You know capitalism is struggling when one of the system’s greatest beneficiaries — Japan — starts calling for its renewal.

“New capitalism” was the slogan Fumio Kishida ran on in his successful bid to replace the unpopular Prime Minister Yoshihide Suga , who resigned last fall. The defenders of neoliberalism warned that “Kishida’s new capitalism is in fact plain old socialism.” The Japan Communist Party, on the other hand, dismissed the concept as nothing but a “continuation of a bankrupt neoliberalism.” So, which is it?

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