Syncretism: The Politics of Japan’s Financial Reforms

Kenji Kushida & Kay Shimizu
This paper examines how diversely organized capitalist societies evolve by analyzing the transformation of Japan’s financial system since the 1990s. The banking, securities, and insurance, as well as the postal financial institutions changed significantly, but are hardly converging to Anglo-American or ‘liberal market’ models. We contend that Japan’s new financial system is best characterized as syncretic, with new, traditional and hybrid forms of practices, organizations and norms coexisting. Syncretism in industry was driven by a...
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