| Co-Investigator(Kenkyū-buntansha) |
NARUSE Shigehiro Economics; Kanagawa Univ.; Associate Professor, 経済学部, 助教授 (20156003)
NAKAO Shigeo Institute of Econ. Research; Osaka City Univ.; Assoc. Prof, 経済研究所, 助教授 (70164126)
SHIBATA Takeo Dept. of Political Economy; Seigakuin Univ.; Lecturer, 政治経済学部, 講師 (30235577)
HIRANO Yasuro Fukuoka Prefectural Univ.; Associate Professor, 助教授 (20165195)
YAMADA Toshio Economics; Nagoya Univ.; Professor, 経済学部, 教授 (10024978)
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| Research Abstract |
The purpose of this project is to analyze the new "mode of regulation" in the advanced countries which emerged in the late 1970s. The perspective used in this study has been from the French regulation approach. According to Toshio Yamada (chapter 1 of the report), this approach suggests that: the post WWII expansion was typically Fordism (mass production-mass consumption), and Fordism was eroded in the mid-1970s; and, since the late 1970s, three different types of new modes of regulation (i.e., North American, EC, and Japanese) have begun to appear. Using this approach, we have tried to identify the characteristics of the new modes of regulation. First, the domestic aspects have been analyzed. Yasuro Hirano (chapter 2) examines the relationship between the capital-labor relations and the growth pattern of the postwar Japanese economy. He identifies the share-economy in which employment security take priority over wage adjustments. Based on the share-economy and related growth of consum
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ption demand, Japan achieved a Fordist expansion in the rapid growth period, and was immune to oil price shocks in the 1970s. Takeo Shibata (chapter 3) investigates the process of the S & L failures in the U.S. He argues that the shocks and high interest in the 1970s severely affected the S & L in the U.S. While the U.S. government responded to the S & L crisis by further de-regulation of the financial market, this attempt failed. From this observation, Shibata suggests that the market-oriented mode of regulation in the U.S. is problematic.
Second, international aspects of the new modes of regulation have been investigated. Shigeo Nakao (chapter 4) examines a financial phenomenon: the globalization of Japanese yen. Compared with preceding cases of key currencies, i.e., pound sterling and U.S. dollar, the globalization of the yen has been restricted to the simple expansion of the Tokyo market without a corresponding expansion of international settlements using Japanese yen. However, if we look at the international system as a whole, according to Shigehiro Naruse (chapter 5), a tripartite system of the world economy (North America, EC, and East Asia) has emerged, and the competitive edge of the Japanese production system and industrial structure in this system has become evident, even though the globalization of Japanese yen has been limited.
To conclude, the new modes of regulation are yet to be fully fledged. But, the modes of regulation would associate with the tripartite world system, and they are different from single key-country system as was observed in the postwar period. Less
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