONOMY
Crises of Global Economies
and the Future of Capitalism
Reviving Marxian crisis theory
Edited by
Kiichiro Yagi, Nobuharu Yokokawa,
Shinjiro Hagiwara and
Gary A. Dymski
Crises of Global Economies and the
Future of Capitalism
Recent events in the global financial markets and macroeconomies have served as a
strong reminder for the need for a coherent theory of capitalist crisis and analysis. This
book helps to fill the gap with well grounded alternative articulations of the forces which
move today’s economic dynamics, how they interact and how ideas of foundational
figures in economic theory can be used to make sense of the current predicament. The
book presents a comprehensive collection of reflections on the origins, dynamics, and
implications of the interlinked crises of the U.S. and global economies.
The book is a thoughtful collaboration between Japanese heterodox economists of the
Japan Society of Political Economy (JSPE) and non-J apanese scholars. It provides a
unique immersion in different, sophisticated approaches to political economy and to the
crisis. The book illustrates how an understanding of Marx’s crisis theory can serve as a
powerful framework for analyzing the contemporary subprime world crisis. The book
explains the subprime loan crisis as a crisis in a specific phase of the capitalist world
system and concludes that it is a structural one which destroys the existing capital accu-
mulation regime. It pays attention to structural changes and to how these changes beget
profound and controversial consequences.
The result is a must-r ead – one which truly contributes to the resurgence of radical ana-
lyses of the political economy, free from the market optimism of main-s tream economics.
Kiichiro Yagi is Vice President and Professor in Economics at Setsunan University,
Japan. He was educated in the University of Tokyo and Nagoya University. He received
his PhD from Kyoto University. He is Chief Representative of the JSPE.
Nobuharu Yokokawa is Professor of Economics at Musashi University, Tokyo, Japan.
He was educated at Shiga University (BA), the University of Tokyo (MSc) and Cam-
bridge University (PhD). He is chairman of the JSPE Committee for International Com-
munication and Exchange.
Shinjiro Hagiwara is Professor of Economics at Yokohama National University, Japan.
He was educated at Fukushima University and at the University of Tokyo. His publica-
tions include US Multinationals in the World Economy (Ohtsuki, 2005, in Japanese) and
The Rise and Demise of the Keynesian Coalition (Yuhikaku, 1996, in Japanese).
Gary A. Dymski is Chair in Applied Economics at the Leeds University Business School,
University of Leeds, and is on leave as Professor of Economics at the University of Cali-
fornia, Riverside. He received his BA in urban studies from the University of Pennsylva-
nia, graduating Phi Beta Kappa in 1975. He received a doctorate in economics from the
University of Massachusetts, Amherst in 1987. He is an academic adviser of the JSPE.
