Japanese Phoenix: The Long Road to Economic Revival

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M.E. Sharpe, 2003 - Political Science - 351 pages
Japan will recover and its economic achievements will once again earn the world's admiration, with sustained annual growth of three percent, perhaps more, well within reach. This is the confident forecast that begins Japanese Phoenix: The Long Road to Economic Revival by the author of Japan: The System That Soured, which several years ago accurately predicted Japan's current travails at a time when others were prematurely pronouncing full recovery. Katz warns however that there is bad news to go with the good. So deep-seated are Japan's dysfunctions that, even if it did everything right today, it would take at least five years for truly vibrant growth to take hold. But Japan will not do everything right. Opposition to reform is deep-seated and a myriad of vested interests and millions of jobs are at stake. Still he notes, there is little doubt that reform will succeed. Japanese Phoenix tells the story of the struggle between the forces of reform and the forces of resistance. It dissects Prime Minister Koizumi's role in the process, and explains why Japan is in so much trouble and what needs to be done. It explore the debates among economists and gives a careful progress report on all the moves made so far in the name of reform - from greater direct foreign investment, to the financial "Big Bang", to ending one-party rule by the Liberal Democratic Party. Katz concludes that this is just the second round of a 15-round fight. Japan is a great nation currently trapped in obsolete institutions. As it has before, Japan will find a way to surmount its problems and regain its forward progress.
 

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Contents

The Long and Bumpy Road to Revival
3
The Incredible Shrinking Japan
25
Overcoming the Dual Economy Backward Sectors Are the Key to Japans Revival
40
Overcoming Anorexia The Labors of Sisyphus
59
The Banking Crisis Dead Firms Walking
81
Fiscal Dilemmas
105
Monetary Magic Bullets Are Blanks
117
Japan Cannot Export Its Way Out
136
Corporate Reform No Competitiveness Without More Competition
217
Competition Policy Not Enough Competition Even Less Policy
241
Labor Reform Mobility Not Wage Cuts Is the Answer
248
Deregulation and State Enterprises The Momentum Is Clear the Destination Is Not
260
Tax Reform Dont Exacerbate Anorexia
278
Electoral Reform Ending the OneParty State
284
The United States Is Not Japan
291
How the United States Can Help
298

Globalization The Linchpin of Reform
147
Imports Too Many Captives Not Enough Competitors
153
Foreign Direct Investment A Sea Change
165
Financial Integration The Iceberg Cracks
177
What Is Structural Reform?
193
Financial Reform Big Bang Versus Financial Socialism
196
The Phoenix Economy
311
Notes
313
Bibliography
329
Index
341
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