Japan's "third way" capitalism

Fumio Kishida, Prime Minister of Japan: Opening Remarks | GZERO Summit | GZERO Media
Japan, the world's third-largest economy, has long been a bastion of modern capitalism. But newly-minted PM Fumio Kishida thinks it's time for a rethink of the neoliberal model.


Capitalism must further evolve, Kishida says during an exclusive address to our parent company Eurasia Group's 2021 GZERO Summit. And Japan can help lead the way along with other advanced democracies like the US and European countries in an increasingly G-Zero world.

But what does Japan's "third way" capitalism actually entail?

A big part is combating rising inequality, one of several market-based distortions that have led to electoral populism and "narrow-minded nationalism."

It's also about investing big in climate, digital transformation, and economic security — including health — for all citizens.

Kishida plans to detail his vision for a new capitalism in the spring.

In the meantime, the prime minister has already committed Japan to spending $4.4 billion on COVID vaccines and treatment, and to cut greenhouse gas emissions by a whopping 46 percent by the end of the decade in order to achieve net zero emissions by 2050.

Watch Kishida's speech and insights from other participants on Day 2 of the event on the GZERO Summit website.

More from GZERO Media

Chinese President Xi Jinping, Indian Prime Minister Narendra Modi and Russian President Vladimir Putin speak during a meeting at the Shanghai Cooperation Organisation (SCO) summit in Tianjin, China, on September 1, 2025.
Sputnik/Alexander Kazakov/Pool via REUTERS

The leaders of China, India, Russia, and over twenty countries from the “Global South” gathered in Beijing yesterday, marking another milestone away from the US-led global order. Several leaders will also attend a major Chinese military parade tomorrow.

European Commission President Ursula von der Leyen speaks during a press conference at Mihail Kogalniceanu Air Base, in Mihail Kogalniceanu, near Constanta, Romania September 1, 2025.
Inquam Photos/George Calin via REUTERS

European Commission President Ursula von der Leyen’s plane lost GPS navigation while approaching Plovdiv, Bulgaria, on Sunday. Pilots circled for an hour before landing manually with paper maps.