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May 27, 2014

Moving the ROE “Mountain”
A Framework for Capital Market Reform

Despite a slew of corporate governance reforms undertaken over the past two decades, Japanese companies remain extraordinarily immune to shareholder ...

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April 02, 2010

3. Two Views of Speculation in Financial Markets

FRIEDMAN’S DARWINIAN MODEL VS. KEYNES’ BEAUTY CONTEST MODEL Milton Friedman would claim that the professional speculators who bear the ...

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March 01, 2010

2. Capitalism: A System Based on Speculation

What is speculation? In general terms, it means to conjecture without firm evidence, and in particular refers to the act ...

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December 11, 2009

1. Two Views of Capitalism

The 2008 global financial crisis has been a testament to the failure of Adam Smith’s basic neoclassical principle: that making ...

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October 08, 2009

Introduction: Toward the “Second End of Laissez-Faire”

“Globalization” can be understood as a grand experiment to test the laissez-faire doctrine of neoclassical economics, which claims that a ...

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December 08, 2008

Global Financial Crisis Shows Inherent Instability of Capitalism

What can we learn from the global financial and economic crisis? A prominent Japanese economist explains how it reflects the ...

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June 24, 2008

New M&A Rules to Encourage the Selection of Good Managers

With the dawn of the age of hostile takeovers in Japan, thought must be given to selecting the best manageent ...

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