Theories and Realities of Evolution and Instability of Money and Financial Systems

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This research project aimed at comprehensive reconsideration of the frame of reference for the theories and practical realities of the systems of money and finance and their instability. It expected to utilize the accumulation of researches in this field among Japanese Marxian economists, and cooperation with foreign scholars in the recent Western Marxian school. The expectation to cooperate with Western scholars was substantially realized by joint working with Dr. C. Lapavitsas in the University of London. Professor G. Dymski in California University, Riverside and Dr. A. Glyn in Oxford University kindly gave us useful comments and suggestions. A conference at Macquarie University, Sidney in July 2000, my visits to the University of London each for a week in September 2000, and in July 2001 were all excellent opportunities for academic exchange to promote this research project. Almost monthly study meetings at Kokugakuin University with professional academic members in various domestic universities were also quite helpful. In its contents, this research reexamined broadly major theories of money and finance from the 18th century up to contemporary Keynesians and post-Keynesians. At the same time, it attempted to investigate into the logic of dynamism and instability of money and finance in contemporary capitalism against the background of their long historical development. It must have thus contributed also to theoretical economics, history of economic theories, and the theory of contemporary capitalism. The major parts of the results of this research project were put into a Japanese book, M. Itoh and C. Lapavitsas, Political Economy of Money and Finance (Tokyo: lwanami-shoten, 2002) among others, to complete the project rather satisfactorily.