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Author : Jon Woronoff
Publisher : Tokyo : Lotus Press ; Phoenix, Ariz. : distributor in the U.S.A. Phoenix Books
Page : 316 pages
File Size : 55,8 Mb
Release : 1979
Category : Japan
ISBN : 0914778269
Author : Jon Woronoff
Publisher : Springer
Page : 287 pages
File Size : 46,8 Mb
Release : 1996-10-01
Category : Business & Economics
ISBN : 9780230375680
`For years Jon Woronoff has been telling us that far from having devised some miraculous solution to the problems of capitalism, Japan remains vulnerable to crisis. For years he was either patronised or ignored by purveyors of the myth of the `Japanese miracle'. Now, however, the economic `bubble' has well and truly burst, the `miracle' looks more and more tarnished and Woronoff has the grim satisfaction of being able to say `I told you so.' - John Crump, University of York Even while Japan's supporters and apologists boasted of the 'miracle' economy, it was developing weaknesses and flaws which have undermined it. Growth is slowing, the labour force is aging and youngsters lack the old work ethic. Manufacturing is dwindling while inefficient services, distribution and agriculture fester. There are good companies, but many more mediocre ones, and even the best make slim profits. Meanwhile people are tired of long work hours and little leisure, high prices for virtually everything, inadequate housing, amenities and welfare, and a quality of life that is a poor reward for their sacrifices. This adds up to a crisis for many Japanese companies, individuals and society as a whole. It is a crisis that has been spreading rapidly since the collapse of the 'bubble' of the 1980s. And there is little hope that another 'miracle' can overcome the problems and put the economy back on track. More radical change is needed, the sort of change that is most unlikely to occur in Japan. This predicament is well known to the Japanese. But it is inadequately reflected in books for foreigners. That is why Jon Woronoff has written The Japanese Economic Crisis . Again he reveals the problems and failures, the facts and realities that others still miss but are indispensable if you want to understand the true situation.
Author : W. R. Garside
Publisher : Edward Elgar Publishing
Page : 229 pages
File Size : 52,7 Mb
Release : 2012-01-01
Category : Business & Economics
ISBN : 9780857938220
'Recent events have rendered Japan's lost decades all the more relevant to the rest of us. Rick Garside, in this wide-ranging and accessible account, explores the political economy of Japan's great stagnation with an eye toward describing how other advanced economies can avoid going down the same path.' – Barry Eichengreen, University of California, Berkeley, US 'Professor Garside's timely book transcends the national preoccupation suggested by its title. From one viewpoint this is a case study (admittedly on a grand scale) of the experience of one country in one historical period. But in analyzing the dynamic relationship between Japan's post-war economic miracle and its chronic stagnation from the 1990's he offers a penetrating insight into the links between profound and embedded institutional and ideological influences, global upheaval, and almost disastrous national economic performance. Hence, Japan's Great Stagnation – the unfolding story of that country's declining experience from masterful economic power to seeming economic paralysis – provides us with an all-too familiar scenario with which to approach the contemporaneous ills of the world's developed economies. The interaction between banking crises, unwieldy institutions (especially, but not only, financial institutions), policy frailties, and stagnating demand – all conspired to create crisis and then handicap or prevent recovery. And the familiarity of the story is aggravated by the global financial crisis which now threatens to engulf us. History never fully repeats itself, but Professor Garside's illuminating examination of Japan's recent experiences must surely provide important points of relevance for the world's current malaise. He is to be congratulated on the depth and scope of what he has achieved – and for its relevance to what we are experiencing.' – Barry Supple, University of Cambridge, UK This timely book presents a critical examination of the developmental premises of Japan's high-growth success and its subsequent drift into recession, stagnation and piecemeal reform. The country, which within a few decades of wartime defeat mounted a serious challenge to American hegemony, appeared incapable of fully adjusting to shifting economic circumstance once the impulses of catch-up growth and the good fortune of an accommodating international environment faded. The banking crises, spiralling government debt, and stagnant growth experienced by major industrialized nations in recent years have evoked renewed interest in Japan's economic denouement since the 1990s. To many, Japan's drift into recession and financial crisis during the early 1990s, and later into stagnation and prolonged deflation, demonstrated precisely what not to do when fashioning remedial policy. This book details the legacies of Japan's high-growth success and how they affected Japan's capacity to cope with shifting national and international circumstance from the 1980s. It reviews the contentious debates over the causes and consequences of the 'bubble economy' and the 'lost decade', and assesses the extent to which reforms since 1997 have been compromised by lingering attachments to Japan's distinctive post-war political economy. Providing an analytical overview of both the high growth and recessionary periods and of subsequent reform agendas, this timely book will appeal to students, academics and researchers of economic history, development and politics, particularly those with an interest in Japan and Asian studies more generally.
