My personal history of the research on the non-profit and cooperative sector is recollected. Before my first works on this issue at the beginning of 90's, there were two research streams. One was the American type of the NPO studies, which derives the reason of the existence of NPOs from complement to the market or government failures. Another was the European type of the social sector studies, which contain researches on cooperatives and recognize its inherent domain beside market or government. I owe my idea to V. Pestoff's argument, which counts up community as the third pole beside market and government, and places non-profit organizations and cooperatives among the three poles. I have been prospecting social system which consists of network of community-based "social non-profit organizations", which I am calling the NPOs and cooperatives of welfare, health care, child care and so on. This prospect needs to sum up the research streams of the community theories and the theories on people's deliberation and decision participation, as well as non-profit and cooperative theories. At the latter half of this paper, I survey the present situation of the NPO corporations. And I apply my social system theory to NPO corporations.

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Since the Russian Revolution, the public has considered socialism to refer to the Soviet Union model of socialism. This has become the orthodox point of view. But the Soviet model of socialism is state socialism. This state socialism is not Karl Marx's socialism. Then what is Marx's socialism? This Paper will attempt to elucidate the following points concerning the above question. The first is that Marx's socialism is association socialism, -that is, cooperative socialism-related to the lineage of thought of Robert Owen. The second is that the necessity of cooperative socialism is an inevitable result of cooperation, or in other words, socialization of labor, based on the development of great industry since the Industrial Revolution. The third is that the advantages of a worker's cooperative factory, the core of cooperative socialism, are found especially in the possession of extra surplus value caused by economy in the appropriation of raw materials and other constant capital. The fourth is that the transition from capitalism to cooperative socialism is prepared by efforts to create cooperative factories and cooperative stores on a national scale through national centers concentrating extra surplus value and the savings of the working class. The fifth is that the spirit or principle guiding the whole cooperative should be the idea that the free development of each is the condition for the free development of all. In my view, with characteristics such as these Marx's cooperative socialism can be regarded as a possible starting point for the restoration and regeneration of socialism in the 21st century.

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One of meanings of the argument on an association is paying its attention to the form of an organization or a system. Because in order to deepen the argument about the association, it is required to pay our attention to the form and system idea of systems. A system idea is the constituting principle or design idea of a system. The system idea is shared by the consciousness of a system and a human being. Furthermore, the system idea is shared also between subsystems.Since the system idea and system form by which a system is characterized are connected deeply, cautions are required. For example, in a hierarchy organization, it is impossible to realize the reality of an association.It is because the system idea of a hierarchy is a reason principle and the system idea of an association is a sensitivity principle for-itself. Moreover, NPO which is one example of an association organization may become like a pre-modern community. It is because the system idea of a community is a sensitivity principle in-itself. I raise three themes, in order to deepen the argument on an association further. About every subject, CSR holds the important key. 1. Research on the example of the sensitivity principle for-itself Since the system idea of CSR and NPO is the same, in this research, CSR is important for it. 2. The research on a macro system Also in this research, CSR is important. It is because CSR is a social system. And CSR improves the management of a local company with many small and medium-sized enterprises, and raises the level of the community welfare through subliming philanthropy activities into the management-strategies.CSR becomes a local system which activates the area. 3. Research on the state system and a policy Since both Keynesian and Neoliberalism are reason principles, it cannot respond to the request of a time. In order to reply to diversified and to advanced social needs, the present governmental agency is insufficient. The governmental agency has to improve the personnel's autonomy, in order to obtain diversification, adaptability, and quickness.

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This paper modifies traditional understandings of critical points in Marx's vision of capitalism and socialism, and introduces two theories of a redefined "thin" socialism. We believe that anti-capitalism is guided by a critical analysis of Marxian political economy. Marx insisted that capitalism cannot grow without exploitation and oppression (alienation), because of capitalists' despotic control over production process and the anarchistic ex post coordination of markets. The traditional interpretation is that resolving these problems requires, first, switching from private ownership of the means of production to social ownership, and second, switching from ex post to ex ante integrated decision-making. In other words, socialism must combine social ownership with central planning. However, a careful reading of Marx reveals no advocacy of socialist-style central planning. Rather, Marx scrutinized capitalism's dynamic processes and conferred the possibility of self-destruction. But, he did not describe post-capitalist society clearly. We reconsider capitalism as a twofold system of exploitation involving a production process and a circulation process, and articulate the ideas of socialism their functions and ends in consequence. We then reconstruct two approaches to socialism: the circulation-theory approach in "Labour Notes" and the production-theory approach of labor- managed market socialism. The reforms of monetary and credit systems proposed in "Labour Notes" and by many 19th century socialists are heterodox ideas in economics but orthodox among socialists. "Labour Money" is interpreted as incomplete money by Marx and many preceding studies. We observe the difference in interpretations by "Labour Money" theorists Proudhon and Owen in "Capital", and the historical and theoretical development of "Labour Notes", by the Owenites and post-Owenites. Circulation-theory approach demonstrates the possibility of expanding individual freedom and creating an association of independent small pro ducers through a market formed along the "Labour Notes" scheme. In his version of labor-managed market socialism, called "post-Hayekian socialism", Burczak proposes a "thin" socialism denoted by a redefinition of exploitation and social reproduction organized by labor-managed firms. His market socialism is consistent with private ownership and a competitive market economy, but without exploitation. The production-theory approach demonstrates the radical deconstruction of Marxian socialism put forth in Sen and Nussbaum's theory of capabilities and by Ackerman and Alstott's theory of a stakeholder society emphasizing procedural justice in markets governed by the rule of law, appropriative justice of surplus labor, and development of subjective human well-being.