Routledge studies in the modern world economy
1 Interest Rates and Budget 7 Competition Policy in the
Deficits Global Economy
A study of the advanced Modalities for co-o peration
economies Edited by Leonard Waverman,
Kanhaya L. Gupta and William S. Comanor and
Bakhtiar Moazzami Akira Goto
2 World Trade after the
8 Working in the Macro
Uruguay Round
Economy
Prospects and policy options for
A study of the US labor market
the twenty-fi rst century
Martin F. J. Prachowny
Edited by Harald Sander and
András Inotai
9 How Does Privatization Work?
3 The Flow Analysis of Labour Edited by Anthony Bennett
Markets
Edited by Ronald Schettkat 10 The Economics and Politics of
International Trade
4 Inflation and Unemployment Freedom and trade: volume II
Contributions to a new Edited by Gary Cook
macroeconomic approach
Edited by Alvaro Cencini and 11 The Legal and Moral Aspects
Mauro Baranzini of International Trade
Freedom and trade: volume III
5 Macroeconomic Dimensions of
Edited by Asif Qureshi,
Public Finance
Hillel Steiner and Geraint Parry
Essays in honour of Vito Tanzi
Edited by Mario I. Blejer and
12 Capital Markets and
Teresa M. Ter- Minassian
Corporate Governance in
6 Fiscal Policy and Economic Japan, Germany and the
Reforms United States
Essays in honour of Vito Tanzi Organizational response to
Edited by Mario I. Blejer and market inefficiencies
Teresa M. Ter- Minassian Helmut M. Dietl
13 Competition and Trade 22 The New Industrial Geography
Policies Regions, regulation and
Coherence or conflict institutions
Edited by Einar Hope Edited by Trevor J. Barnes and
Meric S. Gertler
14 Rice
The primary commodity 23 The Employment Impact of
A. J. H. Latham Innovation
Evidence and policy
15 Trade, Theory and Edited by Marco Vivarelli and
Econometrics Mario Pianta
Essays in honour of
24 International Health Care
John S. Chipman
Reform
Edited by James C. Moore,
A legal, economic and political
Raymond Riezman,
analysis
James R. Melvin
Colleen Flood
16 Who benefits from 25 Competition Policy Analysis
Privatisation? Edited by Einar Hope
Edited by Moazzem Hossain and
Justin Malbon 26 Culture and Enterprise
The development, representation
17 Towards a Fair Global Labour and morality of business
Market Don Lavoie and
Avoiding the new slave trade Emily Chamlee-W right
Ozay Mehmet, Errol Mendes and
Robert Sinding 27 Global Financial Crises and
Reforms
18 Models of Futures Markets Cases and caveats
Edited by Barry Goss B.N. Ghosh
28 Geography of Production and
19 Venture Capital Investment
Economic Integration
An agency analysis of UK
Miroslav N. Jovanović
practice
Gavin C. Reid 29 Technology, Trade and Growth
in OECD Countries
20 Macroeconomic Forecasting Does specialisation matter?
A sociological appraisal Valentina Meliciani
Robert Evans
30 Post- Industrial Labour
21 Multimedia and Regional Markets
Economic Restructuring Profiles of North America and
Edited by Hans- Joachim Scandinavia
Braczyk, Gerhard Fuchs and Edited by Thomas P. Boje and
Hans- Georg Wolf Bengt Furaker
31 Capital Flows without Crisis 40 Global Governance and
Reconciling capital mobility and Financial Crises
economic stability Edited by Meghnad Desai and
Edited by Dipak Dasgupta, Yahia Said
Marc Uzan and
Dominic Wilson 41 Linking Local and Global
Economies
32 International Trade and The ties that bind
National Welfare Edited by Carlo Pietrobelli and
Murray C. Kemp Arni Sverrisson
33 Global Trading Systems at 42 Tax Systems and Tax Reforms
Crossroads in Europe
A post- Seattle perspective Edited by Luigi Bernardi and
Dilip K. Das Paola Profeta
34 The Economics and 43 Trade Liberalization and
Management of Technological APEC
Diversification Edited by Jiro Okamoto
Edited by John Cantwell,
Alfonso Gambardella and 44 Fiscal Deficits in the Pacific
Ove Granstrand Region
Edited by Akira Kohsaka
35 Before and Beyond EMU
Historical lessons and future 45 Financial Globalization and the
prospects Emerging Market Economies
Edited by Patrick Crowley Dilip K. Das
36 Fiscal Decentralization 46 International Labor Mobility
Ehtisham Ahmad and Unemployment and increasing
Vito Tanzi returns to scale
Bharati Basu
37 Regionalisation of Globalised
Innovation 47 Good Governance in the Era of
Locations for advanced industrial Global Neoliberalism
development and disparities in Conflict and depolitization in
participation Latin America, Eastern Europe,
Edited by Ulrich Hilpert Asia and Africa
Edited by Jolle Demmers,
38 Gold and the Modern World Alex E. Fernández Jilberto and
Economy Barbara Hogenboom
Edited by MoonJoong Tcha
48 The International Trade
39 Global Economic Institutions System
Willem Molle Alice Landau
49 International Perspectives 57 Financial Crises
on Temporary Work and Socio- economic causes and
Workers institutional context
Edited by John Burgess and Brenda Spotton Visano
Julia Connell
58 Globalization and Self
50 Working Time and Workers’ Determination
Preferences in Industrialized Is the nation-s tate under siege?
Countries Edited by David R. Cameron,
Finding the balance Gustav Ranis and Annalisa Zinn
Edited by Jon C. Messenger
59 Developing Countries and the
51 Tax Systems and Tax Reforms Doha Development Round of
in New EU Members the WTO
Edited by Luigi Bernardi, Edited by Pitou van Dijck and
Mark Chandler and Gerrit Faber
Luca Gandullia
60 Immigrant Enterprise in
52 Globalization and the Nation Europe and the USA
State Prodromos Panayiotopoulos
The impact of the IMF and the
World Bank 61 Solving the Riddle of
Edited by Gustav Ranis, Globalization and
James Vreeland and Development
Stephen Kosak Edited by Manuel Agosín,
David Bloom, George Chapelier
