Japanese capitalism in multiple crises

Makoto Itoh

Japanese Economy, 2021, vol. 47, issue 4, 303-324

Abstract: Japanese capitalism represents a typical case of a decay in advanced countries under neoliberalism. It has formed a vicious circle among multiple socio-economic crises. Japan’s secular stagnation is composed from such complex crises in a viscious circle. I have concerned its historical significance as an important aspect of the third world great depression after the first great depression in 1873–1896, and the second one in the 1930s, since my analysis in The World Economic Crisis and Japanese Capitlism (1990). Let us examine the historical origin of these crises, their structural relations, and identify their core, fundamental issues. It will be also shown how three different types of natural disasters including the recent pandemic additionally deepen socio-economic crises, thereby endangering the metabolic reproduction of human lives and nature. How can we overcome such an age of deep crises? More than ever, it is indispensable to reconsider the historical significance and task of transforming neoliberal capitalism in the world and in Japan.

Date: 2021
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DOI: 10.1080/2329194X.2021.2012700

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