Sun Also Sets: Limits to Japan's Economic Power

Sun Also Sets: Limits to Japan's Economic Power

by Bill Emmott
     
 

Japan, that special set of islands, has a constant ability to amaze. Time & time again in the past few decades the country, its society, & its economy have appeared to be set on one particular course, or to be headed for an inevitable crisis, or in some important respect to be unchangeable. & yet time & time again Japan has spring a big surprise, astonishing… See more details below

Overview

Japan, that special set of islands, has a constant ability to amaze. Time & time again in the past few decades the country, its society, & its economy have appeared to be set on one particular course, or to be headed for an inevitable crisis, or in some important respect to be unchangeable. & yet time & time again Japan has spring a big surprise, astonishing observers, whether Japanese or non Japanese, by its ability suddenly to switch direction. That is exactly what has been happening as Japan has entered the final decade of the 20th century. An outstanding contribution to our understanding of Japan & its present & future role in the world.

Editorial Reviews

Publishers Weekly - Publisher's Weekly
Emmot, former Tokyo correspondent for the why do we ital the here but not, say, The New Yorker?gs/good point. Economist , here offers one of the most sensible books on the Japanese economy to appear in memory. He shows that Japan's economic power derives from an enormous capital surplus amassed through a high savings rate (16% compared to U.S. 3%-5%) and an excess of exports over imports. The surplus has financed Japanese industrial expansion abroad but has driven the Tokyo real estate and stock markets sky high, perhaps dangerously so. These surpluses have peaked and will disappear over the next decade, argues Emmot, because ``Japan is becoming a nation of consumers, of pleasure-seekers, of importers, of investors, and of speculators.'' In the meantime, the fall of the dollar is helping to bring America's trade deficit down. The book provides an antidote to the Japan-bashers. Author tour. (Nov.)
Library Journal - Library Journal
Recent books have warned of American vulnerability to Japan's economic prowess, for instance, Douglas Frantz and Catherine Collins's Selling Out: How We Are Letting Japan Buy Our Land, Our Financial Institutions and Our Future ( LJ 5/1/89). Emmott, formerly the Tokyo correspondent for the London Economist , here reviews the economic and political arguments in a readable and balanced way. He concludes that present Japanese strength is short-term, and that consumerism in the rising generation, an aging population, and a speculative itch, as well as basic economic factors , soon will right the international balance. Scrutinizing Japan's position in world politics, Emmott further concludes that ``Only if America fails to lead will Japan have to initiate.'' This is an engaging journalistic review of an important current topic.-- Charles W. Hayford, Northwestern Univ., Evanston, Ill.

Product Details

ISBN-13:
9780671735869
Publisher:
Touchstone
Publication date:
04/15/1991
Edition description:
1st Touchstone ed
Pages:
304
Product dimensions:
0.69(w) x 6.00(h) x 9.00(d)

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