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Liberalism and the Welfare StateEconomists and Arguments for the Welfare State$
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Roger E. Backhouse, Bradley W. Bateman, Tamotsu Nishizawa, and Dieter Plehwe

Print publication date: 2017

Print ISBN-13: 9780190676681

Published to Oxford Scholarship Online: July 2017

DOI: 10.1093/acprof:oso/9780190676681.001.0001

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Neoliberalism and Market-Disciplining Policy in the Koizumi Reform in Japan

Neoliberalism and Market-Disciplining Policy in the Koizumi Reform in Japan

Chapter:
(p.152) 8 Neoliberalism and Market-Disciplining Policy in the Koizumi Reform in Japan
Source:
Liberalism and the Welfare State
Author(s):

Juro Teranishi

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780190676681.003.0009

The Koizumi administration employed a policy to capitalize on the ambivalent feelings of the Japanese populace about globalization. Instead of emphasizing market-disciplining effects, his drastic deregulation policy was justified as an anti-development-oriented policy, which prevailed as a global standard. Because of the long-standing economic depression in Japan, resistance to globalism was weak, and his policy gained ardent public support. Since the developmental view of Japan lacked solid ground, however, the neoliberal reform doctrine based on the Washington Consensus was by and large rootless. Although Japan recovered, owing to the export boom, it is hard to find any definite evidence of a growth effect of the Koizumi reform.

Keywords:   global standards, deregulation, anti-development-oriented policy, class and interindustrial conflict, public support

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