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 average Bank Bank of Japan behavior billion capital flows carriers competition conflict cooperation COPDAB corporate costs countries current account decade decline deregulation dollar domestic economic events Edward Elgar employment estimated events data example exchange rate exports factor fares figure firms focus groups Foreign Direct Investment Global important income increase indicates institutions interest rates International Investment Position investors Japa Japan Japanese companies Japanese economy Karel van Wolferen long-term manufacturing McKinsey measure ment military nomic noted operations output patents period political postwar productivity profits purchasing power purchasing power parity rates of return ratio relationship retailing sector share Source statistical structure Table tion Tokyo trade transactions United United Kingdom variables Wacoal World World Bank