Japan's general election: end of one-party rule | 48 comments (48 topical, editorial, 0 hidden)

Re: Japan's general election (none / 1)

"the idea ... all countries should modify the traditions and regulations governing their economies in line with global (or rather American) standards"; and US supremacy in general (I already hear the "anti-American!!!" counter-attacks)

But hasn't Japan been one of the major participants and beneficiaries of the post-war global trade boom? Is he saying that Japan should retreat into a protectionist cocoon? The argument that global trade is a uniquely U.S.-led program seems a bit weak to me, given the considerable and apparently enthusiastic involvement by Europe and the Far East--with Japan being one of the top two or three countries involved...

by asdf on Sat Aug 29th, 2009 at 01:14:18 PM EST

Re: Japan's general election (4.00 / 6)

But hasn't Japan been one of the major participants and beneficiaries of the post-war global trade boom?

I don't think he's objecting to the first three decades of the post-war epoch...

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sat Aug 29th, 2009 at 01:21:06 PM EST
[ Parent ]

Re: Japan's general election (4.00 / 7)

Is he saying that Japan should retreat into a protectionist cocoon?

This is hardly the only alternative to following US inspired Neo-Classical Economic policies. Sounds to me as though he wants to work towards a more egalitarian society and one that is, to the extent possible, respectful of tradition. Not every society has to be thrown whole into the wood chipper of unrestrained market capitalism in the benefit of Wall Street and London elites, only to emerge as isolated, alienated manipulable "rational actor" wood chips.

The USA could use such a leader as Hatoyama, if you have any to spare. I applaud him and his apparent victory and wish him, his party and country well. Good news from one country, at least.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sat Aug 29th, 2009 at 06:18:40 PM EST
[ Parent ]

Re: Japan's general election (4.00 / 7)

It may be that the lived experience in Japan during the Bretten Woods period of the post-war global trade boom was substantially more positive than the Japanese experience during the globalization period that followed, with its explosion of capital flows.

The globalization phase, after all, was the period with both the lost decade and the current recession.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Sat Aug 29th, 2009 at 07:36:36 PM EST
[ Parent ]

Re: Japan's general election (4.00 / 4)

Indeed! In the 80s it looked like Japan WAS the island that would own the world, or at least large parts of the USA. I suspect it is hardly an accident that "globalization" and "The New World Order", originating from the US and orchestrated by Wall Street, worked to the advantage of the US financial corporations and to the disadvantage of Japan. Would it not be logical that once the USA's chief military and ideological rival, the USSR, dissolved and began to adopt capitalist modes that somehow things would turn to the disadvantage of the world's high riding 2nd largest economy? That was the time when the total valuation of Tokyo real estate exceeded the value of all of the real estate in California.

Our Wall Street elites and their D.C. political agents certainly are not going to have more concern for the welfare of Japan than they have for the welfare of the USA. For fifteen years General Electric and others rolled in profits from "the Japan Carry Trade." Those were the years during which Japan had a Zero Rate Interest Policy. Borrowing money was free and provision of very low interest rate money was one of the services Japan provided to the US financial sector. Unfortunately, Japan was undergoing the unwind of their own massive real estate bubble, so the average Japanese citizen did not benefit. The Bank of Japan pioneered this policy of "all money to the banks" that the USA has now adopted. Both are capitalist societies, so the institutions of capital are "protected" at all costs, costs which are borne by all but the banks.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sat Aug 29th, 2009 at 10:48:41 PM EST
[ Parent ]

Re: Japan's general election (4.00 / 2)

At the time Japan looked like it would own the world it was in fact a huge bubble, so those accounts were a bit like the pre-dotcom bust CW on internet firms.

(all the same the globalisation phase in the '90s and 2000s mainly benefited consumer countries, banks and traders, and not Japan)

by nanne (zwaerdenmaecker@gmail.com) on Sun Aug 30th, 2009 at 05:17:23 AM EST
[ Parent ]

Re: Japan's general election (none / 1)

The Bank of Japan pioneered this policy of "all money to the banks" that the USA has now adopted.

From the monetary-libertarian frame of view, what else they can do?

Japanese banks charge still a lot for their services. For example, I moved recently to a new apartment and wanted to arrange automatic monthly payments - but the bank is ripping 735 yen for each monthly transaction (i.e., moving a bunch of electrons) between two private accounts!

by das monde on Tue Sep 1st, 2009 at 12:10:22 AM EST
[ Parent ]

Re: Japan's general election (4.00 / 3)

Japan has benefited, but certainly I don't think it's the case that Japan's economy has performed very well in the last twenty years. They had the Lost Decade. Then they started slowly getting out of it, just in time for the Great Recession to send GDP plummeting at Great Depression-like rates. Unemployment is apparently at a record high. Deflation is back. Exports were down almost 37% as recently as July. They got a boost last quarter from global stimuli, but the consensus there seems to be that they're simply going to slip back (less to be gained, too, with China and America ramping up their jobs programs, I suspect).

The PM did a massive tax cut that accomplished...well, nothing.

So it strikes me that you have what looks like the perfect recipe for a change in government.

Be nice to America. Or we'll bring democracy to your country.

by Drew J Jones (pedobear@pennstatefootball.com) on Sun Aug 30th, 2009 at 10:40:17 AM EST
[ Parent ]

Japan's general election: end of one-party rule | 48 comments (48 topical, 0 editorial, 0 hidden)

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