The Specter of Capital

2019/03/13

This book is a complete translation of Joseph Vogl's "Das Gespenst des Kapitals," a professor at Humboldt University of Berlin. Since its publication in 2010, it has already been translated into eight languages and has gained a wide readership.

The theme is to re-examine a world shrouded in instability and uncertainty, using economic and financial theories, ideas, and real-world events as clues. The keyword is "oikodicy." This is a term coined by the author from "theodicy"—the question of why evil exists in a world created by God—and could perhaps be translated as "economic theodicy." When we think of "theodicy," Leibniz comes to mind with his idea that the world moves toward an optimal state, which is two sides of the same coin as Adam Smith's "invisible hand." This worldview, which has a firm grip on Christian Europe, still maintains a robust vitality as "oikodicy" and appears to dominate modern capitalist economies and financial markets. In reality, however, we see repeated economic crises and market crashes that are far from optimal—indeed, "unprecedented" and previously thought impossible. How should we understand this massive contradiction? This is the primary concern of this book.

As the author states, this book is not a "prescription for the reform of the modern economic system." However, this is not because the author is not an expert in economics or finance. Rather, the significance of this book lies in the fundamental questions that emerge when viewing the world of economics and finance from his original fields of thought and media theory—namely, re-examining the "oikodicy" that forms the foundation of that world. It can be described as an extremely stimulating intellectual challenge.

The author is quite popular and extremely busy, serving as a permanent visiting professor at Princeton University, among other roles. Since this is his substantial debut in Japan, I requested a "Preface for the Japanese Edition" based on our nearly 30-year friendship. However, just before printing, he sent a long "Afterword" instead. In terms of content, it could be considered a new chapter. As the translator, I was a bit flustered, but I believe this has made it a special edition for Japan. I am truly grateful! I would be delighted if you would give it a read.

The Specter of Capital

By Joseph Vogl, Translated by Isao Hada

Hosei University Press

320 pages, 3,400 yen (excluding tax)

*Affiliations and titles are as of the time of publication.