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- Title
Japan's Dual Industrial Structure as a Welfare System: "The Lexus and the Olive Tree"-- and "the Vulture".
- Authors
Ozawa, Terutomo
- Abstract
During the high-growth period of 1950-1973 and its subsequent two decades, Japan came to be known for efficiency and perfectionism in manufacturing as exemplified by the low production costs and high quality of automobiles and electronics it produced. Japan's renowned manufacturing technology, flexible production with "just-in-time" parts delivery, is now in use throughout the advanced world. Yet, now that the Japanese economy has been mired in a prolonged slump over more than a decade since the bursting of the asset bubble in 1990, the world's perception of the Japanese economy has drastically changed from admiration to indifference even to pity. What has brought Japan's juggernaut to its knees? Why can its government, once so much touted for effective industrial policies and administrative guidance, no longer cope with the current economic problems, especially bad bank loans, which stand at anywhere between the official estimate of $430 billion and primate estimate of $1.9 trillion? A litany of reform proposals have been put up in the recent past, but so far no decisive and effective implementation has taken place.
- Subjects
JAPAN; ECONOMIC conditions in Japan; INDUSTRIAL efficiency; ECONOMICS
- Publication
Journal of Economic Issues (Association for Evolutionary Economics), 2003, Vol 37, Issue 2, p519
- ISSN
0021-3624
- Publication type
Article
- DOI
10.1080/00213624.2003.11506601