53 Macroeconomic Policies and and Jagdish Saigal
Poverty Reduction
Edited by Ashoka Mody and 62 Foreign Direct Investment and
Catherine Pattillo the World Economy
Ashoka Mody
54 Regional Monetary Policy
Carlos J. Rodríguez-Fuentez 63 The World Economy
A global analysis
55 Trade and Migration in the Horst Siebert
Modern World
Carl Mosk 64 Production Organizations in
Japanese Economic
56 Globalisation and the Labour Development
Market Edited by Tetsuji Okazaki
Trade, technology and
less- skilled workers in Europe 65 The Economics of Language
and the United States International analyses
Edited by Robert Anderton, Edited by Barry R. Chiswick and
Paul Brenton and John Whalley Paul W. Miller
66 Street Entrepreneurs 74 Expanding Frontiers of Global
People, place and politics in local Trade Rules
and global perspective The political economy dynamics
Edited by John Cross and of the international trading
Alfonso Morales system
Nitya Nanda
67 Global Challenges and Local
Responses
75 The Macroeconomics of Global
The East Asian experience
Imbalances
Edited by Jang-S up Shin
European and Asian perspectives
Edited by Marc Uzan
68 Globalization and Regional
Integration
The origins, development and 76 China and Asia
impact of the single European Economic and financial
aviation market interactions
Alan Dobson Edited by Yin-W ong Cheung and
Kar- Yiu Wong
69 Russia Moves into the Global
Economy
77 Regional Inequality in
Breaking out
China
John M. Letiche
Trends, explanations and policy
responses
70 The European Economy in an
Edited by Shenggen Fan,
American Mirror
Ravi Kanbur and Xiaobo Zhang
Barry Eichengreen,
Michael Landesmann and
Dieter Stiefel 78 Governing Rapid Growth in
China
71 Working Time Around the Equity and institutions
World Edited by Ravi Kanbur and
Trends in working hours, laws, Xiaobo Zhang
and policies in a global
comparative perspective
79 The Indonesian Labour
Jon C. Messenger, Sangheon Lee
Market
and Deidre McCann
Shafiq Dhanani, Iyanatul Islam
and Anis Chowdhury
72 International Water Treaties
Negotiation and cooperation
along transboundary rivers 80 Cost- Benefit Analysis in
Shlomi Dinar Multi-l evel Government in
Europe and the USA
73 Economic Integration in the The case of EU cohesion policy
Americas and of US federal investment
Edited by Joseph A. McKinney policies
and H. Stephen Gardner Alessandro Ferrara
81 The Economic Geography of 90 Time Zones, Communications
Air Transportation Networks, and International
Space, time, and the freedom of Trade
the sky Toru Kikuchi
John Bowen
91 Miraculous Growth and
82 Cartelization, Antitrust and Stagnation in Post- War Japan
Globalization in the US and Edited by Koichi Hamada,
Europe Keijiro Otsuka, Gustav Ranis,
Mark LeClair and Ken Togo
83 The Political Economy of 92 Multilateralism and
Integration Regionalism in Global
Jeffrey Cason Economic Governance
Trade, investment and finance
84 Critical Issues in Air Edited by Junji Nakagawa
Transport Economics and
Business 93 Economic Growth and Income
Rosario Macario and Inequality in China, India and
Eddy Van de Voorde Singapore
Trends and policy implications
85 Financial Liberalisation and Pundarik Mukhopadhaya,
Economic Performance G. Shantakumar and Bhanoji Rao
Luiz Fernando de Paula
94 Foreign Direct Investment in
86 A General Theory of China
Institutional Change Spillover effects on domestic
Shiping Tang enterprises
Deng Ziliang
87 The Dynamics of Asian
Financial Integration 95 Enterprise Forms and
Edited by Michael Devereux, Economic Efficiency
Philip Lane, Park Cyn-y oung Capitalist, cooperative and
and Wei Shang- jin government firms
Kazuhiko Mikami
88 Innovative Fiscal Policy and
Economic Development in 96 Diversity and Transformations
Transition Economies of Asian Capitalism
Aleksandr Gevorkyan Edited by Boyer, Uemura and
Isogai
89 Foreign Direct Investments in
Asia 97 Knowledge Transfer in the
Edited by Chalongphob Automobile Industry
Sussangkarn, Yung Chul Park Global–l ocal production networks
and Sung Jin Kang Dessy Irawati
98 Exchange Rates and Foreign 105 Beyond the Global Crisis
Direct Investment in Emerging Structural adjustments and
Asia regional integration in Europe
Selected issues and policy and Latin America
options Edited by Lionello Punzo,
Ramkishen S. Rajan Carmen Aparecida Feio and
Martin Putchet Anyui
99 Singapore, the Energy
Economy 106 The Global Economic Crisis in
From the first refinery to the end Latin America
of cheap oil, 1960–2010 Impacts and responses
Ng Weng Hoong Edited by Michael Cohen
100 China– India Economics 107 The Processes and Practices of
Challenges, competition and Fair Trade
collaboration Trust, ethics and governance
Amitendu Palit Edited by Brigitte Granville and
Janet Dine
101 Case Studies on Chinese
Enterprises 108 Regional Development through
Edited by Donglin Xia Ecological Business
Unique cases in Japanese rural
102 Argentina’s Economic Growth regions
and Recovery Makoto Hirano
Michael Cohen
109 Aging and Economic Growth
103 The Korean Labour Market Potentials in the Pacific Region
After the 1997 Economic Edited by Akira Kohsaka
Crisis
Edited by Joonmo Cho, 110 Crises of Global Economies
Richard B. Freeman, and the Future of Capitalism
Jaeho Keum and Sunwoong Kim Reviving Marxian crisis theory
Edited by Kiichiro Yagi,
104 China and India Nobuharu Yokokawa,
The quest for energy resources in Shinjiro Hagiwara and
the 21st century Gary A. Dymski
Zhao Hong
Crises of Global Economies
and the Future of Capitalism
Reviving Marxian crisis theory
Edited by Kiichiro Yagi,
Nobuharu Yokokawa, Shinjiro Hagiwara
and Gary A. Dymski
