1. Peter Alexis Gourevitch, Politics in Hard Times: Comparative Responses to International Economic Crises, Cornell Studies in Political Economy (Ithaca, NY: Cornell University Press, 1986); Peter A. Hall, The Political Power of Economic Ideas: Keynesianism across Nations (Princeton, NJ: Princeton University Press, 1989); Andrew Shonfield, Modern Capitalism: The Changing Balance of Public and Private Power (London and New York: Oxford University Press, 1966).
2. Carles Boix, Political Parties, Growth and Equality: Conservative and Social Democratic Economic Strategies in the World Economy, Cambridge Studies in Comparative Politics (Cambridge, UK, and New York: Cambridge University Press, 1998), 11.
3. Interestingly, this is why Japan is an outlier in the data Boix presents.
4. Japan’s fiscal policy prevented private sector crowding out on the budget side. In terms of the government’s use of non-tax-based public finance via the FILP, the public sector did partly crowd out private investment, although this was mitigated by a high savings rate, which in turn FILP helped support. An anonymous reviewer raised this important distinction.
5. Gardner Ackley and Hiromitsu Ishi, “Fiscal, Monetary, and Related Policies,” in Hugh Patrick and Henry Rosovsky, eds., Asia’s New Giant: How the Japanese Economy Works (Washington, DC: Brookings Institute, 1976).
6. Kent E. Calder, Crisis and Compensation: Public Policy and Political Stabil ity in Japan, 1949–1986 (Princeton, NJ: Princeton University Press, 1988); T. J. Pempel, Regime Shift: Comparative Dynamics of the Japanese Political Economy (Ithaca, NY: Cornell University Press, 1998).