The Japan Society of Political Economy celebrated its 60th anniversary three years ago. Over its six decades of existence, the JSPE has endeavored to expand the scope of its explorations, from the study of the basic theory of capitalism to the analysis of contemporary capitalism. The JSPE has deeply imbibed a critical spirit with regard to capitalism and mainstream economic theories and directs its theoretical investigations toward elucidating various problems of capitalism. Today, Marxian economics and other schools of critical political economy are exerting ever more influence in building analytical frameworks to address real-world issues of contemporary capitalism, such as financial crisis, globalization, and the analysis of class and inequality.

Over recent years, the JSPE Annual Conference has aimed to foster an understanding of various economic problems that reveal how economic deadlocks signal the limits of capitalism. Indeed, the limits of capitalism and potential alternatives to it have been fundamental conference themes. The achievements of JSPE members over the past 60 years provide a solid foundation for the development of discussions on such themes.

For this year’s 70th Annual Conference, the JSPE Board of Directors decided the general theme of “SDGs and Modern Capitalism: A Political Economic Approach.” The Sustainable Development Goals (SDGs), adopted at the UN Summit in 2015, constitute a ubiquitous national and international target that is to be achieved by 2030, including 17 broad goals* and 169 specific targets

1. No poverty, 2. Zero hunger; 3. Good health and well-being; 4. Quality education; 5. Gender equality; 6. Clean water and sanitation; 7. Affordable and clean energy; 8. Decent work and economic growth; 9. Industry, innovation and infrastructure; 10. Reduced inequality; 11. Sustainable cities and communities; 12. Responsible consumption and production; 13. Climate action; 14. Life below water; 15. Life on land; 16. Peace, justice and strong institutions; 17. Partnerships for the goals.

The predecessor of the SDGs, the Millennium Development Goals (MDGs) adopted in 2000, were mainly aimed at developing countries, with a focus on poverty. In contrast, the SDGs include comprehensive goals for both developed countries and developing countries. They cover not only North-South problems but also worldwide social issues such as global warming and the refugee problem. Human rights issues such as gender inequality exist in developing countries and developed countries as well. While the various social issues referred to in the SDGs are perceived as jeopardizing the sustainability of society, global environmental problems, including global warming and climate change, have attracted particular attention. Awareness of these problems can be traced back to the Club of Rome’s first report on “The Limits to Growth” published in 1972. Today, the compatibility between the capitalist economy and the sustainability of human society has been called into question generally. The features listed in the SDGs not only incorporate regulations and interventions carried out by government and companies, but also include issues to improve the image of capitalist companies such as CSR, ESG investment, and purpose statements. Initiatives for decarbonization (renewable energy) have created new business opportunities and sparked increasing corporate activities. Some have called for a “green recovery” to bounce back economically from the negative impact of the COVID-19 pandemic. Developed countries are rushing to formulate policies to achieve carbon neutrality by 2050. As a result, companies are also promoting environmental investment, and a major industrial transformation is already underway.

However, there is no guarantee that the modern capitalist system can achieve a fair distribution of the benefits to be gained by achieving the SDGs. The rapid decline in reliance on fossil fuels has brought rising resource prices and a destabilization in international trade and the international monetary system. Such major changes are quite unevenly affecting international economies, with some regions coming under pressures due to increasing poverty and hunger.

Political economy has been pursuing new visions of alternative societies to replace capitalist ones, and has elucidated the modern capitalist system as the major cause of the North-South divide and environmental problems. In this regard, the major challenge facing political economy is to elucidate the issues that the SDGs seek to address comprehensively or separately. In particular, the following fundamental question is the focus of attention: Will addressing the SDGs change the character of contemporary capitalist system or is this merely a supplement to the capitalist mode of production limited to new elements within its superstructure. It is necessary to reexamine whether the SDGs are mere initiatives to extend the lifespan of the capitalist system or instead provide opportunities to overcome poverty and solve environmental and other global problems by moving beyond capitalism. The 70th Annual Conference of the JSPE aims to deepen the discussion of these issues from perspective of political economy, in addition to addressing issues related to political economy in general.