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Postwar Japanese Economy: Lessons of Economic Growth and the Bubble Economy

webmaster| 13 Dec 2010| 0 comments | News
By Mitsuhiko Iyoda (New York: Springer: 2010, pp xvii+157, hardcover, ISBN: 978-1-4419-6331-4)</p><p>Mitsuhiko Iyoda: Professor of Economics, St. Andrew’s University (Momoyama Gakuin University), Japan<br />http://www.buckingham.ac.uk/news/pow2010/iyoda.html</p><p>

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Since the end of World War II, the Japanese Economy has seen rapid changes and remarkable progress.  It has also experienced a bubble economy and period of prolonged stagnation.  The book seeks to address three major questions:  What kinds of changes have taken place in the postwar years?  In what sense has there been progress?  What lessons can be drawn from the experiences?

The book is organized as follows.  It begins with an overview of the postwar Japanese Economy, using data to highlight historical changes.  The four major economic issues in the postwar Japanese economy (economic restoration, rapid economic growth, the bubble economy and current topics) are addressed, with particular focus on the meaning of economic growth and the bubble economy. The next chapters examine the important economic issues for Japan related to a welfare-oriented society, including income distribution, asset distribution, and the relative share of income.  Another chapter deals with the household structure of Japan, the pension issue and the importance of the effect of demographic change on income distribution.  The final chapter gives a brief summary, examines quality of life as a lesson of this research, and briefly outlines a proposal for a basic design towards achieving a high satisfaction level society.

This book will be of interest to economists, economic historians and political scientists and would be useful as a text for any course on the Japanese economy.

What lessons can be drawn from different („actual”, within the global crisis) experiences?

Starting from some elements from Professor Iyoda’s book presentation, it would be interesting to ask ourselves: What lessons can be drawn from different („actual”, within the global crisis)experiences?Are some of the envisaged solutions the only ones to advance an adequate „proposal for a basic design towards achieving a high satisfaction-level society”?

As we are getting closer to the end of 2010, let’s remember, for instance, that in July this year James K. Galbraith (“Galbraith’s statement to the Commission on Deficit Reduction”July 4, 2010,http://rwer.wordpress.com/2010/07/04/galbriaths-statement-to-the-commission-on-deficit-reduction/) has made a statement on behalf of Americans for Democratic Action(an organization co-founded in 1949 by – among others – Eleanor Roosevelt, John Kenneth Galbraith, Arthur M. Schlesinger, Jr., and Ronald Reagan; you can also see that Member of the Editorial Board of our „Romanian Distribution Committee Magazine”, Professor Maria Negreponti-Delivanis, made some comments too concerning Galbraith’s expressed opinion). On this occasion, Galbraith argued that a good policy must be based on good forecasts and the only way to grow out of the deficit is to cure the financial crisis by taking the adequate(two) comprehensive measures.

 

 

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