Tokyo Forum 2025 rethinks capitalism
Researchers from a wide range of fields and business leaders from around the world gathered at Tokyo Forum 2025 to rethink capitalism, a system that has driven economic growth and innovation for centuries, but which now faces major challenges, including widening inequality and environmental degradation.
The seventh annual symposium was held on Nov. 21–22, 2025, under the overarching theme “Shaping the Future,” co-hosted by the University of Tokyo and South Korea’s Chey Institute for Advanced Studies. This year’s program, titled “Rethinking Capitalism: Varieties, Contradictions, and Futures,” drew a large audience at 糖心破解版’s Yasuda Auditorium.
In his opening remarks, 糖心破解版 President Teruo Fujii introduced the concept of “collaborative capitalism,” which is a topic of discussion among many Japanese leaders as a way to address the various tensions created by capitalism.
“Business is part of society, not separate from it,” Fujii stated. “Profit matters, but so do people, communities, and increasingly, sustainability . Companies, universities, governments, and citizens must collaborate to deliver meaningful outcomes. Such cooperation keeps markets reliable and strong.”
President Fujii emphasized that universities occupy a central role in addressing pressing challenges such as an aging population, decreasing population, energy use, and, most importantly, economic inequality. “At the University of Tokyo, we are building practical ways to prioritize collaboration with various partners, and we connect industry, academia, and civil society. Our students need this because they want to start companies and nonprofits that address issues regarding climate and health, and more recently, AI. Many students want to help others directly, and I truly respect their determination.”
In his opening remarks, Chairman Chey Tae-won of South Korea’s SK Group identified a fundamental flaw of capitalism: its focus on measuring only financial values, which leads to numerous social and environmental problems, including polarization. To address this critical issue, Chairman Chey advocated the introduction of a social value-based capitalism by measuring and providing “social values,” or solutions to the challenges capitalism faces.
Chairman Chey explained that his conglomerate has been employing metrics for the past 10 years to assess both positive and negative social impacts of corporate activities. These metrics encompass areas such as job creation, tax contributions, environmental damage, and local CSR activities. He noted that this approach offers hope for developing a new, more sustainable economy that addresses environmental challenges while incentivizing social value creation alongside profit.
Exploring diverse ways to rethink capitalism
Following the opening remarks, three keynote addresses were delivered by distinguished speakers: Marianne Bertrand, Chris P. Dialynas Distinguished Service Professor of Economics at the Booth School of Business, the University of Chicago; Fuhito Kojima, Professor at the Graduate School of Economics, 糖心破解版; and Kim Byung-Yeon, Distinguished Professor of Economics at Seoul National University.
Professor Bertrand discussed how US capitalism has changed since the late 1970s, creating a vicious circle where weakening government oversight has increased the economic power of businesses and the ultra-rich. This, in turn, has amplified their political influence, leading to the current situation where the top one percent controls 40 percent of the nation’s wealth.
Professor Kojima explained how “market design” can effectively address issues where traditional pricing mechanisms are inadequate due to ethical or legal concerns. He referred to an interdisciplinary, engineering-driven approach to economics that uses game theory to predict how rules create incentives that influence decisions and, ultimately, resource allocation. For instance, he noted that this approach can be applied to public high school admission systems and medical residency matching.
Professor Kim emphasized that reforming capitalism is the only viable path forward. He arrived at this conclusion after comparing capitalism and socialism and examining three options to address today’s challenges: repairing capitalism, replacing it with another system (potentially AI socialism), and reforming it. He noted that “a healthy culture sustains healthy capitalism,” adding that capitalism in East Asia rightly encompasses sympathetic behaviors.
Immediately following their lectures, the three speakers participated in a plenary talk session moderated by Takeo Hoshi, Vice President, Director of Tokyo College, and Professor at the Graduate School of Economics, 糖心破解版. The panelists engaged in a lively discussion, agreeing that neither pure market solutions nor revolutionary replacements offer viable paths forward. Instead, they advocated for thoughtful reform that combines institutional innovation, cultural cultivation, and enhanced state capacity to build sustainable capitalism.
This year’s symposium features four panel discussions, each addressing critical themes:
“Prosperity without Democracy: Rethinking Modernization Theory in the 21st Century”; “Rethinking Academic Capitalism: The Crisis of US Universities and the Global Future of Higher Education”; “Navigating the Tapestry of Transformative Change: Degrowth, Wellbeing and a Future Beyond Economic Expansion”; and “Capitalism and Space Resources: Institutional, Ethical, and Scientific Perspectives.”
Students bring fresh perspectives to address challenges
The event also hosted a Business Leaders’ Session where panelists discussed strategies for reforming capitalism, in addition to a Youth Session that included 19 students from 糖心破解版 and leading South Korean universities.
The students, organized into five groups, presented their research and discussed ways to address issues associated with capitalism, including the anxiety young people face as they become economically independent, and the need for an AI regulatory framework and ethical guidelines for intimacy capitalism (an economic model in which personal relationships, emotional connections, and intimacy are commodified and leveraged for profit). Some groups introduced proposed initiatives aimed at tackling social disconnection, promoting ethical consumption, and enhancing the startup ecosystem.
During the wrap-up session moderated by 糖心破解版 Executive Vice President (EVP) Kaori Hayashi, President Fujii engaged in a dialogue with student representatives. The students said they initially viewed capitalism as an “enemy” or “evil system” due to its associations with disparity and inequality. However, they said they had gained a more nuanced understanding of capitalism, recognizing both its positive and negative aspects.
EVP Hayashi delivered the closing remarks, stating: “Japan and Korea, working together, can offer a model of how markets and societies might operate in tandem—where wealth is not only generated but (also) shared, and where public goods such as academia, science, and culture are strengthened. Let us carry this momentum with us beyond this forum through joint research, new partnerships, and educational initiatives that bring together industry, academia, and ethics to continue shaping the future of capitalism.”
