Japan, the System That Soured / Edition 1

Japan, the System That Soured / Edition 1

by Richard Katz
     
 

ISBN-10: 0765603101

ISBN-13: 9780765603104

Pub. Date: 05/31/1998

Publisher: Taylor & Francis

After seven long years of economic malaise, it is clear that something has gone awry in Japan. Unless Japan undertakes sweeping reform, official forecasts now warn, growth will steadily dwindle. How could the world's most acclaimed economic miracle have stumbled so badly? As this important book explains, the root of the problem is that Japan is still mired in the

Overview

After seven long years of economic malaise, it is clear that something has gone awry in Japan. Unless Japan undertakes sweeping reform, official forecasts now warn, growth will steadily dwindle. How could the world's most acclaimed economic miracle have stumbled so badly? As this important book explains, the root of the problem is that Japan is still mired in the structures, policies, and mental habits of the 1950s-1960s. Four decades ago while in the "catch-up" phase of its economic evolution, policies that gave rise to "Japan, Inc". made a lot of sense. By the 1970s and 1980s, when Japan had become a more mature economy, "catch-up economics" had become passe,
even counterproductive. Even worse, in response to the oil shocks, Japan increasingly used its industrial policy tools. not to promote "winners", but to shield "losers" from competition at home and abroad. Japan's well-known aversion to imports is part and parcel of this politically understandable, but economically self-defeating, pattern. The end result is a deformed "dual economy" unique in the industrial world. Now this "dualism" is sapping the strength of the entire economy. The protection of the weak is driving Japan's most inefficient companies to invest offshore instead of at home. Without sweeping reform, real recovery will prove elusive. The challenging thesis articulated in this book is receiving widespread media attention in the United States and Japan and is sure to provoke continuing debate and controversy.

Product Details

ISBN-13:
9780765603104
Publisher:
Taylor & Francis
Publication date:
05/31/1998
Edition description:
New Edition
Pages:
336
Product dimensions:
6.04(w) x 9.20(h) x 1.18(d)
Age Range:
18 Years

Table of Contents

Acknowledgmentsix
List of Figuresxi
List of Tablesxv
Introduction: What Happened to the Miracle?
1.Mainframe Economics in a PC World3
Part 1The Two Japans
2.Japan's Deformed Dual Economy29
3."Hollowing Out": Driving Away the Geese That Lay the Golden Eggs47
4.From Growth Superstar to Economic Laggard55
Part 2The Success and the Souring
5.The Politics of Japanese Economic Policy75
6.1955-73: The System Succeeds in the Era of Catch-Up107
7.1973-90: The System Sours165
8.Economic Anorexia: From Bubble to Bust197
Part 3Open Trade: The Heavy Artillery of Economic Reform
9.If Poland Can Reform, Why Not Japan?239
10.Asia Versus Japan in the Race to Reform250
11.Japan's Peculiar Trade: Too Few Imports, Too Few Exports258
12.Is Japan Opening Up?272
Part 4The Road Ahead
13.Beyond Revisionism and Traditionalism: A New Paradigm to Guide Policy289
14.Interregnum: Whither Japan?318
Appendices
Appendix AWhy Industrial Policy Only Works in the Catch-Up Era349
Appendix BControversy over Export-Led Industrialization358
Appendix CReading the Econometric Tables359
Appendix DFrom Superstar to Laggard: The Growth Model362
Appendix ETrade and Growth372
Appendix FJapan's Peculiar Trade376
Appendix GThe "Overloan" System in Banking: Artificial Scarcity382
Appendix H"Economic Anorexia" in a Developmental Perspective384
Appendix IHow Japan's Cartels Destroy Productivity386
Appendix JThe Dual Economy and Hollowing Out396
Appendix KThe Macroeconomics of the U.S.-Japan Trade Imbalance397
Appendix LTrade, Capital Flows, and the Gyrations of the Yen401
Appendix MInvestment-Driven Growth Versus Productivity-Driven Growth405
Notes407
Bibliography435
Index449

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