Overview

The Japanese economy has shown paradoxical changes. Its successes in forming a company-centred society generated the long downturn toward zero-growth capitalism. Successful spread of information technologies resulted in deterioration of economic life among working people and a wide fall in birth rate. At the zenith of the Japanese model of company system, a huge bubble swelled, so as to prepare a prolonged depression throughout the 1990s. Neoliberalism with spiral reversal of capitalist development toward more competitive markets rather promoted difficulties among people.

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'Makoto Itoh has produced a masterful volume on the crisis of Japan. This concise and complete work by one of the 20th century's great political economists provides a sure-handed account of Japan's situation as it enters the 21st. He incisively summarizes the historical background and competing schools of thought on what ails Japan. Itoh argues that Japan's problems arise from both a crisis of social reproduction and the breakdown of the international economic order. This volume will take its place as one of author's enduring achievements.' - Gary Dymski, Department of Economics, University of California, Riverside

Author Information

MAKOTO ITOH is Professor of Economics at Kokugakuin University, Tokyo, and Emeritus Professor of the University of Tokyo. His books include The Basic Theory of Capitalism, The World Economics Crisis, Japanese Capitalism and Political Economy for Socialism.

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