By Stephen D. Cohen
Closing a serious hole within the literature interpreting the strained dating among the U.S. and Japan, this e-book synthesizes the industrial, political, historic, and cultural components that experience led those international locations, either practitioners of capitalism, alongside really assorted paths looking for diverse objectives. Taking an aim, multidisciplinary technique, the writer argues that there's no unmarried reason behind Japan's family fiscal or overseas alternate successes. relatively, his research issues to a systemic mismatch that has been misdiagnosed and handled with insufficient corrective measures. This systemic mismatch within the company technique, financial rules, and attitudes of the U.S. and Japan created and is perpetuating 3 a long time of bilateral monetary frictions and disequilibria.
As lengthy as either the U.S. and Japan deal extra with indicators than motives, bilateral difficulties will persist. This book's detailed research will motivate a greater figuring out on each side of the Pacific of what has occurred, is going on, and should proceed to ensue if company executives and policymakers within the international locations don't larger observe the level in their transformations and undertake larger corrective measures.
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Extra info for An Ocean Apart: Explaining Three Decades of U.S.-Japanese Trade Frictions
22. 6. Raymond Saulnier, "An Economist's Eye View of the World," Fortune (May 1962), p. 159. 7. See, for example, Kozo Yamamura and Jan Vandenberg, "Japan's RapidGrowth Policy on Trial: The Television Case," in Law and Trade Issues of the Japanese Economy, edited by Kozo Yamamura and Gary Saxonhouse (Seattle: University of Washington Press, 1986), pp. 259-62. 8. The politically induced shortage of much-in-demand Japanese cars caused a rapid escalation in their sticker prices. S. auto manufacturers opted for repeated price increases.
The final assessments comprising Part III begin with Chapter 10, which synthesizes the valid elements of the conflicting versions of what happened and why in bilateral trade relations. Chapter 11 offers suggestions for diminishing the systemic problem and moving the two countries toward harmony and equilibrium. NOTES 1. This term is adapted from "Rashomon Mirror," coined by William K. Tabb in The Postwar Japanese System: Cultural Economy and Economic Transformation (New York: Oxford University Press, 1995), pp.
6 THE LATE 1960s AND THE 1970s: THE UNITED STATES BECOMES IMPORT-UNFRIENDLY AND JAPAN STARTS SHEDDING IMPORT BARRIERS Until the mid-1960s, the closed door import policies of Japan and the open-door import policies of the hegemonic United States made excellent economic sense and created no political problems. Structural changes in both domestic economic performances and trade patterns gradually ushered in the era of bilateral trade imbalances and frictions. The first sign that it was no longer business as usual was the Johnson administration's seemingly one-of-a-kind demand in 1968 that Japan (and Western Europe) agree to restrain steel exports to the United States for three years.