The Political Economy of Japanese Globalisation by Harukiyo Hasegawa Glenn D. Hook

Author:Harukiyo Hasegawa, Glenn D. Hook [Harukiyo Hasegawa, Glenn D. Hook]
Language: eng
Format: epub
ISBN: 9781134571024
Barnesnoble:
Publisher: Taylor & Francis
Published: 2004-08-02T00:00:00+00:00

Conclusion

Although these private-sector-led changes have been enabled by bureaucratic shifts and the Big Bang programme, pressures for them have not come from the state but from a combination of international market developments and technologicalchange. They are not dependent for their momentum on the state or, indeed, on the rapid or comprehensive conclusion of the entire Big Bang programme as originally envisaged. A combination of market decompartmentalizationand price competition within the financial services industry, along with rapid technological change and the reorientation of investors’ funds, has already created what this author believes to be unstoppable pressures for convergence and globalization. These changes can only accelerate further as funds shift from traditional uses to new uses, as the restructuring of the banking system itself proceeds and the new megabanks and holding companies (as well as other financialinstitutions) become more market driven and profit oriented, as individual investors pull out of the postal savings system (Nikkei Weekly 20 March 2000), and as the government eventually runs out of funding for further reflationary packages (FT 14 March 2000) after the 2000 elections for what has been called Japan’s ‘junkie economy’ (FT 6 December 1999). Although state actors still retain some choices, they are increasingly limited to the market-oriented parameters of the ‘competition state’ (Cerny 2000a). The old ‘Japanese model’ is dying on its feet and can no longer resist the restructuring imposed on it by the global financial market place.

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