Globalization is a phenomenon which has attracted much attention in the past, but there are still many questions that remain unanswered.

This book categorizes globalization into three types: Financial Globalization, the collapse of the Cold War order and the ensuing convergence toward the capitalistic system; and the rise of the emerging nations. The globalization of capitalism has two implications. One is trust in the market economy system and support for a minimal state while another is an aspect of the Casino Capitalism as typically seen by the rampant emergence of hedge funds.

This book explores both the light and shadows cast by globalization, endeavoring to identify both positive and problematic effects of the globalization process on the world economy. For this purpose we would first examine the nature and the feature of the world capitalism in relation to globalization. Then we would discuss and investigate the path along which important nations - first the developed nations (the USA, EU and Japan), followed by the emerging nations (BRICs) - have proceeded under the influence of globalization. Focusing on this phenomenon from diverse points of view, which is to be taken by the first-rank contributors in their fields, will be extraordinarily fruitful for understanding not only the world capitalism.

This collection, from a selection of leading international contributors, will not only shed light on world capitalism as it is now, but will also offer pointers as to its future directions.

part I|86 pages

Bird's-eye view

chapter 1|24 pages

Capitalism and globalization

ByToshiaki Hirai

chapter 2|19 pages

Financial globalization and the instability of the world economy1

ByToshiaki Hirai

chapter 3|25 pages

Globalization and Keynes's ideal of a “sounder political economy between all nations”

ByAnna M. Carabelli, Mario A. Cedrini

chapter 4|16 pages

Globalization and the ladder of comparative advantage

ByRoger J. Sandilands

chapter II|113 pages

Developed nations—USA, EU and Japan

ByToshiaki Hirai

chapter 5|26 pages

The crisis, the bailout and financial reform

A Minskian approach to improving crisis response1
ByL. Randall Wray

chapter 6|13 pages

Economic crisis and globalization in the European Union

ByCosimo Perrotta

chapter 7|21 pages


Origins, the present and perspectives
ByPaolo Piacentini

chapter 8|16 pages

“We are all Keynesians now”

The paradox of British fiscal policy in the aftermath of the global financial crisis 2007–2009
ByWilliam Redvers Garside

chapter 9|19 pages

Beyond de-globalization in Japan

ByYutaka Harada

chapter 10|17 pages

Trade friction with no foundation

A review of US–Japanese economic relations in the 1980s and the 1990s
ByAsahi Noguchi

chapter III|76 pages

Emerging nations—BRICs

ByToshiaki Hirai

chapter 11|16 pages

Globalization, policy autonomy and economic development

The case of Brazil
ByFernando J. Cardim de Carvalho

chapter 12|15 pages

The Indian economy under economic reforms

Responses from society and the state1
BySunanda Sen

chapter 13|20 pages

A mixed effect of globalization on China's economic growth

ByHideo Ohashi