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Japan's Economic Policies after the Global Crisis: Transformative Developmentalism

Chang-Gun Park 1

1국민대학교

Accredited

ABSTRACT

This study examines what the trends and characteristics of Japan’s economic policies after the Global crisis and predicts what form Japan’s economic strategy will take for future growth engines towards the era of the fourth industrial revolution. The Abe administration is implementing a new growth strategy that Japanese-oriented economic policies with increases institutional non-compliance in the post-neoliberal era. Namely, the Japanese administration is adopting economic strategy adding the social security measures in the three arrow – bold monetary policy, flexible fiscal policy, and growth strategy – of Abenomics in the post-neoliberal era. That is to prove that Japan is adopting economic policies from the ‘economic development’ led to government-led economic growth to a model of ‘transformative developmentalism’ presented economic democratization. The Abe administration’s tendency toward transformative developmentalism can be characterized by promoting strategic macroeconomic policy, reinforcing official-led institutionalized leadership and importance of policy network among government-market-society. Above all, Japan is preparing for fourth industrial revolution of 2030 for the growth of Japanese economy through the analysis of ‘human capital’ and ‘human investment’. In other words, the Abe administration is creating new industries in the process of solving the challenges facing its country and using a strategy to prepare for Japan’s economic society in 2030 by changing the weakness of ‘task-preferred country’ to the strength of ‘task-solving advanced country’.

Citation status

* References for papers published after 2023 are currently being built.