Social norms and (de-)financialization
Japan’s and China’s divergent paths in consumer credit
Bibliographic Data
| ID | 6049746 |
|---|---|
| Authors | Fumihito Gotoh (0000-0002-3931-8564, University of Warwick, corresponding author) |
| Year | 2021 |
| Volume | 27 |
| Issue | 4 |
| Pages | 397-418 |
| Publication date | 2021-08-08 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Contemporary Politics (JOURNAL) |
| Journal identifiers | ISSN: 1356-9775 • E-ISSN: 1469-3631 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1080/13569775.2021.1902055 |
| OpenAlex | W3138049272 |
| Language | EN |
| Citations received | 5 |
| References cited | 41 |
Since the 1980s, American-led financialization promoting capital and labour mobility has influenced Asia, but the Japanese and Chinese trajectories in financialization of consumption (consumer credit development) have diverged, with the 1995–2013 contraction in Japan contrasting with the skyrocketing growth in China since 2010. I argue the divergence can be attributed to the varying levels of compatibility between American financial norms and their social norms, the different timings of their integration into the global economy (the influence of ‘embedded liberalism’ or neoliberalism), and the interests of key actors of each country. Anti-liberal Japanese elites reversed the financialization of consumption to preserve anti-capitalistic ‘industrious norms’ and strong attachments to intermediary organisations, which are the cornerstones of their dominance. In contrast, economic rationalism embedded in Chinese society since late imperial China, when capital and labour mobility was enhanced by removing fixed intermediary organisations considerably under autocracy, has facilitated China’s financialization of consumption. \n \n
China · Consumption (sociology · Dominance (genetics · Economic system · Economics · Financialization · Market economy · Political economy · Political science · Sociology · Housing, Finance, and Neoliberalism · Political and Economic history of UK and US · Political Economy and Marxism
What do indebted employees do? Financialisation and the decline of industrial action
State de-financialisation through incorporating local government bonds in the budgetary process in China
Pathways out of land financialization
Chinese and Japanese Capitalisms
Patient capital, corporate governance and investment in digital innovation
Contesting Precarity in Japan
Landlord and Labor in Late Imperial China
Stock Market Capitalism
Financialization and the World Economy
Null
An Industrious Revolution in an East Asian Market Economy? Tokugawa Japan and Implications for the Great Divergence
China's Engagement with Neo-liberalism
Japan’s Industrious Revolution
The Rise of the Japanese Corporate System
Where are the Consumers
The Chinese Hukou System at 50
Introduction
Pragmatic financialisation
China's Post-Listian Rise
Social norms strike back
Industrial associations as ideational platforms
Brief History of Neoliberalism
Challenging Global Neoliberalism? The global political economy of China's capital controls
An Outline of the Naito Hypothesis and Its Effects on Japanese Studies of China
Financializing authoritarian capitalism
The financialization of the American economy
The rise of the 'shareholding state
Democracy Against Labor Movement
Consumer Credit in Comparative Perspective
Financialization with Chinese characteristics? Exchanges, control and capital markets in authoritarian capitalism
Shareholder value and Financialization
| Unique citing works | 5 |
|---|---|
| Citations per year | 1.67 |
| Citation span | 2023 - 2026 (4) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 5 |