In this book the authors take a scientific scalpel to the “money problem” by applying the Accounting System Dynamics (ASD) method they developed and identifies the root cause of the major problems facing our economy. Specifically, the ASD method has made it possible to propose a paradigm shift in economics by challenging the mainstream theories that fail to incorporate endogenous debt money, including standard IS-LM analysis, new Keynesian and neoclassical models, and recent Modern Money Theory (MMT). Building on empirical and theoretical analyses, this book then proposes the issuance of Electronic Public Money (EPM) that will end national debt, banking crisis, built-in inequality and inflation, while protecting privacy and freedom against Central Bank Digital Currency (CBDC) that will bring about a total surveillance and dystopian society. The book also discusses feasibility and desirability of Uniform Tax System that will solve the problem of double taxation and makes tax evasions impractical. Finally, the book offers a new socioeconomic system design of MuRatopia (green village economy) beyond the failures of capitalism, communism and globalism. Comprehensive, critical, yet visionary and cosmopolitan, this book is an essential reading not only for professionals and students of economics, but also for general readers seeking a clear exposition of the systemic failures of the current debt-based economy and a practical solution toward achieving long-term sustainability.
Kaoru Yamaguchi has Ph.D. in Economics, University of California, Berkeley, 1985. He is currently the director at the Japan Futures Research Center and former professor at the Graduate School of Social Sciences University of Ankara, Turkey (2018-2022). He previously held academic posts at California State University, Hayward, University of San Francisco, University of Hawaii, Manoa, then in Japan at Osaka Sangyo University and Doshisha University (Business School) in Kyoto. He was a visiting scholar at Sloan School of Management, MIT (1998, 1999), Hawaii Futures Research Center, University of Hawaii (2001), Haas School of Business, University of California, Berkeley (2003), and Victoria Management School, Victoria University of Wellington, New Zealand (2009). He was invited to present MuRatopia Economy in China (1988), Russia (1998), etc., and to the System Dynamics Macroeconomic Workshop in Ankara (2015), then to join the Turkish TUBITAK project of developing Turkish macroeconomic model (2017-2019).
Yokei Yamaguchi has M.Phil, M.Sci. in Erasmus Mundus Joint Masters in System Dynamics, 2017 (University of Bergen, Norway, University of Palermo, Italy, and Radboud University, the Netherlands). He has previously served as a director of the Institute of Money and Economic Systems at Soramitsu, a fintech company specialized in blockchain-based solutions and decentralized applications. He has also publications in a peer-reviewed journal and academic books. As a researcher at Japan Futures Research Center, he is currently leading the development of Accounting System Dynamics (ASD) macroeconomic models and Electronic Public Money (EPM) system proposed in this book.
