When Professor Morishima's book Why has Japan 'Succeeded'? (1982) was published, Japan was still a country of 'capitalism from above'. For the past ten years the country's economy has faltered and declined. It is turning towards 'capitalism from below' despite Japan's weak democracy. This...

General equilibrium theory clarifies how the social economy works. Given the complexity of the society, each general equilibrium theory model has so far dealt with only a few facets of the society. Moreover, neither trade unionists, federations of business organizations, bureaucracy, etc., nor...