Too Much Stuff: Capitalism in Crisis - Hardcover

Kozo Yamamura (1934-2017) was the Job and Gertrud Tamaki Professor of Japanese Studies and professor of economics at the University of Washington. He also worked at universities in the United States, Japan, Germany, and France. He is the author or editor of twenty-five books, many focused on the Japanese economy and economic history, as well as several on comparative economic institutions and policy.

“Wandering through six shiny floors of Berlin’s KaDeWe in 1999, Yamamura wondered whether slowed growth and rising spending on 'necessary luxuries' could be connected. Here, he surveys the designer apocalypse: 'ultra-easy monetary policy' and negative interest rates; rising inequality and Thomas Piketty’s rentier theory; US stagnation and legislative gridlock; Japan’s 'lost years' and Abenomics; and unified Germany’s divided nation. But there’s still time (if only just) for a 'third systemic change': increased tax revenues and reform of economic institutions, and a growth policy focused on qualitative change. A post-Brexit/Trump afterword adds bleakly that it is 'surreal that . . . we are still debating pro-investment fiscal and monetary policies in the developed economies.'” (Karen Shook Times Higher Education)

"An accessible and clearly written book for anyone with an interest in economics who is wondering 'where next' for government economic policy." (Nat O’Connor, Ulster University Goodreads.com)

“In our world of ‘necessary luxuries,’ incorrect investment incentives, disparate and worsening income distribution, this cogent, important, skeptical, provocative analysis proposes what must change in the United States, Japan, Germany, and elsewhere.” (Hugh Patrick, Center on Japanese Economy and Business, Columbia Business School)

“A bold and heterodox diagnosis of capitalism’s illness and a bracing prescription: It’s time for government to invest in basic needs, rather than encouraging us to make and buy growing mounds of junk. We will be talking about this book for years.” (Walter Hatch, Oak Institute for Human Rights, Colby College)

“A timely and urgent read given that western economies are at a political and environmental tipping point.” (Ann Pettifor, Policy Research in Macroeconomics (PRIME))

“A compelling argument for a fairer, smarter form of capitalism which prioritizes spending on public goods like health, infrastructure, education, and the environment. At a time of sharpening political and economic divides, this book is a must read.” (Miranda Schreurs, Bavarian School of Public Policy, Technical University of Munich)

“This book is right on time: the leading post-WWII economies are losing economic momentum and facing threats to their democratic institutions. Yamamura demands a prompt systemic change of the capitalist system in order to revitalize growth and secure democracy.” (Guenter Heiduk, World Economy Research Institute, Warsaw School of Economics)