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Japan: a Farewell to Communitarian Capitalism?
 
PIIS020736760023109-8-1
DOI10.31857/S020736760023109-8
Publication type Article
Status Published
Authors
Viktor Studentsov 
Occupation: Senior researcher
Affiliation: Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences (IMEMO)
Address: Russian Federation, Moscow
Journal nameObshchestvo i ekonomika
EditionIssue 11
Pages110-123
Abstract

The peculiarity of the Japanese economic model in the postwar decades was determined by deep-rooted, specific religious and ethical tradition, shared by virtually all segments of society. However, its survival quite critically depended on maintaining high (or at least stable) rates of economic growth which had long been facilitated by low yen and by the measures aimed at protecting domestic market. During the period of rapid growth and high employment, there emerged a special economic structure: communitarian capitalism, based on somewhat unique character of labour-capital relations. Under the external pressure Japan had to revalue its currency that provoked recession and prolonged stagnation, exacerbated in addition by flawed government policies. It was then decided to correct the revealed weaknesses of the existing economic system, including the inflexibility, by strengthening the market mechanism. Yet the quarter-century experience of neoliberal reforms, many of which were at odds with traditional views of the Japanese, had not yielded desired results

KeywordsJapan, culture, Confucianism, grouppism, communitarian capitalism, quasi-market competition, keiretsu, family-like firm, lifetime employment, neoliberalism
Received30.11.2022
Publication date30.11.2022
Number of characters30712
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