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Post-COVID-19 Japan: A Political Economy Treatise on Shocks and Therapy<\/span><\/strong><\/p>\n Abul Barkat<\/span><\/strong><\/span><\/p>\n Professor and former Chair, Department of Economics; Professor and Founding Chair, Department of Japanese Studies, University of Dhaka, Bangladesh.<\/span> Abstract<\/span><\/strong><\/span><\/p>\n Pandemic is a rare than usual event, and therefore, the shocking impacts of <\/span>pandemic fall under the category of \u201cuncertainty\u2019\u2019 than \u201crisks\u201d; \u201cuncertainty\u201d is <\/span>improbabilistic and, therefore, not amenable to predictability. This paper aims at <\/span>understanding the political economy essence of the shocks experienced by Japan during <\/span>the post-COVID-19 pandemic and devise plausible therapy to address those shocks. The <\/span>paper follows a logical order: it starts with a delineation of the foundational <\/span>methodological principles of political economy, followed by an analysis of the rise and <\/span>fall of Japan\u2019s developmental miracle. It then traces the nature of critical shocks faced by <\/span>the Japanese economy and society due to COVID-19. We found five specific interrelated <\/span>and interdependent shocks of the social body \u2013 the \u201cmultiple organ social-economic physical <\/span>complications\u201d (MOSEPC) \u2013 (1) diseases of falling GDP and growth, (2) <\/span>diseases of rising real unemployment, (3) diseases of increasing inequality, the <\/span>concentration of wealth in few hands, multidimensional poverty, and creation of \u201cnew <\/span>poor\u201d, (4) diseases of deteriorating physical and mental health- depression, distress, <\/span>destitution, deprivation, stress, family disruption- dissolution-rift-conflicts, and (5) <\/span>diseases of increasing disrespect to people\u2019s fundamental rights. Finally, the paper <\/span>proposes a \u201cV-plus shaped therapy\u201d for Japan as a way out from the multidimensional <\/span>shocks of COVID-19. This paper argues that the proposed \u201cV-plus shaped therapy\u201d could <\/span>be helpful, as a socio-economic policy vision, for most countries affected by the COVID-<\/span>19 during the time of concurrent economic slowdown. The \u201cV-plus-shaped shock <\/span>therapy\u2019\u2019 for Japan necessitates adopting four different interventions simultaneously, <\/span>namely the austerity-led \u201cexpenditure cutting\u201d, \u201cdebt restructuring\u201d, \u201credistribution of <\/span>wealth from rich to poor\u201d, and \u201cprinting money if necessary\u201d. The appropriate mix of <\/span>interventions to reach a good equilibrium of deflationary and inflationary cycles would <\/span>matter the most.<\/span><\/span><\/p>\n Keywords<\/strong> Economic development of Japan. Japan\u2019s economic growth. Political economy. Macroeconomy and institutions. General welfare and well-being. Financial markets and Macroeconomy. Macroeconomic policy. Business cycle. Occupational choice. Labour discrimination. Inequality and poverty. Political processes- rent-seeking. Social economics. Economic methodology. COVID shocks. Post-COVID therapy. Post pandemic Japanese economy and society. Heterodox approach in understanding economy. Economic methodology.<\/span><\/p>\n JEL Classification<\/strong> B5 . B41 . B55 . D63 . D72 . E6 . E02. E32. E44 . F54 . I31 . J24 .<\/span>J71 . O11. O15 . O43 . O53 . P16<\/span><\/span><\/p>\n https:\/\/doi.org\/10.55156\/jjsem.dec2101<\/span><\/p>\n [\/fusion_text][fusion_button link=”https:\/\/department-of-japanese-studies.local\/wp-content\/uploads\/2022\/03\/1.-barkat.pdf” text_transform=”” title=”” target=”_self” link_attributes=”” alignment=”” modal=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” color=”custom” button_gradient_top_color=”” button_gradient_bottom_color=”” button_gradient_top_color_hover=”” button_gradient_bottom_color_hover=”” accent_color=”” accent_hover_color=”” type=”” bevel_color=”” border_width=”” border_radius=”” border_color=”” border_hover_color=”” size=”medium” stretch=”yes” icon=”” icon_position=”left” icon_divider=”no” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=””]Download[\/fusion_button][\/fusion_builder_column][\/fusion_builder_row][\/fusion_builder_container]<\/p>\n","protected":false},"excerpt":{"rendered":" [fusion_builder_container hundred_percent=”no” hundred_percent_height=”no” hundred_percent_height_scroll=”no” hundred_percent_height_center_content=”yes” equal_height_columns=”no” menu_anchor=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” status=”published” publish_date=”” class=”” id=”” link_color=”” link_hover_color=”” border_size=”” border_color=”” border_style=”solid” margin_top=”” margin_bottom=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” gradient_start_color=”” gradient_end_color=”” gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center center” linear_angle=”180″ background_color=”” background_image=”” background_position=”center center” background_repeat=”no-repeat” fade=”no” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_blend_mode=”none” video_mp4=”” video_webm=”” video_ogv=”” video_url=”” video_aspect_ratio=”16:9″ video_loop=”yes” video_mute=”yes” video_preview_image=”” filter_hue=”0″ filter_saturation=”100″ filter_brightness=”100″ filter_contrast=”100″ filter_invert=”0″ filter_sepia=”0″…<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","footnotes":""},"categories":[17,18],"tags":[],"class_list":["post-2944","post","type-post","status-publish","format-standard","hentry","category-journals-of-djs","category-number-1-december-2021","category-17","category-18","description-off"],"acf":[],"_links":{"self":[{"href":"https:\/\/djs.du.ac.bd\/index.php?rest_route=\/wp\/v2\/posts\/2944","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/djs.du.ac.bd\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/djs.du.ac.bd\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/djs.du.ac.bd\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/djs.du.ac.bd\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2944"}],"version-history":[{"count":0,"href":"https:\/\/djs.du.ac.bd\/index.php?rest_route=\/wp\/v2\/posts\/2944\/revisions"}],"wp:attachment":[{"href":"https:\/\/djs.du.ac.bd\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2944"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/djs.du.ac.bd\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2944"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/djs.du.ac.bd\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2944"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nE-mail: barkatabul71@gmail.com<\/span><\/p>\n