In the Shadow of the Miracle: The Japanese Economy Since the End of High-speed Growth
Japan is living in the shadow of its economic miracle. Its stagnation and decline relative to other advanced economies since the early 1990s is a consequence of business and government difficulty in breaking away from once-successful practices. The Japanese postwar economic miracle created the world's second largest capitalist economy. This remarkable performance, in the face of such enormous obstacles, helped solidify, even sanctify, the institutions, methods, and political arrangements associated with the economic miracle. Based upon a decade of research articles distributed in the Japan Economic Institute's weekly report on Japan, In the Shadow of the Miracle analyzes the sources of Japanese growth and the nature and scale of its current economic problems. Chapters examine the steps being taken by Japan's government and business leaders to address the mounting national economic problems and the impact on Japan of the wider Asian financial crisis (1997-99). A final section addresses the question of whether Japan is fundamentally different from other advanced economies.
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40 percent adjustment airlines airports American Angus Maddison annual assets average Bank of Japan behavior billion capital flows capital stock carriers competition conflict cooperation corporate costs countries current account decade decline deregulation discounts dollar domestic economic events economic growth Edward Elgar effect employment estimated example exchange rate exports factor fares figure firms focus groups Foreign Direct Investment gross important income increase indicates Interest Rate Parity interest rates International Investment Position Investment Position investors Japa Japanese companies Japanese economy Karel van Wolferen long-term manufacturing measure ment military nomic operations output patents period political postwar problem productivity profits purchasing power parity rates of return ratio relations relationship Science sector share Source Statistics structure Table tion Tokyo trade United Kingdom University variables Wacoal World Bank