Author : Makoto Itoh
Publisher : Springer
Page : 278 pages
File Size : 52,8 Mb
Release : 1990-11-01
Category : Business & Economics
ISBN : 9781349210848
The current world economic crisis and its impact on Japanese capitalism contains many paradoxes. After the historical conditions of continuous growth under US economic hegemony broke down, generating a global economic crisis from the beginning of the 1970s, the restructuring of capitalism through the 'information revolution' seems paradoxically to be causing a historical reverse in social conditions of over a century. Although the Japanese economy is often regarded as an exceptionally successful economy it is not immune from the crisis. The process of restrengthening Japanese competitive power has weakened the social position of Japanese workers. This book offers a stimulating analysis of the dynamics of the world and Japanese economy. The author's previous book The Basic Theory of Capitalism gives a solid theoretical basis for the treatment of the current crisis in this present study.
Author : Brian Reading
Publisher : HarperCollins Publishers
Page : 328 pages
File Size : 51,8 Mb
Release : 1992
Category : Business & Economics
ISBN : UOM:35128001317914
Behind the overwhelming economic and material success of Japan and the Japanese lies a hara-kiri economy, society and political system set to self-destruct. This timely, probing and provocative report on the Japanese miracle describes the looming crisis the country faces in the 1990s. Three rival politico-economic systems have dominated the postwar world: Communist dictatorship, capitalist democracy and neofeudal Japanese corporatism. After the war the Japanese people had nothing. Today they are among the wealthiest in the world. Japan's unique one-party system has produced an economic miracle, and the Japanese success is envied by all. Yet it is deeply flawed. Japan's political economy is unstable. Japan has become a nation of wealth, unfairly obtained and unequally shared, run by venal politicians for the benefit of their corrupt paymasters. Though Japan is materially rich, the quality of life for ordinary Japanese remains depressingly poor. Like Russians, Czechs, Hungarians and Poles, the Japanese recognise the superiority of free-market democracy. They are clamouring for reform. But reform requires that wealth be redistributed from the one-third who own everything to the two-thirds who own nothing. Consensus politics cannot deliver this. It is doomed. The factious ruling party is collapsing in a welter of scandal. Confrontational politics will follow, leading to civil disorder and violence. The country faces its worst economic and political crisis since the war. Its collapse will not be as cataclysmic as that of Communism. Nevertheless, Japan has entered a decade of turbulence.
Author : David Bailey
Publisher : Edward Elgar Publishing
Page : 235 pages
File Size : 53,8 Mb
Release : 2007-01-01
Category : Political Science
ISBN : 9781847206800
Explores Japan's economic crisis and recovery, analysing the role of corporations, the state, macroeconomic and industrial policy, and the changing status of Japan as an economic role model. This book covers such topics as: the relevance of Western economic models to the Japanese case; and the Japanese macro-economy and financial system.
