The Postwar Japanese Political Economy in an Exchange Perspective

The Postwar Japanese Political Economy in an Exchange Perspective Early postwar Japan represented a Coasian social contract between an unproductive majority and a productive minority. The contract was possible and enforceable due to the American Occupation of Japan. It was socially desirable because it induced economic growth. It was self-enforcing due to specific Japanese conditions. However, the contract became socially undesirable as Japanese economy matured and the initial conditions changed, contributing to an increase in rent seeking. It also became unenforceable because the distribution of surpluses became more difficult as economic growth declined. As contractual enforcement mechanisms weakened, dynamic rent seeking activities further reduced Japanese economic growth rate (JLE# D72). http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals

The Postwar Japanese Political Economy in an Exchange Perspective

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Publisher
Kluwer Academic Publishers
Copyright
Copyright © 2002 by Kluwer Academic Publishers
Subject
Economics; Public Finance; Political Science; History of Economic Thought/Methodology
ISSN
0889-3047
eISSN
1573-7128
D.O.I.
10.1023/A:1015714620893
Publisher site
See Article on Publisher Site

Abstract

Early postwar Japan represented a Coasian social contract between an unproductive majority and a productive minority. The contract was possible and enforceable due to the American Occupation of Japan. It was socially desirable because it induced economic growth. It was self-enforcing due to specific Japanese conditions. However, the contract became socially undesirable as Japanese economy matured and the initial conditions changed, contributing to an increase in rent seeking. It also became unenforceable because the distribution of surpluses became more difficult as economic growth declined. As contractual enforcement mechanisms weakened, dynamic rent seeking activities further reduced Japanese economic growth rate (JLE# D72).

Journal

The Review of Austrian EconomicsSpringer Journals

Published: Oct 18, 2004

References

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