A New Path for Japan

[The ruling right wing Liberal Democratic Party (LDP), which has governed Japan for all but 11 months since 1955, went into the elections with all major polls showing they will lose control of the lower house of parliament in a historic victory for the Democratic Party of Japan (DPJ).]

By Yukio Hatoyama [President of the Democratic Party of Japan (DPJ)
New York Times: August 26, 2009

In the post-Cold War period, Japan has been continually buffeted by the winds of market fundamentalism in a U.S.-led movement that is more usually called globalization. In the fundamentalist pursuit of capitalism people are treated not as an end but as a means. Consequently, human dignity is lost.

How can we put an end to unrestrained market fundamentalism and financial capitalism, that are void of morals or moderation, in order to protect the finances and livelihoods of our citizens? That is the issue we are now facing.

In these times, we must return to the idea of fraternity — as in the French slogan “liberté, égalité, fraternité” — as a force for moderating the danger inherent within freedom.

Fraternity as I mean it can be described as a principle that aims to adjust to the excesses of the current globalized brand of capitalism and accommodate the local economic practices that have been fostered through our traditions.

The recent economic crisis resulted from a way of thinking based on the idea that American-style free-market economics represents a universal and ideal economic order, and that all countries should modify the traditions and regulations governing their economies in line with global (or rather American) standards.

In Japan, opinion was divided on how far the trend toward globalization should go. Some advocated the active embrace of globalism and leaving everything up to the dictates of the market. Others favored a more reticent approach, believing that efforts should be made to expand the social safety net and protect our traditional economic activities.

Since the administration of Prime Minister Junichiro Koizumi (2001-2006), the Liberal Democratic Party has stressed the former, while we in the Democratic Party of Japan have tended toward the latter position.

The economic order in any country is built up over long years and reflects the influence of traditions, habits and national lifestyles. But globalism has progressed without any regard for non-economic values, or for environmental issues or problems of resource restriction.

If we look back on the changes in Japanese society since the end of the Cold War, I believe it is no exaggeration to say that the global economy has damaged traditional economic activities and destroyed local communities.

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