Author : Jennifer Amyx
Publisher : Princeton University Press
Page : 392 pages
File Size : 42,8 Mb
Release : 2013-10-31
Category : Political Science
ISBN : 9781400849635
At the beginning of the 1990s, a massive speculative asset bubble burst in Japan, leaving the nation's banks with an enormous burden of nonperforming loans. Banking crises have become increasingly common across the globe, but what was distinctive about the Japanese case was the unusually long delay before the government intervened to aggressively address the bad debt problem. The postponed response by Japanese authorities to the nation's banking crisis has had enormous political and economic consequences for Japan as well as for the rest of the world. This book helps us understand the nature of the Japanese government's response while also providing important insights into why Japan seems unable to get its financial system back on track 13 years later. The book focuses on the role of policy networks in Japanese finance, showing with nuance and detail how Japan's Finance Ministry was embedded within the political and financial worlds, how that structure was similar to and different from that of its counterparts in other countries, and how the distinctive nature of Japan's institutional arrangements affected the capacity of the government to manage change. The book focuses in particular on two intervening variables that bring about a functional shift in the Finance Ministry's policy networks: domestic political change under coalition government and a dramatic rise in information requirements for effective regulation. As a result of change in these variables, networks that once enhanced policymaking capacity in Japanese finance became "paralyzing networks"--with disastrous results.
Author : Ryozo Himino
Publisher : Springer Nature
Page : 127 pages
File Size : 41,6 Mb
Release : 2021-01-07
Category : Business & Economics
ISBN : 9789811595981
This open access book provides a readable narrative of the bubbles and the banking crisis Japan experienced during the two decades between the late 1980s and the early 2000s. Japan, which was a leading competitor in the world’s manufacturing sector, tried to transform itself into an economy with domestic demand-led mature growth, but the ensuing bubbles and crisis instead made the country suffer from chronicle deflation and stagnation. The book analyses why the Japanese authorities could not avoid making choices that led to this outcome. The chapters are based on the lectures to regulators from emerging economies delivered at the Global Financial Partnership Center of the Financial Services Agency of Japan.
Author : Ryōichi Mikitani,Adam Simon Posen
Publisher : Peterson Institute
Page : 256 pages
File Size : 55,6 Mb
Release : 2000
Category : Business & Economics
ISBN : 088132289X
Japan is only one of many industrialized economies to suffer a financial crisis in the past 15 years, but it has suffered the most from its crisis--as measured in lost output and investment opportunities, and in the direct costs of clean-up. Comparing the response of Japanese policy in the 1990s to that of US monetary and financial policy to the American Savings and Loan Crisis of the late 1980s sheds light on the reasons for this outcome. This volume was created by bringing together several leading academics from the United States and Japan--plus former senior policymakers from both countries--to discuss the challenges to Japanese financial and monetary policy in the 1990s. The papers address in turn both the monetary and financial aspects of the crisis, and the discussants bring together broad themes across the two countries' experiences. As the papers in this Special Report demonstrate, while the Japanese government's policy response to its banking crisis in the 1990s was slow in comparison to that of the US government a decade earlier, the underlying dynamics were similar. A combination of mismanaged partial deregulation and regulatory forebearance gave rise to the crisis and allowed it to deepen, and only the closure of some banks and injection of new capital into others began the resolution. The Bank of Japan's monetary policy from the late 1980s onward, however, was increasingly out of step with US or other developed country norms. In particular, the Bank of Japan's limited response to deflation after being granted independence in 1998 stands out as a dangerous and unusual stance.
Author : Adam Simon Posen
Publisher : Peterson Institute
Page : 216 pages
File Size : 41,8 Mb
Release : 1998
Category : Business & Economics
ISBN : 0881322628
Criticism of current Japanese macroeconomic and financial policies is so wide spread that the reasons for it are assumed to be self-evident. In this volume, Adam Posen explains in depth why a shift in Japanese fiscal and monetary policies, as well as financial reform, would be in Japan's self-interest. He demonstrates that Japanese economic stagnation in the 1990s is the result of mistaken fiscal austerity and financial laissez-faire rather than a structural decline of the "Japan Model." The author outlines a program for putting the country back on the path to solid economic growth - primarily through permanent tax cuts and monetary stabilization - and draws broader lessons from the recent Japanese policy actions that led to the country's continuing stagnation.
