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Socialism Today

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Issue:

Miscellaneous

 

Written by:

Jennifer T

 

Date added:

July 26, 2013

 

Level:

University

 

Grade:

A

 

No of pages / words:

12 / 3122

 

Was viewed:

567 times

 

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Essay content:

LAURENCE COATES looks at the Japanese experience. This article first appeared in Offensiv, the weekly paper of Rattvisepartiet Socialisterna (Socialist Justice Party), the Swedish section of the Committee for a Workers' International. AT THIS YEAR'S World Economic Forum in Davos, Japan's prime minister Yoshiro Mori revealed that the so-called 'lost decade' of the 1990s had cost the Japanese people 1000 trillion yen ($8,000bn), an amount equivalent to twice the country's gross domestic product (GDP)...
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At the same meeting, Goldman Sachs economist Kenneth Courtis summed up the mood of world capitalism: 'The only way you can be optimistic about Japan is to look at the charts upside down'. The collapse of Japan's asset bubble delivered a knock-out punch from which the economy has not recovered. Now the country is heading for an even worse downturn...
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General issues of this essay:
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