Too much stuff

Capitalism in crisis

By Kozo Yamamura

Too much stuff
  • Published:

    02 Mar 2017
  • Page count:

    224 pages
  • ISBN:

    978-1447335658
  • Product Dimensions:

    138 x 216 mm
  • £19.99 £15.99You save £4.00 (20%)
  • Pre-order
  • Published:

    02 Mar 2017
  • Page count:

    224 pages
  • ISBN:

    978-1447335672
  • Product Dimensions:

    138 x 216 mm
  • £9.99 £7.99You save £2.00 (20%)
  • Coming soon
  • Published:

    02 Mar 2017
  • Page count:

    224 pages
  • ISBN:

    978-1447335689
  • Product Dimensions:

    138 x 216 mm
  • £9.99 £7.99You save £2.00 (20%)
Where has capitalism gone wrong? Why are advanced capitalist economies so “sick” that they grow only slowly? And why do conventional policy solutions, such as reduced taxes and increased money supply, produce only wider income disparity and inequality?

Our current policies are futile because they fail to recognize we now live in a “New World” in which we enjoy the highest living standard in history and own too much stuff. In this New World “supply-side” or “pro-investment” policies of ever-lower taxes and near zero interest rates don’t work. They are expanding public debt, exacerbating socio-economic inequality, and keeping our economies “sick.” The only way forward to enable capitalism and democracy to endure and thrive is to increase investments to meet such societal needs as improving “safety nets,” education, health care, environmental protection, and the infrastructure. But to make these investments, capitalism in the advanced economies must change “systemically” so that taxes can be raised more fairly, that is, more progressively.

With fascinating examples from the US, Japan, Germany and other large economies in the EU that offer convincing evidence, this bold book challenges conventional economic orthodoxy and will strike a chord with its “outside-the-box” analysis.
Kozo Yamamura was until recently the Job and Gertrud Tamaki Professor of Asian Studies and Economics at the University of Washington, Seattle. He has also worked at universities in the US, Japan, Germany and France. He has published or edited 25 books from in the US, UK and Japan, many focused on the Japanese economy and economic history, in addition to several books on Comparative Economic Institutions and Policy.
The Need to Reinvigorate Capitalism and Democracy;
The New World of “Necessary Luxuries”;
The Failure of Pro-investment Fiscal Policies;
The Failure of the Pro-Investment Monetary Policy;
Economic Inequality Threatens Democracy;
The Failure to Invest to Meet Societal Needs;
Political Paralysis and Economic Injustice in the United States;
From the “Bubble” to Delusional Economic Policies in Japan;
Germany: From “The Sick man of Europe” to Merkel’s “Small Government”;
More Examples of Developed Economies in A Systemic Crisis;
Two Examples of Past Systemic Changes;
Suggestions on How to Make a Third Systemic Change;
Conclusion.

"In our world of “necessary luxuries”, incorrect investment incentives, disparate and worsening income distribution, this cogent, important, skeptical, provocative analysis proposes what must change in the US, Japan, Germany, and elsewhere." Hugh Patrick, Center on Japanese Economy and Business, Columbia Business School

"A timely and urgent read given that western economies are at a political and environmental tipping point." Ann Pettifor, Policy Research in Macroeconomics

"A bold and heterodox diagnosis of capitalism's illness, and a bracing prescription: It's time for government to invest in basic needs, rather than encouraging us to make and buy growing mounds of junk. We will be talking about this book for years." Walter Hatch, Oak Institute for Human Rights, Colby College

"A compelling argument for a fairer, smarter form of capitalism which prioritises spending on public goods like health, infrastructure, education, and the environment. At a time of sharpening political end economic divides, this book is a must read." Miranda Schreurs, Bavarian School of Public Policy, Technical University of Munich

"This book is right on time: the leading post-WWII economies are losing economic momentum and facing threats to their democratic institutions. Kozo Yamamura demands a prompt systemic change of the capitalist system in order to revitalize growth and secure democracy." Guenter Heiduk, World Economy Research Institute, Warsaw School of Economics

About the book

Where has capitalism gone wrong? Why are advanced capitalist economies so “sick” that they grow only slowly? And why do conventional policy solutions, such as reduced taxes and increased money supply, produce only wider income disparity and inequality?

Our current policies are futile because they fail to recognize we now live in a “New World” in which we enjoy the highest living standard in history and own too much stuff. In this New World “supply-side” or “pro-investment” policies of ever-lower taxes and near zero interest rates don’t work. They are expanding public debt, exacerbating socio-economic inequality, and keeping our economies “sick.” The only way forward to enable capitalism and democracy to endure and thrive is to increase investments to meet such societal needs as improving “safety nets,” education, health care, environmental protection, and the infrastructure. But to make these investments, capitalism in the advanced economies must change “systemically” so that taxes can be raised more fairly, that is, more progressively.

With fascinating examples from the US, Japan, Germany and other large economies in the EU that offer convincing evidence, this bold book challenges conventional economic orthodoxy and will strike a chord with its “outside-the-box” analysis.

Content

The Need to Reinvigorate Capitalism and Democracy;
The New World of “Necessary Luxuries”;
The Failure of Pro-investment Fiscal Policies;
The Failure of the Pro-Investment Monetary Policy;
Economic Inequality Threatens Democracy;
The Failure to Invest to Meet Societal Needs;
Political Paralysis and Economic Injustice in the United States;
From the “Bubble” to Delusional Economic Policies in Japan;
Germany: From “The Sick man of Europe” to Merkel’s “Small Government”;
More Examples of Developed Economies in A Systemic Crisis;
Two Examples of Past Systemic Changes;
Suggestions on How to Make a Third Systemic Change;
Conclusion.
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