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Social norms and (de-)financialization : Japan’s and China’s divergent paths in consumer credit
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Gotoh, Fumihito (2021) Social norms and (de-)financialization : Japan’s and China’s divergent paths in consumer credit. Contemporary Politics, 27 (4). pp. 397-418. doi:10.1080/13569775.2021.1902055 ISSN 1356-9775.
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Official URL: http://dx.doi.org/10.1080/13569775.2021.1902055
Abstract
Since the 1980s, American-led financialization promoting capital and labour mobility has influenced Asia, but the Japanese and Chinese trajectories in financialization of consumption (consumer credit development) have diverged, with the 1995–2013 contraction in Japan contrasting with the skyrocketing growth in China since 2010. I argue the divergence can be attributed to the varying levels of compatibility between American financial norms and their social norms, the different timings of their integration into the global economy (the influence of ‘embedded liberalism’ or neoliberalism), and the interests of key actors of each country. Anti-liberal Japanese elites reversed the financialization of consumption to preserve anti-capitalistic ‘industrious norms’ and strong attachments to intermediary organisations, which are the cornerstones of their dominance. In contrast, economic rationalism embedded in Chinese society since late imperial China, when capital and labour mobility was enhanced by removing fixed intermediary organisations considerably under autocracy, has facilitated China’s financialization of consumption.
Item Type: | Journal Article | ||||||
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Subjects: | H Social Sciences > HG Finance H Social Sciences > HM Sociology |
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Divisions: | Faculty of Social Sciences > Politics and International Studies | ||||||
Library of Congress Subject Headings (LCSH): | Financialization -- Japan, Financialization -- China, Consumer credit -- Japan, Consumer credit -- China, Social norms -- Japan, Social norms -- China, Consumption (Economics) -- Japan, Consumption (Economics) -- China | ||||||
Journal or Publication Title: | Contemporary Politics | ||||||
Publisher: | Routledge | ||||||
ISSN: | 1356-9775 | ||||||
Official Date: | 17 March 2021 | ||||||
Dates: |
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Volume: | 27 | ||||||
Number: | 4 | ||||||
Page Range: | pp. 397-418 | ||||||
DOI: | 10.1080/13569775.2021.1902055 | ||||||
Status: | Peer Reviewed | ||||||
Publication Status: | Published | ||||||
Access rights to Published version: | Open Access (Creative Commons) | ||||||
Date of first compliant deposit: | 22 March 2021 | ||||||
Date of first compliant Open Access: | 22 March 2021 |
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