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Globalization, finance, and economic nationalism: the changing role of the state in Japan
Takaaki Suzuki in Globalization and Economic Nationalism in Asia
Published in print: 2012 Published Online: Publisher: Oxford University Press September 2012 DOI: 10.1093/ ISBN: 9780199646210 eISBN: 9780191741630 acprof:oso/9780199646210.003.0005 Item type: chapter

This chapter explores how economic nationalism in Japan has changed in the last 30 years and where it might be heading in the future. It looks at state intervention, which Japan has perfected by deftly combining state action with large private corporations. However, prolonged stagnation since the late 1980s condemned this approach and replaced it with neoliberal policies. This chapter counterintuitively argues that despite scaling back the role of the state in many economic regulatory and welfare-related areas actually increased. Relying on financial and macroeconomic policies since the early 1980s, the chapter shows that globalization and financial liberalization were accompanied by the creation of several powerful state-backed institutions entrusted with substantial financial resources and a wide range of regulatory authority that go well beyond what is deemed prudential regulatory safeguards. However, such policies consistent with economic nationalism failed to deliver on its promises of growth and social stability.

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