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Recently, many studies investigate the relationship between financialization and macroeconomic performance by way of empirical and theoretical analysis. The existing literature has especially focused on the US economy in which the financialization has been developed gradually and explicitly, and showed that the financialization has a negative impact on the aggregate demand and the labor share. This paper considers the industrial sectors in the Japanese economy, and investigates the degree of the financialization and its impact on the capital accumulation rate. First, the current paper considers the evolution of the representative macroeconomic variables that may concern the financialization. Second, an investment function that takes the effects of financialization into consideration is presented, by which this study econometrically analyzes the relationship between financialization and capital accumulation patterns of manufacture sector, non-manufacture sector, and all industries. On the basis of these, this paper examines the degree and some characteristics of the financialization in the Japanese economy, and its relationship with capital accumulation patterns. The results in this paper show that the financialization of the Japanese economy is quite limited phenomenon. For example, we cannot explicitly see a gradual increase in investment in the financial assets, financial payouts and financial incomes in the industrial sectors. These facts make a sharp contrast with the US economy. In addition, by means of econometric analysis, this paper also shows that the capital accumulation pattern of the Japanese industrial sectors is not largely affected by the variables that may concern the financialization. While the capital accumulation stagnated after the collapse of the bubble economy, the financial payouts and the financial incomes have also shown an overall decrease during the same period. That is, even when the financial variables decreased, the capital accumulation also stagnated. The recovery of the capital accumulation since the beginning of the 2000s began with improvement in the profit rate and the value added, and reduction in the debt-capital ratio. To summarize, the slowdown of the capital accumulation in the Japanese economy is not the slowdown with financialization like the US economy, but the slowdown without financialization. It is determined especially by the real variables such as profit rate and value added.

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This paper aims to reexamine the positions on the value judgment in economics, by using the classification of the "value judgment of the subject" and the "value judgment of the object". The former is the value judgment of the researcher of economics, while the latter is the value judgment of the object of research, namely the motivation of the actor in economic studies. This classification can clarify the point of the contrast between Amartya Sen and Lionel Robbins about economic methodology. It is well known that Robbins eliminated any value judgments from economics, and strictly separated economics from ethics. However, in fact, he eliminated value judgments only in the field of economic science, and he explicitly needed value judgments in his field of political economy. So, the contrast between Sen, who emphasizes the interaction between economics and ethics, and Robbins is not about whether economists should consider value judgments. (Both of them would say "yes" in response to this question.) It must be about whether economists can ignore value judgments in some fields of study in economics. (Only Sen would deny this possibility.) Robbins based his proposition about the objectivity of economics on that of Max Weber. Robbins regarded Weber's Wertfreiheit as an attitude that considered people's value judgments as matters of fact. Robbins believed that we can treat people's value judgments as fact without our own value judgment (namely the value judgment of the subject). This means that Robbins eliminated value judgments of the subject from economic science but took account of value judgments of the object as fact. However, Robbins's understanding is not correct. Surely, Weber insisted that we could treat value judgments of the object as fact. However, in addition, Weber also insisted that in social sciences we cannot eliminate value judgments of the subject; therefore, we must use some Idealtypus in studies. From the perspective of Weber, social science cannot be wertfrei by merely taking the value judgments of the object as fact. In contrast to Robbins, Sen regards both value judgments of the subject and of the object as being inescapable in economics. His proposition about the inescapability of value is based on the philosophy of Hilary Putnam. Putnam points out the collapse of the fact-value dichotomy. He insisted that not only normative analyses but also descriptions and prescriptions are entangled with values (Putnam calls it "the entanglement of fact and value".) All descriptions premise some epistemic values, for example "coherence". Moreover, some descriptions, for example "cruel", essentially involve ethical values. From the perspective of Putnam, Sen concludes that we cannot ignore value judgments in any fields of study in economics. Both welfare economics and descriptive economics need to consider value judgments, not only of the object but also of the subject. In economic studies, we must investigate the way in which description and normative analysis are studied at the same time.

