Too Much Stuff - by Kozo Yamamura (Paperback)

About the Book

We now enjoy the highest living standard in history yet spend more of our income on pointless luxury. Instead, we should tax more in order to invest much more in societal needs, which will in turn reinvigorate the economy and reduce economic inequality and environmental degradation.

Book Synopsis

Where has capitalism gone wrong? Why are advanced capitalist economies so sick and why do conventional policy solutions, such as reduced taxes and increased money supply, produce only wider income disparity and inequality? We now live in a new world in which we enjoy the highest living standard in history, acquiring ever more goods and services as necessary luxuries. Yet current policies only serve to expand public debt and exacerbate socio-economic inequality. In Too much stuff, Yamamura upends conventional capitalist wisdom to provide a new approach. He suggests the only way for capitalism and democracy to thrive is to increase investment to meet societal needs such as improving social safety nets, infrastructure, and better education and health care for all, but this means raising taxes. Both solutions-orientated and accessibly written, this book argues that this will help reduce the growing wealth gap which threatens global democracy. With fascinating examples from the US, Japan and Germany, as well as convincing evidence from across the Western world, this bold book challenges the economic orthodoxy and offers practical steps forward that we can all support.

Review Quotes

"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

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

"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 US, Japan, Germany, and elsewhere." Hugh Patrick, Center on Japanese Economy and Business, Columbia Business School

About the Author

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.