This book is the first to clarify the essential meaning and serious impact of globalization at
the most abstract level from the point of view of Polanyi's three socioeconomic principles of
exchange reciprocity and redistribution. It also provides a theoretically coherent explanation
of the evolution of the market and capitalist economies with respect to the advancement of
commodification through Marx's internalization of the market into the community and
state.Globalization is the long-term tendency of the market to extensively expand and deepen
and of the community and state to contract and become shallower. The ultimate goal of
globalization is free investment capitalism for all people - not only capitalists and
speculators but workers students and housewives as well.The book also examines Hayek's
criticism of a centrally planned economy and Lange's proposal of market socialism in the
Socialist Calculation debate which has been ongoing since the 1920s and acknowledges Hayek's
vision of a distributed market with local and tacit knowledge to explain why socialism is
infeasible and capitalism is robust.The outcomes of globalization are disastrous in
socioeconomic cultural and ecological realms. As such it argues that in the twenty-first
century a post-capitalist cooperative market economy mediated by new forms of money as
communication media must be achieved. These new media will include community currencies and
local exchange trading systems (LETS) that can maintain the merits of money and the market and
can overcome the defects of free investment capitalism.Lastly this English version of the book
includes a postscript explaining the significance and prospects of the socioeconomic changes
around the globe since the publication of Japanese version in 2011.