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A majority of economic theories, including that of Marx, have focused on the production and reproduction of wealth, productive capacity, and labour productivity. Attempts to analyse the destructive power of human activities on the ecosystem began in the mid-twentieth century. It is now widely recognized that the production of wealth relates to the destruction of the ecosystem today; however, theoretical and quantitative analyses concerning this theme are few, and we cannot find an established theory. The first purpose of this paper is to clarify 'stylised facts' by a quantitative analysis of the relationship between GHG emission and economic growth in advanced countries since the 1990s. The important fact is that the reduction of GHG emissions is compatible with economic growth under certain institutional conditions. The second purpose of this paper is to analyse the stylised facts using a cumulative causation model. In the case that the reduction of GHG emissions is compatible with economic growth, a partial dilemma exists between them. Therefore, whether a country gives priority to the reduction of GHG emissions or to economic growth becomes a political choice. Section II critically examines existing opinions. Intuitively, the higher the economic growth rate is, the higher the rate at which GHG emissions increase. Pessimistic opinions that economic growth is not compatible with the reduction of GHG emissions are based on this intuition. Moreover, this intuition sometimes leads to the extreme opinion that zero or negative economic growth is necessary to reduce GHG emissions. We show that these opinions are faulty owing to inadequate processing of data. Section III explains the results of a panel data analysis and a time series data analysis with regard to the relationship between the decreasing rate of emission intensity and economic growth rates in eighteen advanced countries. There is a positive correlation between the economic growth rate and the decreasing rate of emission intensity since the 1990s. Moreover, the introduction of an environment tax increases the decreasing rate of emission intensity. Section IV shows that there is trade-off between the effects of dynamic increasing returns on labour inputs and GHG emissions. The decreasing rate of emission intensity is equal to the increase rate of the real GDP per unit of GHG. Therefore, a decrease in emission intensity can be considered to be an increase of returns on GHG emissions. We measure also the Verdoon coefficients that show the strength of dynamic increasing returns on labour inputs. These two dynamic increasing returns have a trade-off relationship. In other words, the dynamic increasing returns on labour inputs are weak in countries where the dynamic increasing returns on GHG emissions are strong. Most of these countries introduced environment taxes in the 1990s. Section V explains the manner in which the transformation of innovation to reduce GHG emissions affects growth regime using a cumulative causation model. The decreasing rate of emission intensity represents the change in the broadly-defined labour productivity considering destructibility of the ecosystem. We call this 'broadly-defined productivity growth'. We examine influences of the transformation of innovation on the demand regime, the productivity regime and the broadly defined productivity regime. Thus, we show the structural reason why economic growth and labour productivity growth were partially sacrificed in countries that promoted the transformation to economy innovations by the introduction of environment taxes.

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Recently there has been a great deal of research generated focusing on the Financialization-Approach. However, most of the literature on financialization emphasizes the influence of the financial sector, and pays less attention to the real economy. This paper examines how to bring the dynamism of real economy into the Financialization- Approach. Firstly, I investigate the relationship between corporations and finance, focusing on the literature of corporate governance. According to the research by Lazonick and O'Sullivan, the management strategy of U.S. corporations changed from "retain and reinvest" to "downsize and distribute" after the 1980s. U.S. corporations reduced their employment, and distributed cash to stockholders, and increased dividend payments and stock repurchases to raise their stock prices. This change arose from the formation of the "market for corporate control", which is explained mainly from the following: 1) Worsening performance of corporations and agency theory, 2) Increase of the stock holding by institutional investors, and 3) Development of junk bond market. However, this change is explained only from the influence of finance. The activeness of corporations is ignored. Secondly, I investigate the situation that U.S. corporations faced in 1980s to focus on the corporate action. They faced the shift in industrial structure. Key industries, such as steel, automobile and household electronic appliances, lost competitive power, while high-technology, energy and service industries maintained competitive power. Many corporations restructured their business formations to adapt to this shift by mergers and acquisitions. While raising stock prices is a result of financial influence in the literature of financialization, raising stock prices has a positive meaning for companies which perform mergers and acquisitions. Companies can perform mergers and acquisitions advantageously when their stock prices are high. Increase of dividend payments and stock repurchases can be understood to be a result of corporate action which adapts to the shift in industrial structure by mergers and acquisitions. Finally, I discuss the corporate image which should be included in the Financialization-Approach. The corporation should be assumed the active one which pursues profits, not the passive one assumed in the former literature. This is the starting point of an attempt to bring the dynamism of real economy into the Financialization-Approach.

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