{"title":"The demand for and supply of elderly care in Japan","authors":"T. Marukawa","doi":"10.1080/2329194X.2022.2039070","DOIUrl":"https://doi.org/10.1080/2329194X.2022.2039070","url":null,"abstract":"Abstract Japan is the most aged society in the world. Population aging is one of the greatest challenges the Japanese economy will face during the first half of the 21st century. Because of the aging population, an increasing number of people are unable to live without the support and care of others. In 2000, to manage the challenges brought by the rapid growth in the elderly population, the Japanese government introduced the long-term care insurance system. Before then, the task of caring for the elderly was mainly carried out by their families and hospitals. The introduction of long-term care insurance enabled the development of the care industry. Even with the development of professional care services, however, the burden of caring for the elderly on their families has been increasing. Some caregivers gave up working, and many others shortening their working hours. The present study estimates that, in 2019, the Japanese economy lost 2 percent of its working hours from workers leaving or reducing their workload to provide care for a family member. Given the increasing number of elderly people in Japan, it is highly likely that the Japanese people will need to sacrifice even more working hours for caregiving in the future. The present study forecasts that 3.9 percent of total working hours will be lost for providing care in 2065. The loss of working hours can be avoided or reduced through further development of the long-term care insurance system and care industry. However, the development needs the support of the general public through higher premiums and more government subsidies.","PeriodicalId":174725,"journal":{"name":"The Japanese Political Economy","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134309629","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Four years of the renewed Japanese Political Economy","authors":"Nobuharu Yokokawa","doi":"10.1080/2329194X.2022.2062116","DOIUrl":"https://doi.org/10.1080/2329194X.2022.2062116","url":null,"abstract":"Nobuharu Yokokawa, “Editorial.” The Japanese Political Economy is now rejuvenated and renewed with a new editor, new coeditors, and a new, international editorial board. It continues Japanese Economic Studies, a leading journal published continuously since 1972, which was known as Japanese Economy from 1997 to 2013. Japan is an important laboratory for developing and debating ideas about capitalism and its dynamics. The Japanese Political Economy is a resource for scholars, students, policymakers, and practitioners who seek to better understand the contemporary and historical, transnational and internal processes of change in the Japanese and the wider Asian and world economies.","PeriodicalId":174725,"journal":{"name":"The Japanese Political Economy","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114226883","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Japanese capitalism in multiple crises","authors":"M. Itoh","doi":"10.1080/2329194X.2021.2012700","DOIUrl":"https://doi.org/10.1080/2329194X.2021.2012700","url":null,"abstract":"Abstract Japanese capitalism represents a typical case of a decay in advanced countries under neoliberalism. It has formed a vicious circle among multiple socio-economic crises. Japan’s secular stagnation is composed from such complex crises in a viscious circle. I have concerned its historical significance as an important aspect of the third world great depression after the first great depression in 1873–1896, and the second one in the 1930s, since my analysis in The World Economic Crisis and Japanese Capitlism (1990). Let us examine the historical origin of these crises, their structural relations, and identify their core, fundamental issues. It will be also shown how three different types of natural disasters including the recent pandemic additionally deepen socio-economic crises, thereby endangering the metabolic reproduction of human lives and nature. How can we overcome such an age of deep crises? More than ever, it is indispensable to reconsider the historical significance and task of transforming neoliberal capitalism in the world and in Japan.","PeriodicalId":174725,"journal":{"name":"The Japanese Political Economy","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117023338","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Review article: Reflections on compressed development: Time and timing in economic and social development","authors":"Nobuharu Yokokawa","doi":"10.1080/2329194X.2021.2016127","DOIUrl":"https://doi.org/10.1080/2329194X.2021.2016127","url":null,"abstract":"Abstract Hugh Whittaker, Timothy Sturgeon, Toshie Okita, and Tiambiao Zhu propose a new way to approach comparative international development. They distinguish their theory from earlier development theories and develop a two-level historical analysis of the capitalist economy focusing on time and timing. Timing refers to the differences in historical periods in which development takes place. Time refers to the pace of development in the empirical analysis of individual capitalist economies using models created in concrete historical settings. “Time” is accelerated such that sequential processes experienced earlier have given way to simultaneous processes. In their empirical analysis they pay special attention to the relation between Economic and Social Development. They find that the Fordist development model in the embedded liberalism era had a virtuous loop between economic and social development. This virtuous loop disappeared in the subsequent neoliberal era to which the compressed development model applies where economic change is taking place both at a much faster rate and in an international context that allows states far less control. The two-level historical analysis shows that the problem with stagist development models is that they generalise past development in a particular historical era as a general tendency. It also shows that institutions are shaped by the context in which they emerge, and they may subsequently prove difficult to change, even if the environment changes. In the last few years, the Japanese Political Economy has covered similar topics in its special issues. The present issue provides a good opportunity to review and compare my and their approaches and achievement. I found the concept of capitalist world systems complement their theory. Many of the difficulties in the compressed development era relate to the approaching second interregnum. Solving the difficulty in the compressed development era requires the creation of a new stable world system.","PeriodicalId":174725,"journal":{"name":"The Japanese Political Economy","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123711357","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Wolfgang Streeck in Tokyo: Japan’s secular stagnation as a delayed crisis of democratic capitalism","authors":"M. Carroll","doi":"10.1080/2329194X.2021.2014339","DOIUrl":"https://doi.org/10.1080/2329194X.2021.2014339","url":null,"abstract":"Abstract Since the 1990s Japan has experienced a prolonged period of crisis. Much work has thus far focused on understanding Japan’s crisis on its own terms. Yet we must also consider Japan’s situation within the wider context of global capitalism, examining how the crisis in Japan may be related to, or even integrated within, similar crisis tendencies