Japan: What's Wrong and How to Fix It

Paper Summary:

The paper first analyzes the Japanese Growth Model of the 1980s, and then identifies 5 reasons why that model doesn't work well with the globalization of the 1990s. The paper then recommends a two-pronged strategy for restructuring the Japanese economy and justifies this approach, analyzing why it should work. The writer concludes that while the situation is difficult, it is fixable, and is optimistic that the Japanese will be able to restore their economy to health. This paper is especially interesting in that it was written during the "Asian meltdown," before the rest of Asia collapsed and dragged down the Japanese economy even further.

From the Paper:

"Many have advanced the hypothesis that higher growth in the new global economy is associated with greater risk-taking, dynamic entrepreneurship and more aggressive competition rather than the low risk model of the last few decades. The old growth model does not work anymore because of four fundamental new trends in the world economy:
1. Structural change in the nature of technological innovation
2. Greater global trade competition
3. Deregulation that is fostering competition
4. Corporate restructuring"

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