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Evolution Of The Economic System In Japan

Juro Teranishi, College of Commerce, Nihon University, Japan
The economic system of ‘high-growth-period’ Japan was characterized by various properties such as its unique banking system, industrial policy and lifetime employment. Juro Teranishi argues that since the ‘bubble period’ and the subsequent severe downturn of the economy during the 1990s, Japan’s economic system has been undergoing extensive changes.
Extent: 360 pp
Hardback Price: £99.00 Online: £89.10
Publication Date: 2005
ISBN: 978 1 84376 163 1
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  • Asian Studies
  • Asian Economics
  • Economics and Finance
  • Asian Economics
  • Financial Economics and Regulation
The economic system of ‘high-growth-period’ Japan was characterized by various properties such as its unique banking system, industrial policy and lifetime employment. Juro Teranishi argues that since the ‘bubble period’ and the subsequent severe downturn of the economy during the 1990s, Japan’s economic system has been undergoing extensive changes.

This book is informed by a historical evaluation of the ‘high-growth-period’ economic system in comparison with the preceding Meiji–Taishô economic system, set within a framework incorporating the role of the government and the private sector economic system as well as the government–private sector interface. Factors are identified that determined the emergence of the Japanese economic system, and the nature of, and reasons for, its transformation. Juro Teranishi reveals how the ‘high-growth-period’ economic system emerged because of the failure of the Meiji–Taishô economic system to adapt to changes in exogenous conditions, and that it is now obliged to change in order to accommodate those changes that took place during the 1990s. The book also includes a valuable evaluation of the performance of the Japanese economic system in terms of not only the growth of GDP, but also income distribution.

Juro Teranishi’s book will appeal to scholars and students of the Japanese economy, institutional and financial economics, and corporate governance.

‘This book provides with a completely new viewpoint for the analysis of the Japanese economy, and deliberates on the future of the Japanese economy. Some may agree and others may disagree with the author’s assertions. However, there is no doubt that this book is full of excellent visions and analysis.’
– Takahusa Nakamura, Nikkei
Contents: Preface Part I: 1. Introduction 1. Introduction 2. Analytical Framework Part II: Meiji–Taishô Economic System 3. Emergence of the Meiji–Taishô Economic System 4. Mechanism and Performance of the Meiji–Taishô Economic System 5. Decline of the Meiji–Taishô Economic System Part III: The High-Growth-Period Economic System 6. Emergence of the High-Growth-Period Economic System 7. Mechanism and Performance of the High-Growth-Period Economic System 8. Decline of the High-Growth-Period Economic System Part IV: 9. Conclusion References Index