both within other Northern countries and at the level of the capitalist world system. This article thus asks how our understanding of Japan’s crisis can be enriched by situating it within a wider analysis of crisis and transformation across the Global North. It contends that a common thread of sporadic and yet chronic economic crisis emanating from unresolved contradictions that emerged in the wake of the crisis of Keynesianism in the 1970s can be seen to link Japan’s long-term crisis with similar dynamics in the US and Europe. In developing this argument, the article engages closely with Wolfgang Streeck's 2017 book Buying Time, using a careful reading of Streeck’s argument about the delayed crisis of democratic capitalism that has afflicted countries across the Global North since the 1970s to deepen our understanding of contemporary Japan’s secular stagnation. Following Streeck, it argues that many of the same factors that have driven this “delayed crisis” in the US and elsewhere are also found in Japan. At the same time, Japan’s crisis has been sharpened by global political economic challenges, including the decline of American hegemony and the rise of China, as well as the contradiction between conditions necessary for capital accumulation and stable social reproduction. The article seeks not only to show how Streeck’s argument can help us understand Japan’s crisis in relation to similar crises across the Global North, but also to explore how the Japanese case may point to limitations in Streeck’s argument.","PeriodicalId":174725,"journal":{"name":"The Japanese Political Economy","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130724382","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Introduction: Japan’s secular stagnation and the American mirror","authors":"R. Desai","doi":"10.1080/2329194X.2022.2043167","DOIUrl":"https://doi.org/10.1080/2329194X.2022.2043167","url":null,"abstract":"Abstract This introduction frames the contributions that follow in a reflection on how the Japanese experience has been assimilated in US debates on economic policy, on the larger historical significance of the current slowdown of all advanced economies and how it relates to Hansen’s original concerns about secular stagnation.","PeriodicalId":174725,"journal":{"name":"The Japanese Political Economy","volume":"119 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132018328","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Beyond secular stagnation: A digital and green economy?","authors":"D. Whittaker","doi":"10.1080/2329194X.2021.2012806","DOIUrl":"https://doi.org/10.1080/2329194X.2021.2012806","url":null,"abstract":"Abstract This paper looks at ‘Japan’s secular stagnation and beyond’ from the perspective of institutional and ideational change and coherence (or complementarity). The coherence of Japan’s postwar productionist model began to fray in the 1980s, and was lost at both macro and micro levels in the 1990s, contributing to secular stagnation. The paper steers a nuanced path between the view that this stemmed from Japan doggedly maintaining its postwar model, and conversely, from abandoning it. Since the mid 2010s, Japan has embarked on digital and green transformations under the banners of Society 5.0, DX, ESG/SDGs, green growth and sustainable capitalism. These are bringing about institutional and ideational change, but if a new coherence is to be attained, an internal contradiction must be acknowledged and addressed.","PeriodicalId":174725,"journal":{"name":"The Japanese Political Economy","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115320961","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Secular stagnation: real problems and statistical illusions","authors":"J. Galbraith","doi":"10.1080/2329194X.2021.2007778","DOIUrl":"https://doi.org/10.1080/2329194X.2021.2007778","url":null,"abstract":"Abstract This paper reviews statistical conundrums associated with technological and structural change in view of recent debates over secular stagnation, and suggests a pragmatic approach to economic policy, geared toward living standards and security, in an era of irreversible globalization and a dominant role for services in employment.","PeriodicalId":174725,"journal":{"name":"The Japanese Political Economy","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129653563","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"On the labor theory of value as the basis for the analysis of economic inequality in the capitalist economy","authors":"N. Yoshihara","doi":"10.1080/2329194X.2021.1952081","DOIUrl":"https://doi.org/10.1080/2329194X.2021.1952081","url":null,"abstract":"Abstract In this paper, we review the labor theory of value as the basis for the analysis of economic inequality in a capitalist economy. According to the standard Marxian view, the system of labor values of individual commodities can serve as the center of gravity for long-term price fluctuations in a precapitalist economy with simple commodity-production, where no exploitative social relation emerges, while in a modern capitalist economy, the labor value system is replaced by prices of production associated with an equal positive rate of profits as the center of gravity, in which exploitative relation between the capitalist and the working classes is a generic and persistent feature of economic inequality. Some of the literature such as Michio Morishima criticized this view by showing that the labor values of individual commodities are no longer well-defined if a capitalist economy has joint production. Given these arguments, this paper firstly shows that the system of individual labor values can be still well-defined in a capitalist economy with joint production whenever the set of available production techniques is all-productive. Secondly, this paper shows that it is generally impossible to verify that labor-value pricing serves as the center of gravity for price fluctuations in precapitalist economies characterized by the full development of simple commodity-production.","PeriodicalId":174725,"journal":{"name":"The Japanese Political Economy","volume":"176 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121272494","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Financialization and income inequality: An empirical analysis","authors":"Kangkook Lee, Md Abu Bakkar Siddique","doi":"10.1080/2329194X.2021.1945465","DOIUrl":"https://doi.org/10.1080/2329194X.2021.1945465","url":null,"abstract":"Abstract This study investigates the effect of financialization and financial rent on income inequality across countries, including advanced and emerging markets and developing countries, in the 1998–2017 period. Employing a new measurement and dynamic panel estimation, we find that financialization measured by financial rent increases income inequality. We also find that the more monopolized banking sector is associated with higher income inequality. It suggests that market concentration in the banking sector creates ample opportunities for banks to generate excess profit and income, which leads to higher top income concentration and overall inequality. Commonly used variables for financialization such as bank income, the stock trading value, stock market capitalization, and the banking sector asset compared to the economy are also harmful to inequality.","PeriodicalId":174725,"journal":{"name":"The Japanese Political Economy","volume":"282 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127487802","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}