Japan: The System That Soured: The Rise and Fall of the Japanese Economic Miracle
Ten years ago, Japan was predicted to dominate the world's economy. Today, it seems too feeble even to rescue itself from its economic malaise. How could the world's most acclaimed economic miracle have stumbled so badly? Why were most experts in the U.S. and Japan caught off-guard? And why do Japan's leaders still deny the gravity of the situation?
As this book explains, the root of Japan's problem is that it's economy and politics are still mired in the patterns of the 1950s-1960s. Back then, Japan's practices were brilliantly suited to engineering an unparalleled industrial takeoff. But, once Japan became a mature economy in the 1970's, continuing in the same old mold became a recipe for disaster. The Japanese system enshrined cartels and protectionism. It created a dual economy of super-strong exporters but woefully inefficient domestic sectors. It slowly and insipidiously sapped productivity, drove Japan's most effecient companies to invest overseas, and created the financial imbalances that are wreaking havoc today.
Unfortunately, Japan's vested interests and political machines are so dependent on existing practices that resistance to reform is powerful. And yet, warns author Richard Katz, without sweeping political-economic renovation that goes far beyond mere deregulation, Japan is doomed to years of economic stagnancy, financial turmoil, and political gridlock.
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.
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Japans Deformed Dual Economy
Hollowing Out Driving Away the Geese That Lay the Golden Eggs
From Growth Superstar to Economic Laggard
The Politics of Japanese Economic Policy
195573 The System Succeeds in the Era of CatchUp
197390 The System Sours
Economic Anorexia From Bubble to Bust
Reading the Econometric Tables
From Superstar to Laggard The Growth Model
Trade and Growth
Japans Peculiar Trade
The Overloan System in Banking Artificial Scarcity
Economic Anorexia in a Developmental Perspective
How Japans Cartels Destroy Productivity
The Dual Economy and Hollowing Out
If Poland Can Reform Why Not Japan?
Asia Versus Japan in the Race to Reform
Japans Peculiar Trade Too Few Imports Too Few Exports
Is Japan Opening Up?
Beyond Revisionism and Traditionalism A New Paradigm to Guide Policy
Interregnum Whither Japan?
Why Industrial Policy Only Works in the CatchUp Era
Controversy over ExportLed Industrialization