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|Title:||Institutions And Development In Japan: Model Of Capitalism, Post-1990 Trajectory, Current Challenges|
|Title Alternative:||Instituições E Desenvolvimento No Japão: Modelo De Capitalismo, Trajetória Pós 1990, Desafios Atuais|
de Oliveira A.M.
|Abstract:||The article is concerned with the change of trajectory of the Japanese economic model. It intends to understand why a model which was very successful in the decades from 1950 to 1980 has faced serious difficulties since the 1990s. The article explores the inter-relations between institutional, economic and political factors, giving special attention to the institutions which were typical of the Japanese model of capitalism, including labor relations, corporate governance, organization of the financial system and the role of the state. It emphasizes the role played by those institutions in the phase of prosperity, but also the pressures which they came to suffer in result of international and domestic transformations. A key aspect is to evaluate the degree in which the Japanese model is still able to preserve the features typical of a "coordinated market capitalism".The article employs a political economy approach centred on historical institutionalism and varieties of capitalism theories. This approach, showing how domestic institutions condition national responses, offers a powerful referential to interpret the changes and increases our understanding about the interactions among institutions, politics and the economy. Besides historical institutionalism, the article employs specific theories to understand the economic crisis and other challenges faced by the Japanese economy. The article finds that Japan has been facing many institutional changes, but has also preserved many features of its traditional model. The result is the emergence of a hybrid model. In addition to the macroeconomic problems, related to insufficiency of effective demand, to the aging population and to the fiscal difficulties, Japan has also faced other political and social challenges. They include a dual labor market and few opportunities to women and young people. In face of all these challenges, the political system has failed to offer a package of reforms. In brief, the effort to explore different dimensions permits a wide comprehension of many challenges faced by Japanese economy and society.|
Comparative Political Economy
Varieties Of Capitalism
|Editor:||Universidade Federal do Parana|
|Appears in Collections:||Unicamp - Artigos e Outros Documentos|
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