Author : Michèle Schmiegelow
Publisher : Routledge
Page : 326 pages
File Size : 44,6 Mb
Release : 2018-01-18
Category : Electronic
ISBN : 1138648396
Originally published in 1986, after a period of global changes and financial crisis in the majority of industrialised countries, this book explores how Japan�s economy seemed to maintain its success. This study provides an overview of the Japanese case and the main schools of thought that arose from it by dealing with export-related issues such as reforms in foreign exchange and trade control laws and the internationalisation of Japan�s financial markets as well as more domestic issues such as employment and wages. This title will be of interest to students of Asian Studies and Economics.
Author : Daniel Dirks,Jean-Francois Huchet,Thierry Ribault
Publisher : Springer Science & Business Media
Page : 428 pages
File Size : 53,8 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642582578
Japanese firms are in the midst of the most protracted economic crisis in their post-war history. The end of the "bubble economy" has led to a long era of low growth. This change in the general business environment has profound consequences for the management and the organization of corporate Japan, as well as for the theory of the Japanese firm. The contributions to this book cover a broad range of subjects, from the strategies and organizational structures to the management of human resources and innovation processes in the 1990s. These changes are systematically commented on by field specialists from abroad, especially Europe, relating the situation in Japan to comparable developments in other countries.
Author : Dongchul Cho,Takatoshi Ito,Andrew Mason
Publisher : Edward Elgar Publishing
Page : 128 pages
File Size : 40,9 Mb
Release : 2024-06-17
Category : Electronic
ISBN : 9781788110440
Japan’s dramatic transformation from economic success to economic stagnation offers important policy lessons to advanced countries everywhere that are struggling with stagnation. The term ‘Japanization’ is often used by economists to describe long-term stagnation and deflation. Symptoms include high unemployment, weak economic activity, interest rates near zero, quantitative easing, and population aging. In the global context, what can governments do to mitigate the downward trends experienced by Japan? This judiciously timed book investigates in depth the causes of Japan’s ‘lost decades’ versus the real recovery achieved by the United States, and the lessons that can be learned.
Author : Arthur J. Alexander
Publisher : Lexington Books
Page : 368 pages
File Size : 55,7 Mb
Release : 2002
Category : Business & Economics
ISBN : 0739106902
This work analyzes the sources of Japanese growth and the nature and scale of its current economic problems. It examines Japanese investment, manufacturing, research and development, the 1997-99 Asian economic crisis, and the steps being taken to address the mounting crisis.
Author : Richard Koo
Publisher : Unknown
Page : 310 pages
File Size : 44,5 Mb
Release : 2003-10-24
Category : Business & Economics
ISBN : STANFORD:36105023738011
In this groundbreaking book, leading international economist, Richard Koo argues that far from being the sick man of Asia, Japan is suffering from a temporary but highly unusual economic aberration. Economists and business commentators have always assumed that the majority of companies in any economy are forward looking and are trying to maximize profits. They never considered the possibility that a vast majority of companies may be placing their highest priorities on minimizing debt in order to repair their balance sheets. But that remote possibility has been the reality in Japan for the past decade, and more recently in many other countries including at least a part of the US. Balance Sheet Recession argues that contrary to popular belief, it is this massive shift in corporate behavior, instead of structural problems, that is the root cause of both the deflation and the non-performing loan problems that have troubled Japan for so long. It argues that when the causality runs from the corporate balance sheet problems to deflation and banking problems, a highly unconventional policy response is needed to stabilize the economy. After all, the last time anything similar has happened was the 1930s in the US. Richard Koo's experience in dealing with both the US banking crisis of the early 1980s and the Japanese balance sheet and banking problems of the last ten years makes him unique qualified to comment on this situation. He clearly explains how such a recession can happen in any economy following an asset price bubble, and how best to deal with it.
