Beyond secular stagnation: A digital and green economy?

D. Hugh Whittaker

Japanese Economy, 2021, vol. 47, issue 4, 365-386

Abstract: This paper looks at ‘Japan’s secular stagnation and beyond’ from the perspective of institutional and ideational change and coherence (or complementarity). The coherence of Japan’s postwar productionist model began to fray in the 1980s, and was lost at both macro and micro levels in the 1990s, contributing to secular stagnation. The paper steers a nuanced path between the view that this stemmed from Japan doggedly maintaining its postwar model, and conversely, from abandoning it. Since the mid 2010s, Japan has embarked on digital and green transformations under the banners of Society 5.0, DX, ESG/SDGs, green growth and sustainable capitalism. These are bringing about institutional and ideational change, but if a new coherence is to be attained, an internal contradiction must be acknowledged and addressed.

Date: 2021
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DOI: 10.1080/2329194X.2021.2012806

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