2007 Fiscal Year Final Research Report Summary
Theoretical Study of Recent Change in Structure of Capital Accumulation, Financial System and Accounting System
| Project/Area Number |
17530147
|
|---|
| Research Category |
Grant-in-Aid for Scientific Research (C)
|
| Allocation Type | Single-year Grants |
|---|
| Section | 一般 |
|---|
| Research Field |
Economic theory
|
|---|
| Research Institution | Nagasaki University |
|---|
Principal Investigator |
TAKAKURA Yasuo Nagasaki University, Faculty of Economics, Professor (20117146)
|
|---|
| Project Period (FY) |
2005 – 2007
|
| Keywords | regulation theory / finance-led growth regime / market value accounting / extensive growth regime / financial engineering / financial market / reification of production relations / productive powers |
|---|
| Research Abstract |
Within these three years, I concentrated my research on the new type of reification of production relations emerging from 1970's with introduction of the flexible exchange rate system and structural change of accounting system, especially adoption of market value basis. The first and second year of this project, I focused on the relation of accounting system and change of management, or corporate governance. The last year of this project, I studied about movement of money capital in world market needs differences of productive powers between each nation, also each individual capital. Money capital cannot level such differences all over the world and diminution of differences in productive powers will undermine basis of money capital.
Competitive power of each nation and corporation results from innovation in each enterprise and these differences closely relate with matters of corporate governance. On the other hand, each individual capital in financial market makes each corporation a financial asset or a financial product according to their profit rate or rate of return and recent change of accounting system based on market value also reflects tendency of making corporation financial asset in financial market. This research can point out that this relationship can happened within these 20~30 years. These new changes are another aspect of finance-led growth system. This idea is founded on Marx's theory of reification of production relations as a formula of capital-interest according to profit rate and interest rate in Volume III of Capital.
For further study of this theme, I collect a lot of material of Regulation theory and other scholar's works, like Collin Crouch, Mary O'Sullivan, Peter Hall and David Soskice.
|
