As the global Great Recession continues, policymakers, economists, and the public are turning to Japenses economic revitalization for answers. Paul Krugman, Nobel laureate in Economics, once said that Japan was a "full-dress rehearsal for the current crisis." Japan has experienced and valiantly overcome the burst of their Bubble economy, financial crisis, lukewarm recovery, and more than a decade-long deflation and stagnation to become one of the most stable economies today. Japan's Great Stagnation and Abenomics reveals the striking similarities of economic events and policies between the Great Stagnation and the current Great Recession. It also suggests possible dangers ahead and way-outs in the future. This exciting new volume is based on Wakatabe's expertise in economic history and the history of economic ideas and argues that any policy decision is related to cultural ideology. An investigation into the relationship between cultural ideology and policy helps us better understand the policy-making process.

This book examines the struggles of the Japanese economy over the last 30 years, analyzing in detail the formation of the huge economic bubble in the 1980s, its collapse at the beginning of the 1990s, and subsequent two decade long economic stagnation and chronic deflation, with the aim of identifying the mechanism of such processes and drawing lessons for future economic policy management. The book also assesses the comprehensive policy efforts called “Abenomics” under the current Abe administration. As Abe continues into a new term, this book will be of interest to Japan scholars, economists, and policymakers around the world, particularly in Asia.

Explores the politics and economics of the Abe government and evaluates major policies, such as Abenomics policy reforms.

In The Making of Modern Japan, Myles Carroll offers a sweeping account of post-war Japanese political economy, exploring the transition from the post-war boom to the crisis of today and the connections between these seemingly discrete periods. Carroll explores the multifarious international and domestic political, economic, social and cultural conditions that fortified Japan’s post-war hegemonic order and enabled decades of prosperity and stability. Yet since the 1990s, a host of political, economic, social and cultural changes has left this same hegemonic order out of step with the realities of the contemporary world, a contradiction that has led to three decades of crisis in Japanese society. Can Japan make the bold changes required to reverse its decline?

Japan is a mix of the old and the new, traditional and modern, and old fashion and innovative. It has traveled the road to a modern destination without totally losing sight of its traditions and values. Although some in Japan lament the passing of old ways, Japan has held on to a reasonable amount of its traditions and values. This is easier to find in its arts and crafts and its literature and films as well as in its social habits. This book will introduce the broad sweep of people, events, and trends, including the successes and failures, of postwar Japan. This second edition of Historical Dictionary of Postwar Japan contains a chronology, an introduction, appendixes, and an extensive bibliography. The dictionary section has over 500 cross-referenced entries on important personalities, politics, economy, foreign relations, religion, and culture. This book is an excellent resource for students, researchers, and anyone wanting to know more about Japan.

This book examines the economic and political rise of China from the perspective of Japan’s economic development. Beginning with Japan’s rise to statehood in the Kamakura Period (1185 to 1333) and detailing the evolution of its economy through to 2018, parallels are drawn with the economic development of China. Many of the challenges Japan faced in the first decades of the 20th century, including nationalism, militarism, income disparities, social deprivation, and economic crisis are applicable to modern day China. China’s Economic Rise: Lessons from Japan’s Political Economy aims to detail the possible economic and political upheavals that could accompany the slowing of the Chinese economy from the experience of Japan. The book will be of interest to researchers and students in Political Economy, Economic History, Economic Transition, and Development Economics. The book supplements the other publications of the author: China’s Lessons for India: Volume 1 – The Political Economy of Development, China’s Lessons for India: Volume 2 – The Political Economy of Change and The Rise of Empires: The Political Economy of Innovation.

This book re-visits the phenomenon of Japanese secular stagnation in light of the fate of the North Atlantic and developing economies and places it in a longer historical political and geopolitical economy of capitalism from a variety of political and disciplinary perspectives. Japanese capitalism, which was once an admired model of miraculous growth with a relatively egalitarian distribution of income, fell into secular stagnation in the early 1990s. The phenomenon has since fascinated observers, provoked debates, provided policy advocates with grist for the mills of a range of policy proposals, some of them mutually contradictory, and, most importantly, burdened an entire population, and particularly its young. Japan’s secular stagnation has raised new questions about policy difficulties on a range of fronts – dramatically lowered growth rate despite comparatively high investment, deteriorating labor conditions, rising class and gender inequality, a profound and many-faceted crisis of social reproduction and a deepening fiscal crisis of the state – all of which have important international ramifications. Moreover, interest in and the importance of Japan’s secular stagnation grew rapidly after 2008 as many have sought to understand the economic malaise of the North Atlantic by analogy and comparison with all or parts of the Japanese condition. The introduction and chapters in this book attempt to understand the causes, character and consequence of that original affliction. They also reflect on the meaning of Japan’s secular stagnation at this stage of development capitalism. The result contains the key to understanding the more widespread economic malaise of our time. This book will be a beneficial read for researchers and scholars of Economics and Politics interested in Japanese Studies as well as the Japanese political economy. Most of the chapters in this book were originally published as a special issue of The Japanese Political Economy. The last chapter was originally published in the Journal of Contemporary Asia.

Since the financial crisis of 2008-09, central bankers around the world have been forced to abandon conventional monetary policy tools in favour of unconventional policies such as quantitative easing, forward guidance, lowering the interest rate paid on bank reserves into negative territory, and pushing up prices of government bonds. Having faced a crisis in its banking sector nearly a decade earlier, Japan was a pioneer in the use of many of these tools. Unconventional Monetary Policy and Financial Stability critically assesses the measures used by Japan and examines what they have meant for the theory and practice of economic policy. The book shows how in practice unconventional monetary policy has worked through its impact on the financial markets. The text aims to generate an understanding of why such measures were introduced and how the Japanese system has subsequently changed regarding aspects such as governance and corporate balance sheets. It provides a comprehensive study of developments in Japanese money markets with the intent to understand the impact of policy on the debt structures that appear to have caused Japan’s deflation. The topics covered range from central bank communication and policymaking to international financial markets and bank balance sheets. This text is of great interest to students and scholars of banking, international finance, financial markets, political economy, and the Japanese economy.

This book focuses on Prime Minister Abe’s policy toward international peace and security proposed in 2013 under the basic principle of ‘proactive contribution to peace’. To this end, this book investigates Prime Minister Abe’s policy-making process of the Peace and Security Legislation, which transformed Japan’s security policy and enabled Japan to exercise the right of ‘collective self-defense’, which used to be ‘unconstitutional’. This book evaluates the implications of the Peace and Security Legislation on three fronts, domestic, bilateral, and international, by analyzing Japan’s Ballistic Missile Defense (BMD) program, the Japan-US alliance system, and Japan’s policy on international peacekeeping operations in South Sudan. This book is one of the first contributions to the research on Japan’s foreign and security policy under the Shinzo Abe administration and will be of interest to scholars, policymakers, and students of Japan, Japanese politics and international relations of the Asia-Pacific region.

Assesses central bank policies towards capitalist money creation and war finance against inflationary and deflationary class strengths in specific democracies.