Social norms and (de-)financialization: Japan’s and China’s divergent paths in consumer credit

Since the 1980s, American-led financialization promoting capital and labour mobility has influenced Asia, but Japanese Chinese trajectories in of consumption (consumer credit development) have diverged, with 1995–2013 contraction Japan contrasting skyrocketing growth China since 2010. I argue divergence can be attributed to varying levels compatibility between American financial norms their social norms, different timings integration into global economy (the influence ‘embedded liberalism’ or neoliberalism), interests key actors each country. Anti-liberal elites reversed preserve anti-capitalistic ‘industrious norms’ strong attachments intermediary organisations, which are cornerstones dominance. In contrast, economic rationalism embedded society late imperial China, when was enhanced by removing fixed organisations considerably under autocracy, facilitated China’s consumption.