Japan's economic reconstruction after total defeat in the Second World War has been an extraordinary phenomenon. Shigeto Tsuru, one of Japan's most eminent economists gives a comprehensive account of the recovery process, and a unique interpretation of the postwar Japanese economy.

In these lectures Shigeto Tsuru reappraises institutionalism as a school of thought and discusses its relevance for the issues that face the economics profession today. He begins with a historical perspective by reconsidering Marx as an "institutionalist," which provides a context for a discussion on Keynes, Schumpeter and Veblen. This is followed by an examination of modern institutionalism through the work of Gunnar Myrdal, J. K. Galbraith and William Kapp. He concludes with an evaluation of the future of the institutionalist approach.

This is a compilation of the proceedings and papers presented at an international conference on the organization of economic institutions in a dynamic society which includes detailed comment and discussion sections following each lecture.