“The Wealth of Nations,” written by the father of economics, Adam Smith, was an incredible innovative leap.
Until that time, people had believed it necessary to think of the public good and act logically in order to realize a good society. However, Smith theorized that if people did not think of the public good but instead pursued their own profit only, they would be guided by the “invisible hand” and the end result would be one of public profit.
Thereafter, Smith’s paradigm shift would eventually become (laissez-faire capitalism-based) market capitalism. However, it was blind faith in market capitalism which led to not only the Dutch tulip and bulb craze, the Great Depression of 1929, Black Monday, and other financial crises, but also pollution and environmental destruction, extreme shareholder value management, and moral hazards for executives.
Of course, criticisms and warnings against capitalism have been given time and again. Marx and Engels, who pointed out the paradoxes of capitalism, Weber, who criticized setting profit as a goal, Hayek, who objected to rationalism (despite being a laissez-faire economist), Drecker, who similarly warned against economically rationalistic management behavior—the list goes on and on.
Following the 2008 Lehman Brothers crash, criticism of market capitalism once again ignited. Michael Sandel, on his TV program “Justice with Michael Sandel,” points to the lack of “justice,” while others such as Stieglitz, Krugman, and bestselling author of “Capital in the Twenty-first Century” Thomas Picketty, condemn the crime of “unacceptable income inequality.” Even the pope remonstrated capitalism as an “exclusionary and unfair economy.”
Fortunately, academics as well as political and industrial leaders have begun to discuss a new type of capitalism to replace the old. But Japan has swept such essential debate under the rug, out of sight and out of mind. It is set to repeat the failures of the 20th century.
At this 7th Topos Conference, please join us in applying practical wisdom together with researchers of macroeconomics, economic thought, and management, as well as the leaders of industry, and let us think about the future shape of capitalism.
The 7th Topos Conference has ended. Our thanks to all the attendees and participants.
|Date & Time||Tuesday, November 27, 2014, 13:00 to 20:30 (doors open 12:20)|
Roppongi Hills Mori Tower 49F, Academy Hills Tower Hall
Address: 6-10-1 Roppongi, Minato-ku, Tokyo [Map] Phone：03-6406-6649
Organizer: World Wise Web Initiative
Sponsors: National Graduate Institute for Policy Studies (GRIPS), Fujitsu Research Institute, Ltd. (FRI)
Co-sponsor: TKC Group Limited, Japan Tobacco Inc.,
Fukoku Mutual Life Insurance Company, Kozo Keikaku Engineering Inc.
|Admission||JPY20,000 (tax incl.)|
|Language||Japanese, English (simultaneous interpretation)|
※Subject to change
Prologue & Dialogue session 1
"Challenges of the Global Economy"
Dialogue session 2
"Potential of Wise Capitalism"
Dialogue session 3
"Wise Capitalism through Phronetic Leadership
※Subject to change
Professor, Faculty of Economics, Graduate School of Economics, University of Tokyo
Associate professor, Dept. of Economics, Toyo University
Critic; former professor, Faculty of Arts, University of Tokyo
Professor, Department of Urban Management, Graduate School of Engineering, Kyoto University
Representative director, Sirius Institute
National Institution for Academic Degrees and University Evaluation (NIAD-UE)
Professor, Department of Economics, Fukui University
Professor, McGill University
Professor emeritus, Kobe University
|James K. Galbraith||
Professor, University of Texas at Austin
Professor, Tama Graduate School of Business;
Professor emeritus, Hitotsubashi University;
Topos Conference Committee
FRI Economic Research Center/Practical Knowledge Research Center
Web: Topos Conference inquiry form