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Japan's Economy: Lazarus or Rip van Winkle? |
| Section: CURRENT ISSUES / SPECIAL REPORT--COPING WITH THE GLOBAL RECESSION |
| Author: Balbina Hwang |
| Publication:
The World & I Online |
| Issue Date: 1/1/2002 |
| Size: 2,248 Words, 14,200 Characters |
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In 1873, a group of samurai embarked on a revolutionary reform of Japan's ruling Tokugawa shogunate, which had ossified after a century of stagnation. The young reformers sought to invigorate Japan by entwining its traditional values of hard work, enterprise, and social cohesion with Western entrepreneurial institutions and practices. Known as the Meiji Restoration, this political revolution sought to accomplish economic ends: to enliven the long-dormant economic spirit within the Japanese people.
In April 2001, maverick politician Junichiro Koizumi became prime minister of Japan amid much hope that he would initiate another restoration. Gaining power by riding a wave of popular discontent over the state of traditional politics and Japan's decade-long slide into economic decline, Koizumi has had a unique opportunity to implement major political and economic reforms and perhaps awaken Japan's near-moribund economy.
Yet the most recent news out of Japan on the economic front is grim: Unemployment surged to 5.4 percent in September, the highest level since World War II; household spending has sunk 1.3 percent; and industrial production is on a rapid decline, deepening the woes of the world's second-largest economy. It is now evident that Japan is in a pronounced recession, its fourth downturn in 10 years. Economists fear that the worst is to come, as corporate profits continue to tumble and...
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...bal campaign against terrorism. Ironically, the events of September 11 may provide the perfect opportunity for the new prime minister to make serious strides in his international and domestic political agendas by more actively supporting U.S. war efforts. It remains to be seen whether the economy can be awakened from its slumber, or whether it will continue to sleep through the next decade.
(1,432 of 14,200 characters)
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Publication Details
(The World & I Online) |
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The World & I Online is a
comprehensive academic resource that encompasses a broad range of
articles by scholars and experts in the areas of Global Studies,
Liberal Arts, Fine & Applied Arts, General Science, and Spanish.
Originally published monthly in print as The World & I, our site
includes the complete contents since 1986 and continues to publish
a new issue online each month. |
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