A Historical Perspective and Evaluation of Abenomics☆

Takeshi Nakatani and Taro Abe

A chapter in Return of Marxian Macro-Dynamics in East Asia, 2017, vol. 32, pp 63-79 from Emerald Group Publishing Limited

Abstract: This paper examines policies of Abenomics and explains their ineffectiveness through historical comparisons. In conclusion, Abenomics raises serious concerns about Japanese economy. It offsets the effects of its aggressive monetary expansion by increasing consumption taxes. It has tilted the distribution of income in favor of financial speculation, but the returns have not benefitted the nonfinancial economy. It has enriched investors, corporate profits, and exporters but not Japan’s workers, households, and general economy. It ignores the structural problems. Specifically, its deregulation of labor markets reduced household income by raising the number of nonregular workers. Higher wages in general and providing more workers with stable, well-paid employment are among necessary reforms. It will be difficult to achieve a sustainable economic recovery in Japan without proceeding with these types of policy changes.

Keywords: Abenomics; Japanese economy; neoliberal policies; deregulation of labor markets (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:eme:rpeczz:s0161-723020170000032005

DOI: 10.1108/S0161-723020170000032005

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