Examining Japan's Lost Decades

by Yoichi Funabashi (Editor), Barak Kushner (Editor)

This book examines five features of Japan’s ‘Lost Decades’: the speed of the economic decline in Japan compared to Japan’s earlier global prowess; a rapidly declining population; considerable political instability and failed reform attempts; shifting balances of power in the region and changing relations with Asian neighbouring nations; and the lingering legacy of World War Two. Addressing the question of why the decades were lost, this book offers 15 new perspectives ranging from economics to ideology and beyond. Investigating problems such as the risk-averse behaviour of Japan’s bureaucracy and the absence of strong political leadership, the authors analyse how the delay of ‘loss-cutting policies’ led to the 1997 financial crisis and a state of political gridlock where policymakers could not decide on firm strategies that would benefit national interests. To discuss the rebuilding of Japan, the authors argue that it is first essential to critically examine Japan’s ‘Lost Decades’ and this book offers a comprehensive overview of Japan’s recent 20 years of crisis. The book reveals that the ‘Lost Decades’ is not an issue unique to the Japanese context but has global relevance, and its study can provide important insights into challenges being faced in other mature economies. With chapters written by some of the world’s leading Japan specialists and chapters focusing on a variety of disciplines, this book will be of interest to students and scholars in the areas of Japan studies, Politics, International Relations, Security Studies, Government Policy and History.

Genres: Japan, Nonfiction, History, Economics, Japanese History

338 pages, Paperback

First published February 22, 2015

Reviews

[Aatrey Saxena · Rating 5 out of 5]

A thorough insight into the past three decades of Japanese "stagnation". From education to the often conflicting fiscal and monetary policy of the 1990's to Japan's role in the internation world order the reader will get a deep insight to some of the broader issues underpinning the country's economic slowdown.

A must read for people who view Japan as a harbinger of the economic malaise that could affect their own nations.

[Carlos · Rating 4 out of 5]

Funabashi assembles an incredibly illuminating exploration of Japan’s “lost decades” up to the early 2010s. The various contributors to this collection focus on different aspects allowing the reader to see this multifaceted problem from a traditional macroeconomic perspective, as well as that of the regulatory framework, domestic politics, international politics, international trade, and even sociological developments. The work allows the reader to see the complexity of the problem and the many contributing factors, as well as the lack of any segment of society willing to acknowledge ownership of the problem. A very worthwhile read for any reader interested in understanding what the “lost decades” demonstrates about the risks to globalized economies.