Building a New Economy: Japan's Digital and Green Transformation

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D. Hugh Whittaker (Professor in the Economy and Business of Japan, Professor in the Economy and Business of Japan, Oxford University)

Building a New Economy

Japan's Digital and Green Transformation

D. Hugh Whittaker (Professor in the Economy and Business of Japan, Professor in the Economy and Business of Japan, Oxford University)

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English

Oxford University Press
23 August 2024

International finance; Political economy; Management & management techniques

Japan is attempting to build a new economy. It goes by various names, such as 'Society 5.0', 'sustainable capitalism', and 'new form of capitalism'. It is to be constructed through digital and green transformation, and a 'virtuous cycle of growth and distribution'. The effort faces strong headwinds, including demographic decline and ageing, Japan's external energy dependence and geopolitical turbulence, and the legacies of Japan's 'lost decades'. Nonetheless, since 2015 a path has been identified that steers between Big Tech market oligopoly on the one hand, and an overbearing state on the other. For others facing the same post-neoliberal, sustainability transformation challenges as Japan, this public-private coordinated building effort is noteworthy.

Building a New Economy uses an evolutionary conceptual framework of states-and-markets, organizations-and-technology, and institutional change.

It shows how the institutional coherence of the manufacturing-centred postwar model broke down, and was followed by the ideological and institutional dissonance of the 'lost decades'.

However, new institutional building blocks have been identified and (partially) assembled which could lead Japan towards a new model which is more open and adaptive.

These blocks include a reconfigured developmental state, and new forms of coordination with and within the corporate sector, at times encompassing civil society.

Importantly, for a country that has favoured social stability over creative destruction, and has struggled with change, the path forward may require 'controlled dis-equilibrium' of institutions rather than tight coherence.

'Society 5.0' and the 'new form of capitalism' claim to be people-centred; making them so will be the crucial challenge.

By: D. Hugh Whittaker (Professor in the Economy and Business of Japan Professor in the Economy and Business of Japan Oxford University)
Imprint: Oxford University Press
Country of Publication: United Kingdom
Dimensions: Height: 240mm, Width: 160mm, Spine: 22mm
Weight: 562g
ISBN: 9780198893394
ISBN 10: 0198893396
Pages: 272
Publication Date: 23 August 2024
Audience: Professional and scholarly , Undergraduate
Format: Hardback
Publisher's Status: Active

Introduction: Can Japan Rise Again? 1: The rise and fall of the postwar economy 2: Building and governing the digital economy 3: The Green Economy 4: Eco cities, smart cites and super cities: Spatial Society 5.0 5: Innovation and the shifting sands of industry 6: Corporate governance, ESG and 'new capitalism' 7: People, skills, and employment 8: Beyond capitalism 9: External dependencies and shifting global contexts 10: Conclusion: Controlled dis-equilibrium

D. Hugh Whittaker is Professor in the Economy and Business of Japan, and Fellow of St Antony's College, University of Oxford. He is the author and co-author of books on Japanese corporate governance, technology and innovation management, employment, small firms, and entrepreneurship. He is also co-author of Compressed Development: Time and Timing in Economic and Social Development (Oxford University Press, 2020).