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Picking Winners? From Technology Catch-up to the Space Race in Japan (review)

Picking Winners? From Technology Catch-up to the Space Race in Japan (review) (and has since fallen below 5.0 per cent); the nation's large auto and electronics firms managed to avoid bankruptcy and large-scale involuntary layoffs; the top four commercial banks stayed above the insolvency line; deflation continued, but at a moderate pace that could not yet be called a "spiral"; and public debt was growing, but investors continued to willingly invest in Japanese government bonds at very low interest rates. If it remains premature to declare Japan "in crisis," it is similarly too early to argue that Japan has begun responding with the kind of urgency we saw in Meiji or postoccupation Japan. Maswood's own review of Japan's reforms identifies numerous areas in which reform rhetoric has not been matched by action. For all of these reasons, this book is likely ahead of its time. When one of the Big Four banks fails, deflation deepens, large industrial firms file for bankruptcy, unemployment spikes up, and interest rates on government bonds surge in anticipation of hyperinflation, then Japan will finally have experienced a "crisis" worthy of equating to the two earlier episodes. At that time, the government will have to act aggressively in response. The big question for Japan, which Maswood http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Journal of Japanese Studies Society for Japanese Studies

Picking Winners? From Technology Catch-up to the Space Race in Japan (review)

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Publisher
Society for Japanese Studies
Copyright
Copyright © 2004 Society for Japanese Studies.
ISSN
1549-4721
Publisher site
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Abstract

(and has since fallen below 5.0 per cent); the nation's large auto and electronics firms managed to avoid bankruptcy and large-scale involuntary layoffs; the top four commercial banks stayed above the insolvency line; deflation continued, but at a moderate pace that could not yet be called a "spiral"; and public debt was growing, but investors continued to willingly invest in Japanese government bonds at very low interest rates. If it remains premature to declare Japan "in crisis," it is similarly too early to argue that Japan has begun responding with the kind of urgency we saw in Meiji or postoccupation Japan. Maswood's own review of Japan's reforms identifies numerous areas in which reform rhetoric has not been matched by action. For all of these reasons, this book is likely ahead of its time. When one of the Big Four banks fails, deflation deepens, large industrial firms file for bankruptcy, unemployment spikes up, and interest rates on government bonds surge in anticipation of hyperinflation, then Japan will finally have experienced a "crisis" worthy of equating to the two earlier episodes. At that time, the government will have to act aggressively in response. The big question for Japan, which Maswood

Journal

The Journal of Japanese StudiesSociety for Japanese Studies

Published: Jul 30, 2004

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