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In this article in the symposium on Costa Lapavitsas Social Foundation of Money, Market, & Credit, Lapavitsas examines the relations of power & trust, or the interplay of economic & noneconomic relations, in the field of money & finance to argue that class relations of exploitation & oppression lurk beneath the technical facade of contemporary money & finance. An analysis of power & trust in contemporary money & finance addresses issues of growth, central bank independence, & world money as the context for a theoretical analysis, & a critique of Dymskis heterodox approach (this volume). Exploration of the roots of moneys economic & social power, & credit as socialized trust indicate a lack of credibility in Bryan & Raffertys derivative analysis (this volume) to conclude that the customs, institutions, & mechanisms of domestic money & credit have limited effectiveness in the world market. References.

This paper provides an overall view of the recent development of the Japanese financial system. The profound crisis of the 1990s indicates that financial deregulation has met obstacles created by the fundamental underlying structure of Japanese industrial capitalism. The movement toward a market-based Anglo-Saxon financial system, at arms-length from industry and the state, has lost its momentum. Crisis-resolution in the 1990s has revealed the residual power of the state over the financial system and the continuing significance of the 'main bank' relationship between banks and industry in Japan. The Japanese financial system will probably remain bank-based, state-controlled, and connected with industry through a dense web of non-market relations.