The Elgar Companion to John Maynard Keynes
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The Elgar Companion to John Maynard Keynes

Edited by Robert W. Dimand and Harald Hagemann

The most influential and controversial economist of the twentieth century, John Maynard Keynes was the leading founder of modern macroeconomics, and was also an important historical figure as a critic of the Versailles Peace Treaty after World War I and an architect of the Bretton Woods international monetary system after World War II. This comprehensive Companion elucidates his contributions, his significance, his historical context and his continuing legacy.
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Chapter 94: Keynesianism in Japan

Masazumi Wakatabe

Abstract

This chapter surveys the history of Keynesianism in Japan from the first encounters with Keynes in the 1920s to the present. Keynes has been very popular in Japan. The Keynes literature in Japan includes introductions of Keynes’s work to the general reader, the translations of Keynes’s original works, and numerous studies. Japanese historians of economic thought have shown a keen interest in Keynes. The elusive nature of Keynesianism made Keynesian economics very popular in Japan. The reception of Keynesianism in Japan has been influenced by Marxism and developmentalism in its emphasis of the “structural factors” of the economy, its critical stance on the market economy, and the important role of the state. It is also theory orientated, although there are several exceptions. Notwithstanding the popularity of Keynes, academic economists in Japan currently no longer call themselves Keynesians. Keynesianism became marginalized in Japan’s Great Stagnation because of Japanese characteristics of Keynesianism.

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