The magic of Abenomics

Western economies should embrace Japan's Abenomics. Too bad they won't.

Japan's Prime Minister Shinzo Abe
(Image credit: REUTERS/Isse Kato)

Japanese Prime Minister Shinzo Abe just crushed his opponents after calling a snap election of Japan's Diet, the lower house of Parliament, of which Abe's coalition will now control a supermajority. Coverage of the election is likely to focus on foreign policy: Abe called the election in part because he wants a mandate to change the country's constitution to remove its postwar "pacifism clause" in the face of rising threats from North Korea and China.

But Abe's enduring political success also speaks to the bizarrely ignored success of Abe's economic agenda, called Abenomics.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
Pascal-Emmanuel Gobry

Pascal-Emmanuel Gobry is a writer and fellow at the Ethics and Public Policy Center. His writing has appeared at Forbes, The Atlantic, First Things, Commentary Magazine, The Daily Beast, The Federalist, Quartz, and other places. He lives in Paris with his beloved wife and daughter.