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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
Japanese Resistance to American Financial Hegemony: Global versus Domestic Social Norms

Japanese Resistance to American Financial Hegemony: Global versus Domestic Social Norms

Gotoh, Fumihito

Hardcover

Series: Ripe Global Political Economy

Investing & FinanceGeneral Political Science

ISBN10: 0367345307
ISBN13: 9780367345303
Publisher: Routledge
Published: Oct 8 2019
Pages: 180
Weight: 1.00
Height: 0.60 Width: 6.20 Depth: 9.30
Language: English

This book investigates why the convergence of Japan's bank-centered financial system to an American-style capital market-based model has lost steam since the mid-2000s, despite financial deregulation during the 1980s and 1990s.

Examining the ideational conflict within Japanese elites between the market liberalization and anti-free market camps, it scrutinizes the American and Japanese credit rating agencies operating in Tokyo and explores the differences between the two major industrial associations, Keidanren and Doyukai, which have played a key role as ideational platforms for Japanese corporate society. The book emphasizes the concept of systemic support, whose broadened definition incorporates dominant elites' support and protection of subordinates in exchange for the latter's obedience and loyalty. It argues that Japanese society's anti-liberal, anti-free market norms centered on systemic support are a form of counter-hegemony, and this has resisted American financial hegemony, promoting international capital mobility and capital markets, and prevented capitalist dominance from severing long-term social ties such as management-labor cooperation and corporate group alliances. Yet this resistance has generated growing problems for Japan.

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