The seventh annual symposium was held on Nov. 21–22, 2025, under the overarching theme “Shaping the Future,” co-hosted by the University of Tokyo and South Korea’s Chey Institute for Advanced Studies. This year’s program, titled “Rethinking Capitalism: Varieties, Contradictions, and Futures,” drew a large audience at 糖心破解版’s Yasuda Auditorium.
In his opening remarks, 糖心破解版 President Teruo Fujii introduced the concept of “collaborative capitalism,” which is a topic of discussion among many Japanese leaders as a way to address the various tensions created by capitalism.
“Business is part of society, not separate from it,” Fujii stated. “Profit matters, but so do people, communities, and increasingly, sustainability . Companies, universities, governments, and citizens must collaborate to deliver meaningful outcomes. Such cooperation keeps markets reliable and strong.”
President Fujii emphasized that universities occupy a central role in addressing pressing challenges such as an aging population, decreasing population, energy use, and, most importantly, economic inequality. “At the University of Tokyo, we are building practical ways to prioritize collaboration with various partners, and we connect industry, academia, and civil society. Our students need this because they want to start companies and nonprofits that address issues regarding climate and health, and more recently, AI. Many students want to help others directly, and I truly respect their determination.”
In his opening remarks, Chairman Chey Tae-won of South Korea’s SK Group identified a fundamental flaw of capitalism: its focus on measuring only financial values, which leads to numerous social and environmental problems, including polarization. To address this critical issue, Chairman Chey advocated the introduction of a social value-based capitalism by measuring and providing “social values,” or solutions to the challenges capitalism faces.
Chairman Chey explained that his conglomerate has been employing metrics for the past 10 years to assess both positive and negative social impacts of corporate activities. These metrics encompass areas such as job creation, tax contributions, environmental damage, and local CSR activities. He noted that this approach offers hope for developing a new, more sustainable economy that addresses environmental challenges while incentivizing social value creation alongside profit.
Exploring diverse ways to rethink capitalism
Following the opening remarks, three keynote addresses were delivered by distinguished speakers: Marianne Bertrand, Chris P. Dialynas Distinguished Service Professor of Economics at the Booth School of Business, the University of Chicago; Fuhito Kojima, Professor at the Graduate School of Economics, 糖心破解版; and Kim Byung-Yeon, Distinguished Professor of Economics at Seoul National University.
Professor Bertrand discussed how US capitalism has changed since the late 1970s, creating a vicious circle where weakening government oversight has increased the economic power of businesses and the ultra-rich. This, in turn, has amplified their political influence, leading to the current situation where the top one percent controls 40 percent of the nation’s wealth.
Professor Kojima explained how “market design” can effectively address issues where traditional pricing mechanisms are inadequate due to ethical or legal concerns. He referred to an interdisciplinary, engineering-driven approach to economics that uses game theory to predict how rules create incentives that influence decisions and, ultimately, resource allocation. For instance, he noted that this approach can be applied to public high school admission systems and medical residency matching.
Professor Kim emphasized that reforming capitalism is the only viable path forward. He arrived at this conclusion after comparing capitalism and socialism and examining three options to address today’s challenges: repairing capitalism, replacing it with another system (potentially AI socialism), and reforming it. He noted that “a healthy culture sustains healthy capitalism,” adding that capitalism in East Asia rightly encompasses sympathetic behaviors.
Immediately following their lectures, the three speakers participated in a plenary talk session moderated by Takeo Hoshi, Vice President, Director of Tokyo College, and Professor at the Graduate School of Economics, 糖心破解版. The panelists engaged in a lively discussion, agreeing that neither pure market solutions nor revolutionary replacements offer viable paths forward. Instead, they advocated for thoughtful reform that combines institutional innovation, cultural cultivation, and enhanced state capacity to build sustainable capitalism.
This year’s symposium features four panel discussions, each addressing critical themes:
“Prosperity without Democracy: Rethinking Modernization Theory in the 21st Century”; “Rethinking Academic Capitalism: The Crisis of US Universities and the Global Future of Higher Education”; “Navigating the Tapestry of Transformative Change: Degrowth, Wellbeing and a Future Beyond Economic Expansion”; and “Capitalism and Space Resources: Institutional, Ethical, and Scientific Perspectives.”
Students bring fresh perspectives to address challenges
The event also hosted a Business Leaders’ Session where panelists discussed strategies for reforming capitalism, in addition to a Youth Session that included 19 students from 糖心破解版 and leading South Korean universities.
The students, organized into five groups, presented their research and discussed ways to address issues associated with capitalism, including the anxiety young people face as they become economically independent, and the need for an AI regulatory framework and ethical guidelines for intimacy capitalism (an economic model in which personal relationships, emotional connections, and intimacy are commodified and leveraged for profit). Some groups introduced proposed initiatives aimed at tackling social disconnection, promoting ethical consumption, and enhancing the startup ecosystem.
During the wrap-up session moderated by 糖心破解版 Executive Vice President (EVP) Kaori Hayashi, President Fujii engaged in a dialogue with student representatives. The students said they initially viewed capitalism as an “enemy” or “evil system” due to its associations with disparity and inequality. However, they said they had gained a more nuanced understanding of capitalism, recognizing both its positive and negative aspects.
EVP Hayashi delivered the closing remarks, stating: “Japan and Korea, working together, can offer a model of how markets and societies might operate in tandem—where wealth is not only generated but (also) shared, and where public goods such as academia, science, and culture are strengthened. Let us carry this momentum with us beyond this forum through joint research, new partnerships, and educational initiatives that bring together industry, academia, and ethics to continue shaping the future of capitalism.”
