Jump to ContentJump to Main Navigation
Arbitraging JapanDreams of Capitalism at the End of Finance$
Users without a subscription are not able to see the full content.

Hirokazu Miyazaki

Print publication date: 2013

Print ISBN-13: 9780520273474

Published to California Scholarship Online: September 2016

DOI: 10.1525/california/9780520273474.001.0001

Show Summary Details
Page of

PRINTED FROM CALIFORNIA SCHOLARSHIP ONLINE (www.california.universitypressscholarship.com). (c) Copyright University of California Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CALSO for personal use.date: 19 May 2022

From Arbitrage to the Gift

From Arbitrage to the Gift

(p.133) Chapter 6 From Arbitrage to the Gift
Arbitraging Japan

Hirokazu Miyazaki

University of California Press

This chapter juxtaposes arbitrageurs' engagements with capitalism with recent Japanese academic critiques of global capitalism and identifies the differences between them. It focuses on the economist Katsuhito Iwai's 2000 essay, written in response to the Asian currency crisis and the failure of the hedge fund Long-Term Capital Management; and on the Marxist literary critic and philosopher Kojin Karatani's 2003 book, Transcritique on Kant and Marx, originally written in Japanese between 1998 and 2000, and their respective commentaries on the global financial crisis of 2007 to 2008. The chapter shows that these critics of capitalism have extended speculation and its accompanied leap of faith as their method and the object of their critique. In contrast, it considers what a theory of capitalism would look like if it were built not on speculation, but on arbitrage. The book concludes with reflections on the relationship between anthropology and finance and its potentially arbitrageable quality.

Keywords:   Japanese arbitrageurs, global capitalism, Katsuhito Iwai, Kojin Karatani, 2007 financial crisis

California Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.