Corporate governance and law reform in Japan: From the lost decade to the end of history?

Japan is in the midst of massive law reform. Mired in ongoing recession since the early 1990s, Japan has been implementing a new regulatory blueprint to kickstart a sluggish economy through structural change. A key element to this reform process is a rethink of corporate governance and its stakeholder relations. With a patchwork of legislative initiatives in areas as diverse as corporate law, finance, labour relations, consumer protection, public administration and civil justice, this new model is beginning to take shape. But to what extent does this model represent a break from the past? Some commentators are breathlessly predicting the "Americanisation" of Japanese law. They see the triumph of Western-style capitalism - the "End of History", to borrow the words of Francis Fukuyama - with its emphasis on market-based, arms-length transactions. Others are more cautious, advancing the view that there new reforms are merely "creative twists" on what is a uniquely (although slowly evolving) strand of Japanese capitalism. This paper takes issue with both interpretations. It argues that the new reforms merely follow Japan's long tradition of 'adopting and adapting' foreign models to suit domestic purposes. They are neither the wholesale importation of "Anglo-Saxon" regulatory principles nor a thin veneer over a 'uniquely unique' form of Confucian cultural capitalism. Rather, they represent a specific and largely political solution (conservative reformism) to a current economic problem (recession). The larger themes of this paper are 'change' and 'continuity'. 'Change' suggests evolution to something identifiable; 'continuity' suggests adhering to an existing state of affairs. Although notionally opposites, 'change' and 'continuity' have something in common - they both suggest some form of predictability and coherence in regulatory reform. Our paper, by contrast, submits that Japanese corporate governance reform or, indeed, law reform more generally in Japan, is context-specific, multi-layered (with different dimensions not necessarily pulling all in the same direction for example, in relations with key outside suppliers), and therefore more random or 'chaotic'.

Utopia and its Discontents: Dreams of Catastrophe and the End of 'the End of History'

The institutionalization of Utopia Studies in the last decade is premised upon a specifically aesthetic reception of Ernst Bloch’s theory of the “utopian impulse” during the 1980s and 1990s. A postmodern uneasiness to both left and right formulations of the "End of History" during this period imposes a resistance to concepts of historical and political closure or totality, resulting in a "Utopianism without Utopia". For all the attractiveness of this pan-utopianism, its failure to consider the relation between historical representation and fulfillment renders it consummate with liberalism as a merely inverted conservatism. In contrast to this specific recuperation of a Bloch, the continuing importance of Walter Benjamin’s theory of the dialectical image and the speculative concept of historical experience which underlies it becomes apparent. The intrusion of the historical Absolute is coded throughout Benjamin’s thought as the eruptive and mortuary figure of catastrophe, which stands as the dialectical counterpart to the utopian wish images of the collective dream. Indeed, the motto under which the Arcades Project was to be constructed derives from Adorno: “Each epoch dreams of itself as annihilated by catastrophe”.

The revenge of the market on the rentiers why neo-liberal reports of the end of history turned out to be premature

Starting from the perspective of heterodox Keynesian-Minskyian-Kindlebergian financial economics, this paper begins by highlighting a number of mechanisms that contributed to the current financial crisis. These include excess liquidity, income polarisation, conflicts between financial and productive capital, lack of intelligent regulation, asymmetric information, principal-agent dilemmas and bounded rationalities. However, the paper then proceeds to argue that perhaps more than ever the ‘macroeconomics’ that led to this crisis only makes analytical sense if examined within the framework of the political settlements and distributional outcomes in which it had operated. Taking the perspective of critical social theories the paper concludes that, ultimately, the current financial crisis is the outcome of something much more systemic, namely an attempt to use neo-liberalism (or, in US terms, neo-conservatism) as a new technology of power to help transform capitalism into a rentiers’ delight. And in particular, into a system without much ‘compulsion’ on big business; i.e., one that imposes only minimal pressures on big agents to engage in competitive struggles in the real economy (while inflicting exactly the opposite fate on workers and small firms). A key component in the effectiveness of this new technology of power was its ability to transform the state into a major facilitator of the ever-increasing rent-seeking practices of oligopolistic capital. The architects of this experiment include some capitalist groups (in particular rentiers from the financial sector as well as capitalists from the ‘mature’ and most polluting industries of the preceding techno-economic paradigm), some political groups, as well as intellectual networks with their allies – including most economists and the ‘new’ left. Although rentiers did succeed in their attempt to get rid of practically all fetters on their greed, in the end the crisis materialised when ‘markets’ took their inevitable revenge on the rentiers by calling their (blatant) bluff.

A call to arms at the end of history: a discourse-historical analysis of George W. Bush's declaration of war on terror

In this article we take a discourse-historical approach to illustrate the significance of George W Bush's (2001) declaration of a 'war on terror'. We present four exemplary 'call to arms' speeches by Pope Urban 11 (1095), Queen Elizabeth I (1588), Adolf Hitler (1938) and George W Bush (2001) to exemplify the structure, function, and historical significance of such texts in western societies over the last millennium. We identify four generic features that have endured in such texts throughout this period: (i) an appeal to a legitimate power source that is external to the orator, and which is presented as inherently good; (ii) an appeal to the historical importance of the culture in which the discourse is situated; (iii) the construction of a thoroughly evil Other; and (iv) an appeal for unification behind the legitimating external power source. We argue further that such texts typically appear in historical contexts characterized by deep crises in political legitimacy.

The ancient history of China to the end of the Chóu dynasty,

Mode of access: Internet.

The history of England, from the earliest times to the end of the reign of George II.

Mode of access: Internet.

A popular history of the United States, from the first discovery of the western hemisphere by the Northmen, to the end of the first century of the union of the states. Preceded by a sketch of the prehistoric period and the age of the mound builders,

First published 1876-81.

History of Greece, from the earliest times to the end of the Persian war,

Translation of the last 3 v. of the 5th ed. of "Geschichte des alterthums," which appeared also under title "Die geschichte der Griechen." cf. Pref.; Brit. mus. Catalogue.

Sheng jiao shi ji. History of the Christian church from its foundation to the end of the VIth century.

Mode of access: Internet.

History of the later Roman commonwealth, from the end of the second Punic war to the death of Julius Caesar; and of the reign of Augustus; with a life of Trajan.

M. Ulpius Trajanus Crinitus from A.D. 98 to 117: vol. II, p. [409]-476.

History of the later Roman commonwealth : from the end of the second Punic war to the death of Julius Cæsar; and of the reign of Augustus: with a life of Trajan /

Republished from the "Encyclopædia Metropolitana."

Napoleon : a history of the art of war, from the beginning of the peninsular war to the end of the Russian campaign, with a detailed account of the Napoleonic Wars /

Mode of access: Internet.