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The Postwar Japanese Political Economy in an Exchange Perspective

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  • Naka, Shigeto

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. Copyright 2002 by Kluwer Academic Publishers

Suggested Citation

  • Naka, Shigeto, 2002. "The Postwar Japanese Political Economy in an Exchange Perspective," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 15(2-3), pages 175-197, June.
    • Handle: RePEc:kap:revaec:v:15:y:2002:i:2-3:p:175-97
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    Cited by:

    1. Michael Hoffman, 2005. "Discretion, Lobbying, and Political Influence in Models of Trade Policy," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 8(3), pages 175-188.
    2. Sorin-George Toma & Paul Marinescu & Dragos Tohanean, 2018. "Cultural Dimensions Of Japanese Management," Manager Journal, Faculty of Business and Administration, University of Bucharest, vol. 28(1), pages 17-23, December.

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