Browsing by Subject "Economic crisis"

The purpose of this thesis is to investigate Japan’s last decades' significant political economy change from a critical perspective. After the decades of post-war growth and reconstruction, coming to the end of the 1980s, Japan's political economy began to overheat dangerously fast. Passing into the 1990s, the bursting of a real estate bubble accumulated by the financial sector caused the financial sector a historically extensive stock market crash. As a result, the following decades marked a major shift in past decades’ economic euphoria. This large-scale transformation in the Japanese economy and society has also been called depending on perspective, by the terms 'lost decade' or 'lost decade(s)'. One of the objectives of this thesis is thus to answer the questions: What is meant by 'lost decade(s)'? And how have different theoretical approaches attempted to explain the concept? The thesis thus examines the relevant political economy literature exploring 'lost decade(s)' through a critical perspective while answering the research questions. As one of the arguments, the thesis seeks to question the metaphorical nature of 'lost decade(s)' by taking into account the mythical role of economic growth, highlighted especially by the economic literature, which has created a strong image of Japan's 'lost' economic growth and structural coherence. As a second argument, the thesis seeks to develop an understanding of some of the major societal losses that emerged during the 'lost decade(s)', through changes in the social, political, and institutional dimensions. The basis for the first argument is being constructed through the literature and questions that utilize the role of metaphors, social imaginaries, myths, and alternative data to create the perception of 'lost' growth. The final chapter seeks to establish a holistic insight into Japan's historical transformation from a perspective of the deeper structures of society. The chapter analyzes the impacts of 'lost decade(s)', particularly on demographic development, increasing social precariousness, political instability, and Japan's changing global position. In conclusion, the thesis goes through the research results and portrays certain questions about the possible futures of Japan while reflecting the developments that occurred during the 'lost decade(s)'.