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Value and Crisis: Essays on Marxian Economics in Japan, second edition

Marxist economic thought has had a long and distinguished history in Japan, dating back to the First World War. When interest in Marxist theory was virtually nonexistent in the United States, rival schools of thought in Japan emerged, and brilliant debates took place on Marx’s Capital and on capitalism as it was developing in Japan. Forty years ago, Makoto Itoh’s Value and Crisis began to chronicle these Japanese contributions to Marxist theory, discussing in particular views on Marx’s theories of value and crisis, and problems of Marx’s theory of market value. Now, in a second edition of his book, Itoh deepens his study of Marx’s theories of value and crisis, as an essential reference point from which to analyze the multiple crises that have arisen during the past four decades of neoliberalism. The promise of Marx’s theories has not waned. If anything—given the failure of Soviet-style socialism and the catastrophe of neoliberalism—it grows daily. | more…

Whither Japan? Seven Decades After Defeat

The hard-won lessons of Japan’s wartime defeat are enshrined in its National Constitution and Article 9 in particular.… For the past seventy years, Article 9 remained a fundamental principle of Japanese diplomacy, undergirded by memories of the Asia-Pacific War and the U.S. occupation, buttressed by important revisionist histories of Japanese imperialism. A politically recovered, economically restored Japanese populace still appreciates the Constitution and the relevance of Article 9. But conservative politicians who never believed in the Constitution’s ideals repeatedly challenged and worked around Article 9 despite the majority’s support for it.… Today, once again, Article 9 stands in danger of abandonment by interpretation rather than revision by constitutional processes. | more…

June 1998 (Volume 50, Number 2)

Notes from the Editors

What’s the matter with Japan? According to today’s conventional wisdom—i.e., what we are told by the media and the syndicated pundits—almost everything. Its economy, the second largest in the world, is in a long-term crisis that affects on everyone else, most severely the United States, and it stubbornly refuses to do anything about it despite the friendly advice and frustrated pleas of its partners in the developed capitalist world.

What do they want Japan to do? Simple: they want Japan to “be like us.” Open its markets, deregulate its financial and trading systems, and then step on the economic accelerator—reduce taxes, especially on the higher incomes,

March 1998 (Volume 49, Number 10)

Notes from the Editors

A striking feature of the mountain of talk about the Asian crisis is that its root cause is all too often ignored The focus of the media and the pundits is on weak banks, bad management, corrupt officials, heavy indebtedness, excess speculation, and the fragility of the financial markets. Typically, the disaster is viewed as a regional affair. A rare exception is the statement of Eisuke Sakakibara, Japan’s vice-minister for international finance: “This isn’t an Asian crisis. It is a crisis of global capitalism.” (Business Week, January 26, 1998) But he too was apparently thinking of financial markets, concerned with effects, not causes  | more…