Japan's Big Bang: The Deregulation and Revitalizatiion of the Japanese Economy - Hardcover

Hayes, Declan

Hardcover

ISBN 10: 0804832277 ISBN 13: 9780804832274

Publisher: Tuttle Pub, 2000

Synopsis

Japan's national economy: understanding the history of the current crisis and proposing a path forward

The consistent failure of the Japanese bureaucracy and business establishment to meet proper management and regulatory standards has made America's premier ally in Asia a major source of financial instability in today's world.

• Japan has the world's biggest everbaddebt burden
• Japan has allowed organized crime to systematically infiltrate its financial institutions
• Japan's national pension system faces imminent bankruptcy
• Japan's banks, brokerages, and insurance houses are near insolvency and welded to obsolete practices that hold the entire country and region back

Japan's Big Bang traces the hurdles Japan must overcome to once again reign as one of the world's preeminent financial powerhouses. With an academic's analytical eye and the tenacity of a financial beat reporter, Declan Hayes explores the tangled mess that was and is Japan's economy, and explores the remedial action Japan must follow to regain and sustain its position as the economic engine of Asia.

About this title

About the Author

Declan Hayes is a journalist and commentator currently living in Tokyo. He is also a Professor of business and economics at Sophia University in Tokyo. He has previously taught in Australia, Ireland, and Mexico and has lived and worked in Asia for the past twenty years.

Excerpt. © Reprinted by permission. All rights reserved.

Japan Inc.

"The buck stops here."

"In Japan, the buck keeps circulating."

Although Japan has proved remarkably adept at earning the big bucks, she has proved incredibly clumsy at handling them. Much of the wealth she earned during the 1970's and 1980's has been frittered away in the 1990's. None has accepted responsibility for this; they have instead preferred to pass the metaphorical buck. The Big Bang is an attempt by the Japanese to stop the hemmorage of their hard-earned dollars. Part of this rejuvenating process involves making the buck stop. It means making incompetents suffer the consequences of their mistakes. It means stopping Japan's financial institutions using dishonest accounting practices to hide their losses. It means owning up to past mistakes. It means the total transformation of Japan's corporate culture. It means the abandonment of old, obsolete ways and the wholehearted adoption of new and modern ways of handling both money and responsibility. It means what it says. It means a Big Bang, a total reformation of the way Japan works.

About this edition

• Publisher: Tuttle Pub
• Publication date: 2000
• ISBN 10: 0804832277
• ISBN 13: 9780804832274
• Binding: Hardcover
• Edition number: 1
• Number of pages: 215