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1 Valley of Institutional Change: Japanese Political Economy 19902005 Soda Kato1 Abstract Why does an extensive reform of a national political economic system invite temporal, and often substantial,

This comparative approach allows the researcher to focus on structural and institutional changes, not just the changes in income distribution. The results of the study suggest that the Japanese political economic system has undergone substantial and protracted change relative to the earlier period. Moreover, the changes have undergone two stages: a first stage in which the old system has been effectively replaced with the new system; the second stage in which the institutional changes have largely stabilized and led economic growth to fall back to the perform trend. The study also indicates that the Japanese political economy of the early 1980s has a lot in common with the Korean political economy of the 1980s, which was the first in East Asia to undergo a broad-based democratization. Keywords: income distribution, institutional change Introduction The recent economic crisis in Japan has generated widespread debate about the economic policies that should be implemented to restore the nation's economic growth. The debate has been exacerbated by a series of scandals in the political elites in Japan that have undermined their legitimacy as legislators, policymakers and leaders. Many commentators have also criticized the rapid growth in the Japanese economy in the 1990s. Their criticisms are grounded in a number of reasons: (a) the rapid growth (especially during the latter half of the 1980s) was unsustainable for the economy as a whole; (b) the growth was due to an overinvestment in “too much” government spending (c) many commentators claimed that Japan's economic performance has been too bad since the mid 1990s; (d) the economic crisis was perceived by many analysts as being due to the rapid rise in debt and the consequent deflation (e). Some Japanese commentators have even argued that the current economic troubles in the country are due to an oversupply in the real estate market (Fukuyama, 2003; Oneida, 2003). While some of these issues are indeed important ones, I will argue that two themes have largely dominated the discussion on the causes of the Japanese economic problems. The first theme has focused on the problems of the economic and social inequality in Japan, which has long been observed to exist in a few highly developed countries, notably the United States (US). For example, the U.S. Census Bureau has reported inequality as the third-worst in the Western world in 2010, behind only China and Argentina (Human, 2008).

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