KOKUSAI KEIZAI

ARTICLES PRESENTED AT THE 68TH ANNUAL MEETING

Global Production System and Financial-Economic Crisis

Osamu Ishida

2010 Volume 2010 Issue 61 Pages 5-33
Published: 2010
Released on J-STAGE: March 26, 2012

DOIhttps://doi.org/10.5652/kokusaikeizai.kk2010.01.i

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The aims of this paper are to clarify impetus behind globalization of production system, to illustrate change in the global production system, and to consider transformation of production system after financial crisis.
Two production systems are defined in this paper. One is called as“the U. S oriented production system”and the other is “the emerging market oriented production system”. The former is the typical production system before the financial crisis. The latter is the representative system after the crisis.

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Comment

Minoru Sekishita

2010 Volume 2010 Issue 61 Pages 34-36
Published: 2010
Released on J-STAGE: March 26, 2012

DOIhttps://doi.org/10.5652/kokusaikeizai.kk2010.02.s

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Global Economic Crisis and the Future of Capitalism

Hirohisa Kohama

2010 Volume 2010 Issue 61 Pages 37-57
Published: 2010
Released on J-STAGE: March 26, 2012

DOIhttps://doi.org/10.5652/kokusaikeizai.kk2010.03.k

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As McDonald (2009) writes in Author’s Note, it’s been said that there are two distinct groups of people in America ; “Wall Street” and “Main Street.” Before the onset of the global economic crisis in the summer of 2007, “Wall Street” was a main actor of the global capitalism. But it has changed. We have to think how we can prevent the disasters in the future and ultimately do a better job of serving Main Street.
Akerlof and Shiller mentioned in Animal Sprits; capitalism can give us the best of all possible worlds, but it does so only on a playing field where the government sets the rules and act as a referee. We must merely recognize that capitalism must live within certain rules.

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Comment

Shinji Asanuma

2010 Volume 2010 Issue 61 Pages 58-59
Published: 2010
Released on J-STAGE: March 26, 2012

DOIhttps://doi.org/10.5652/kokusaikeizai.kk2010.04.a

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The Beginning of the Pax Sino-Americana?

Yoshihiko Motoyama

2010 Volume 2010 Issue 61 Pages 60-79
Published: 2010
Released on J-STAGE: March 26, 2012

DOIhttps://doi.org/10.5652/kokusaikeizai.kk2010.05.m

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  The American president, Barack Obama, seems to believe that the Pacific Ocean will be the growth center of this new century. In the opening adress of the “Strategic and Economic Dialogue” designed to reinforce cooperation between the two countries (U.S. & China) , Obama declared, “the relationship between the United States and China will shape the 21st century”. At first glance, the prediction is not particularly audacious. The rise to power of the most populous country is inevitable. China will soon be the second largest world economy. The United States may remain one of the global superpower for many years to come, but this country has been hit strongly by the economic crisis.
  Some in the United States want to believe in the necessity of G2 that would drive the world, harmoniously, rather than agonizing G8. Chinese media are calling for an era of Pax Americhina or Chinamerica that would dominate the geopolitics of the 21st century. The year of 2009 marks the thirtieth anniversary of a normalization of relations of the two countries that resulted in global relief despite a few remnants in the cold war era.
  Still, suspicion is alive. Capitalism’s current failure should be explained by a crisis of over-consumption for which the Sino-American couple is in large part responsible. After the end of the illusion of the American “hyperpower”of the Bush years, the time has come for multilateralism and for G20 including the ensemble of major world actors.

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Comment

Shugo Onoe

2010 Volume 2010 Issue 61 Pages 80-82
Published: 2010
Released on J-STAGE: March 26, 2012

DOIhttps://doi.org/10.5652/kokusaikeizai.kk2010.06.o

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CONTRIBUTIONS

Strategic Trade Policy and Food Quality Standards: Horizontal and Vertical Product Differentiation Case

Sayaka Nakano

2010 Volume 2010 Issue 61 Pages 83-96
Published: 2010
Released on J-STAGE: March 26, 2012

DOIhttps://doi.org/10.5652/kokusaikeizai.kk2010.07.n

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This paper examines who should determine the qualities of food served in the domestic market. I construct a differentiated duopoly model of international trade with substitute goods when domestic and foreign firms compete in the domestic market. I show that neither firms nor importing country’s government can choose the quality level of the products which is the optimal from the world welfare point of view. But the quality level that the domestic welfare-maximizing government chooses is higher than that of the firms do.

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The effects of infrastructure on trade and welfare

Rei Matsumura

2010 Volume 2010 Issue 61 Pages 97-121
Published: 2010
Released on J-STAGE: March 26, 2012

DOIhttps://doi.org/10.5652/kokusaikeizai.kk2010.08.m

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Using a Ricardian Model, this paper analyzes the effects of infrastructure on trade and welfare. Infrastructure brings productivity growth in the home country’s industrial sector. The issue of industrialization and aid can be considered by comparing two cases in which the infrastructure is paid by tax or aid. This paper shows a possibility that the state of incomplete specialization continues in a Ricardian Model. In the tax case, home country can start producing industrial goods, if it constructs enough infrastructure. In the aid case, there is a possibility that the foreign country (donor country) enjoys higher welfare, which implies a transfer paradox.

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