Japan’s Economic Dilemma The Institutional Origins of Prosperity and Stagnation 1st edition by Bai Gao ISBN 0521793734 9780521793735
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ISBN 10: 0521793734
ISBN 13: 9780521793735
Author: Bai Gao
After decades of seemingly unsurpassable growth and prosperity, Japan’s economy declined in the 1990s. The reversal stunned observers: How could the economy have reversed itself so abruptly? Bai Gao’s illuminating analysis of Japan’s economic story demonstrates how the same economic institutions could produce both remarkable successes and a prolonged slump. In Japan’s Economic Dilemma, Gao describes tensions within the Japanese economic system that created a bubble in the 1980s, yet became unsustainable and led to a stagnant domestic economy in the 1990s. Those who have been following the lively debate over “What became of the Japanese Miracle?” will appreciate Gao’s historical perspective and multilayered analysis. Bai Gao is an associate professor in the department of sociology at Duke University in Durham, North Carolina. He was a visiting scholar at Tokyo University and taught at Hitotsubashi University and Yokohama National University. He is the author of Economic Ideology and Japanese Industrial Policy (Cambridge, 1997), which received the 1998 Hiromi Arisawa Memorial Award in Best Books in Japanese Studies from the Association of American University Presses.
Japan’s Economic Dilemma The Institutional Origins of Prosperity and Stagnation 1st Table of contents:
ACKNOWLEDGMENTS
CHAPTER 1 INTRODUCTION
THREE THEORIES
POINT OF DEPARTURE
AN INSTITUTIONAL EXPLANATION
THE STRUCTURE OF THIS BOOK
CHAPTER 2 THREE THEORETICAL ISSUES
THE INSTITUTIONAL PROCESS OF GLOBALIZATION AND THE TWO STRUCTURAL SHIFTS
COORDINATION VERSUS CONTROL AND MONITORING: THE MECHANISM OF EXCESSIVE COMPETITION
STABILITY VERSUS ELEVATING THE ECONOMIC STRUCTURE: THE MECHANISM OF TOTAL EMPLOYMENT
CHAPTER 3 THE RISE OF THE PRINCIPLES OF COORDINATION AND STABILITY
THE COLLAPSE OF THE GOLD STANDARD AND THE CRISIS OF THE LAST PEAK OF GLOBALIZATION
MAINTAINING STABILITY AND THE RISE OF THE MANDATORY CARTELS
THE EARLY PATTERN OF TOTAL EMPLOYMENT
DIRECT STATE CONTROL OF RESOURCE ALLOCATION
THE DEVELOPMENT OF INDIRECT FINANCING AND THE MAIN BANK SYSTEM
THE CONTROL ASSOCIATIONS
THE WEAKENING CONTROL OF MANAGEMENT BY SHAREHOLDERS AND BANKS’ MONITORING OF CORPORATIONS
THE DEVELOPMENT OF SUBCONTRACTING
CONCLUSION
CHAPTER 4 COORDINATION, EXCESSIVE COMPETITION, AND HIGH-SPEED ECONOMIC GROWTH
HIGH GROWTH AND EXCESSIVE COMPETITION
AN IMPORTANT POLICY MIX
A STABLE SUPPLY OF INDUSTRIAL CAPITAL
CONVOY ADMINISTRATION AND THE REDUCTION OF INVESTMENT RISKS
MITI AND COMPETITIVE OLIGOPOLIES
THE DEVELOPMENT OF THE KEIRETSU
INDIRECT FINANCING
THE MAIN BANK SYSTEM
RECIPROCAL SHAREHOLDING
THE ONE-SET INVESTMENT STRATEGY OF THE KEIRETSU
PERMANENT EMPLOYMENT AND THE STRONG GROWTH ORIENTATION OF JAPANESE COMPANIES
THE LIBERALIZATION OF TRADE AND FOREIGN INVESTMENT
THE IMPACT OF EXCESSIVE COMPETITION ON ECONOMIES OF SCALE
THE FAILURE OF THE NEW INDUSTRIAL SYSTEM
THE PERSISTENCE OF THE DUAL ECONOMY
CONCLUSION
CHAPTER 5 STABILITY, TOTAL EMPLOYMENT, AND THE WELFARE SOCIETY
STABILITY AND TOTAL EMPLOYMENT
THE U.S. EFFORT TO BUILD A MULTILATERAL INTERNATIONAL TRADE REGIME, JAPAN’S STRONG DEVELOPMENTAL O
ASYMMETRIC COOPERATION WITH THE UNITED STATES AND THE WELFARE SOCIETY IN JAPAN
THE PERMANENT EMPLOYMENT SYSTEM
THE ROLE OF CARTELS
THE POLITICS OF PROTECTING THE WEAK
JAPANESE WOMEN IN THE LABOR MARKET
THE TRADEOFFS OF THE TOTAL EMPLOYMENT STRATEGY
CONCLUSION
CHAPTER 6 THE ROADS TO THE BUBBLE
EXCESSIVE COMPETITION AND THE TWO BUBBLES
THE COLLAPSE OF THE BRETTON WOODS SYSTEM
THE DILEMMA BETWEEN A STABLE EXCHANGE RATE AND THE BALANCE OF DOMESTIC DEMAND AND SUPPLY
THE FIRST OIL SHOCK AND THE DEPARTURE OF CORPORATE FINANCE FROM THE MAIN BANKS
THE LIBERALIZATION OF FINANCE
ZAI’TECH
MULTILATERAL POLICY COOPERATION AND THE PLAZA ACCORD
THE OVERSUPPLY OF MONEY
THE MAEKAWA REPORT
THE ADOPTION OF AN EXPANSIONARY FISCAL POLICY
EQUITY FINANCE
BANKS DURING THE BUBBLE
THE TWIST OF TECHNOLOGICAL INNOVATION
FROM PRODUCTION TO SERVICE
THE BEGINNING OF DEINDUSTRIALIZATION
CONCLUSION
CHAPTER 7 THE STRUGGLE OF THE WELFARE SOCIETY
THE END OF ASYMMETRIC COOPERATION
THE END OF THE HIGH GROWTH AND BEGINNING OF DECLINING PROFITABILITY
TWO ATTEMPTED DEPARTURES FROM THE PAST
THE CHALLENGE TO CARTELS AND THE STATE-LED NONMARKET GOVERNING MECHANISMS
THE EXPANSION OF GOVERNMENT PROTECTION OF INEFFICIENT SECTORS AND SUNSET INDUSTRIES
THE TRADEOFFS BETWEEN JOB SECURITY AND WAGES
COMPETITION POLICY IN A WELFARE SOCIETY
THE RISE OF INEQUALITY
CONCLUSION
CHAPTER 8 FIGHTING THE STAGNATION
THE BURST OF THE BUBBLE
THE DILEMMAS AMONG MULTIPLE POLICY OBJECTIVES AND THE LIQUIDITY TRAP
STRENGTHENING BANK MONITORING
THE EFFORTS IN TIGHTENING SHAREHOLDERS’ CONTROL OVER MANAGEMENT
LOSING THE FOUNDATION OF TOTAL EMPLOYMENT
SEARCHING FOR A STABLE INTERNATIONAL ENVIRONMENT
SOME REFLECTIONS
AN INSTITUTIONAL DIAGNOSIS OF THE STAGNATION
REFERENCES
INDEX
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Tags: Bai Gao, Japan’s Economic, The Institutional