is history repeating itself in contemporary japan?.IS HISTORY REPEATING ITSELF IN CONTEMPORARY JAPAN?
Mr. David Asher, MIT Japan Program March 29, 2000 [This article is old, but this relevant] How closely is Japan today repeating the economic performance and policy errors of the 1920s? That era was the previous one in which Japan systematically attempt to open to the outside world. Today, after a decade of decay, Japan’s economy remains mired in stagnation. This was also the case at the end of the twenties. Similarly, democratizing reforms and financial crises characterized both periods. By further investigating the similarities in the economic situations between the periods, we can better understand the possible implications for Japan’s grand strategy in the future. Today, the economic situation in Japan can be characterized as suffering under the five “Ds”: debt, deflation, default, demography, and deregulation. Regarding the first of these, Japan today is on the cusp of a debt crisis of the scope the world has not seen. Currently, Japan’s government held debt is fifteen times larger
