Masaru Kaneko - Retiring in AY2017
Participant Profile
Masaru Kaneko
Public Finance, Local Public Finance, Institutional EconomicsBorn in Tokyo in 1952. In 1980, he completed the coursework for the Doctoral Programs at the Graduate School of Economics, the University of Tokyo, and withdrew before completing his dissertation. He served as an assistant at the Institute of Social Science, the University of Tokyo; an associate professor at the Faculty of Humanities, Ibaraki University; and an associate professor and later a professor at the Faculty of Economics, Hosei University, before assuming his current position. His publications include "The Political Economy of Markets and Institutions" (University of Tokyo Press), "Modern Capitalism and the Safety Net" (editor, Hosei University Press), "Anti-Economics" (Shinshokan), "Markets" (Iwanami Shoten), "The Political Economy of the Safety Net," "Long-Term Stagnation," "The Great Economic Transformation," "Stagnant Economy: The Future of Financial Capitalism" (Chikuma Shinsho), and "Reverse Systems Science" (co-author, Iwanami Shinsho), among others.
Masaru Kaneko
Public Finance, Local Public Finance, Institutional EconomicsBorn in Tokyo in 1952. In 1980, he completed the coursework for the Doctoral Programs at the Graduate School of Economics, the University of Tokyo, and withdrew before completing his dissertation. He served as an assistant at the Institute of Social Science, the University of Tokyo; an associate professor at the Faculty of Humanities, Ibaraki University; and an associate professor and later a professor at the Faculty of Economics, Hosei University, before assuming his current position. His publications include "The Political Economy of Markets and Institutions" (University of Tokyo Press), "Modern Capitalism and the Safety Net" (editor, Hosei University Press), "Anti-Economics" (Shinshokan), "Markets" (Iwanami Shoten), "The Political Economy of the Safety Net," "Long-Term Stagnation," "The Great Economic Transformation," "Stagnant Economy: The Future of Financial Capitalism" (Chikuma Shinsho), and "Reverse Systems Science" (co-author, Iwanami Shinsho), among others.
I am deeply grateful for my long tenure at the Faculty of Economics, Keio University. I will be retiring from the Juku at the end of this March.
I originally started my work from the fields of public finance and local public finance, using an institutional approach. In the early days, my work centered on the history of British public finance, but later, various major events began to unfold in Japan.
Since the 1990s, the failure to properly dispose of non-performing loans after the collapse of the bubble economy led to a deepening financial crisis, with Hokkaido Takushoku Bank and Yamaichi Securities failing in November 1997. It was around that time that I was appointed to Keio University. The instability of the social security system worsened due to the declining birthrate and aging population, coupled with widening disparities resulting from deregulation of the labor market. A strange argument about "global standards" was introduced. It was in this context that I began to develop intellectual innovations in the theory of "safety nets" and the argument for "anti-globalism."
Afterward, the Japanese economy fell into a "long-term stagnation," as it came to be called the "Lost 20 Years." As I was investigating its causes, the Iraq War broke out in May 2003, oil prices soared, and on September 15, 2008, the housing bubble burst, triggering the Lehman Shock. Even before it occurred, I tried to sound the alarm about the impending bubble collapse, but unfortunately, the situation did not improve. Then, on March 11, 2011, the Great East Japan Earthquake struck, leading to the Fukushima Daiichi nuclear disaster. However, without a full investigation into the cause or accountability for the accident, moves were made toward restarting nuclear power plants. As technological innovation and the international competitiveness of industries declined, "long-term stagnation" turned into "long-term decline." It was then that I began to further my studies on the energy transition and the transformation of the industrial structure. This is my theory of "post-nuclear power growth."
While my original work on the history of British public finance was neglected, this was because I happened to encounter a turbulent period. However, I believe that being able to tackle the problems facing Japan head-on has broadened the scope of my research.
However, the pace of events was so fast that I often found myself writing essays that were not strictly academic or developing specific policy arguments. Nevertheless, my colleagues turned a blind eye and allowed it. Now, I am simply filled with gratitude for the profound tradition of liberalism at Keio University, which tolerated my willfulness.
Furthermore, over the long years, I have had the pleasure of meeting many outstanding undergraduate and graduate students. I learned a great deal from their lively discussions. For me, this has become an irreplaceable and precious asset in my life. I would like to express my deepest gratitude once again. Thank you very much.