Foreign PolicyForeign Policy

Does Japan’s economy prove that neoliberalism lost?

By Michael Hirsh

14 Sep 2023 · 15 min read

informed Summary

  1. The global economy is experiencing a shift away from neoliberalism, with countries like Japan and the U.S. adopting policies that were previously associated with each other. Japan is enjoying a resurgence, suggesting a turning point in its 25-year battle with deflation.

In case you hadn’t noticed, the world economy’s gone rather topsy-turvy.

Japan is up while China is down—and in danger of Japan-like deflation. The United States is practicing Japanese-style protectionism and industrial policy, while Japan is championing what Washington used to promote: newer, better open trade rules.

Sign in to informed

  • Curated articles from premium publishers, ad-free
  • Concise Daily Briefs with quick-read summaries
  • Read, listen, save for later, or enjoy offline
  • Enjoy personalized content
Or

LoginForm.agreeToTerms