by William Mitchell Japan is the world’s first post-neoliberal economy. It has been a prime case study in Modern Monetary Theory for three decades. Let me explain. Like developed nations across the world, Japan drank the neoliberal Kool-Aid of the 1980s. In 1991, excessive private debt caused a massive commercial property collapse. The government’s response, thankfully, did not follow the neoliberal playbook. Instead, the Japanese…
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