Japanese Phoenix

Japanese Phoenix

The Long Road to Economic Revival

Book - 2003
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& Francis Publishing

Japan will recover. When its economic achievements once again earn the world's admiration, its per capita GDP will grow faster, and its Information Technology revolution will prove even greater, than in the United States. As Japan brings its inefficient industries up to world benchmarks, sustained annual growth of 3 percent, perhaps more, will be within reach. This is the confident forecast that begins Japanese Phoenix: The Long Road to Economic Revival by the author of Japan: The System That Soured, which several years ago accurately predicted Japan's current travails at a time when others were prematurely pronouncing full recovery. Katz warns, however, that there is bad news to go with the good: It will take at least ten more years to reach this promised land. And the road will be very bumpy. So deep-seated are Japan's dysfunctions that, even if it did everything right today, it would take five years for truly vibrant growth to take hold. But Japan will not do everything right today. Opposition to reform is equally deep-seated, and a myriad of vested interests and millions of jobs are at stake. Still, he notes, there is little doubt that reform will eventually succeed. Katz concludes that while, so far, for every step forward, there have been two steps back, this is just the second round in a 15-round fight. Japan is a great nation currently trapped in obsolete institutions. As it has before, Japan will find a way to surmount its problems and regain its forward progress.

Book News
Just as it did a half century ago in the aftermath of World War II, Katz says Japan will reform its economy and revive to gain the world's admiration for its economic achievements once more. He figures that if it did everything right, it would recover in five years. He predicts ten, because it will not, and because opposition to reform cuts through every party and ministry. He is widely published and interviewed about the Japanese economy. Annotation (c) Book News, Inc., Portland, OR (booknews.com)

Publisher: Armonk, N.Y. : M.E. Sharpe, c2003
Description: xvi, 351 p. : ill. ; 24 cm
ISBN: 9780765610737
Branch Call Number: 338.952 Kat

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