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The Collapse of the Riskless, Middle-Class Economy

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  • Craig Freedman

Abstract

The very basis of Japan's post-war economic growth was time and place specific. A fundamental failure to recognise the temporary nature of Japan's success led the Japanese to make ad hoc changes, which served largely to prop up the prevailing status quo. Inevitably, Japan's ability to sustain the level of growth required to maintain its economic system periodically faltered, before collapsing in the nineties. Since capitalist enterprise, by its very achievements, tends to automatize progress, we conclude that it tends to make itself superfluous — to break to pieces under the pressure of its own success. The perfectly bureaucratized giant industrial unit not only ousts the small or medium-sized firm and ‘expropriates’ its owners, but in the end it also ousts the entrepreneur and expropriates the bourgeoisie as a class which in the process stands to lose not only its income but also what is infinitely more important, its function (Schumpeter 1950: 134).

Suggested Citation

  • Craig Freedman, 2002. "The Collapse of the Riskless, Middle-Class Economy," The Economic and Labour Relations Review, , vol. 13(2), pages 288-325, December.
  • Handle: RePEc:sae:ecolab:v:13:y:2002:i:2:p:288-325
    DOI: 10.1177/103530460201300208
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    References listed on IDEAS

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    3. Stigler, George J & Becker, Gary S, 1977. "De Gustibus Non Est Disputandum," American Economic Review, American Economic Association, vol. 67(2), pages 76-90, March.
    4. James R. Rhodes & Naoyuki Yoshino, 1999. "Window Guidance By The Bank Of Japan: Was Lending Controlled?," Contemporary Economic Policy, Western Economic Association International, vol. 17(2), pages 166-176, April.
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