By Stephen D. Cohen
Closing a serious hole within the literature interpreting the strained courting among the U.S. and Japan, this e-book synthesizes the commercial, political, old, and cultural elements that experience led those international locations, either practitioners of capitalism, alongside fairly assorted paths looking for diversified targets. Taking an goal, multidisciplinary procedure, the writer argues that there's no unmarried cause of Japan's household fiscal or overseas exchange successes. quite, his research issues to a systemic mismatch that has been misdiagnosed and taken care of with insufficient corrective measures. This systemic mismatch within the company method, monetary guidelines, and attitudes of the U.S. and Japan created and is perpetuating 3 a long time of bilateral fiscal frictions and disequilibria.
As lengthy as either the U.S. and Japan deal extra with indicators than explanations, bilateral difficulties will persist. This book's distinctive research will inspire a greater figuring out on each side of the Pacific of what has occurred, is going on, and may proceed to take place if company executives and policymakers within the nations don't larger observe the level in their alterations and undertake higher corrective measures.
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Additional resources for An Ocean Apart: Explaining Three Decades of U.S.-Japanese Trade Frictions
Effort to expand the scope of its efforts to open the Japanese market beyond relatively narrow, time-consuming, product-by-product negotiations. The first incarnation of a more efficient liberalization process was the MarketOriented Sector-Selective (MOSS) talks that began in 1985. S. companies were demonstrably competitive in the international marketplace but experienced relatively poor results exporting to that country. The Japanese government eventually agreed to take market-opening measures in all four of the originally selected MOSS sectors — electronics, telecommunications equipment and services, medical equipment and pharmaceuticals, and forest products.
S. demands did convince the Japanese that, at some point, enough would be enough. Japan's multilateral and bilateral trade surpluses hit History 29 record levels in the early 1990s after both had increased, on average, twenty-fold since the early 1970s. The Bush administration's last big Japan initiative was the president's ill-fated visit to Tokyo that is remembered for two things. One is Mr. Bush's collapse at a formal state dinner that drew suggestions from some Japanese that this was an apt metaphor for a tired, sick country.
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. S. automobile sector (relative to total incremental prices paid by consumers) were in excess of $100,000 annually. See, for 32 OCEAN APART example, Robert W. Crandall, "Import Quotas and the Automobile Industry: The Costs of Protection," Brookings Review (Summer 1984), pp. 8-16. 9. S. S. Trade, and in a Japanese magazine, Bungei Shunju.
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