Crisis Narratives, Institutional Change, and the Transformation of the Japanese State by Sebastian Maslow & Christian Wirth

Author:Sebastian Maslow & Christian Wirth [Maslow, Sebastian & Wirth, Christian]
Language: eng
Format: epub
Tags: History, Asia, Japan, Political Science, Political Process, General, Public Policy
ISBN: 9781438486093
Google: OjQ1zgEACAAJ
Goodreads: 57285211
Publisher: State University of New York Press
Published: 2021-01-15T07:55:59+00:00

Unpacking Abenomics

Already before Abe’s return to the prime minister’s office in late 2012, various issues had been destabilizing the Japanese economy. The problem of non-performing loans, exposed after the bursting of the 1980s bubble economy, had not been adequately addressed, and it worsened in the course of the economic stagnation of the “lost decades.” Furthermore, insufficient reforms of corporate governance structures heightened concerns over Japanese firms’ overdependency on the government.9 Observers widely agreed that the Japanese government, failing to recognize the seriousness of the country’s economic problems, had mismanaged the post-crises market. For instance, Kenneth Kuttner et al. find that authorities tasked to design monetary and financial policies continued to make crucial mistakes from the mid-1990s onwards, while decision-makers failed to rectify previous mistakes and change their approaches.10 In this context, the Abe government could present the drastic interventions under Abenomics as a necessary set of policies that would finally resolve long-standing problems and end the national crisis.

Numerous studies have examined the bundle of slogans and measures commonly summarized as Abenomics.11 This chapter only provides a brief sketch of the original “three arrows” and mainly focuses on the adjustments that have been introduced in the subsequent stage that I call Abenomics 2.0.

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