By Stephen D. Cohen
Closing a severe hole within the literature studying the strained dating among the U.S. and Japan, this ebook synthesizes the commercial, political, ancient, and cultural elements that experience led those countries, either practitioners of capitalism, alongside particularly diverse paths looking for diverse objectives. Taking an goal, multidisciplinary process, the writer argues that there's no unmarried cause of Japan's household fiscal or international alternate successes. fairly, 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, fiscal regulations, and attitudes of the U.S. and Japan created and is perpetuating 3 a long time of bilateral monetary frictions and disequilibria.
As lengthy as either the U.S. and Japan deal extra with signs than factors, bilateral difficulties will persist. This book's distinctive research will inspire a greater realizing on each side of the Pacific of what has occurred, is occurring, and may proceed to occur if company executives and policymakers within the international locations don't greater become aware of the level in their adjustments and undertake larger corrective measures.
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Additional info for An Ocean Apart: Explaining Three Decades of U.S.-Japanese Trade Frictions
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.
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. economy. S. S. corporations. S. government increase its funding of non-defense research and development and improve education and training programs. Few significant changes were implemented as direct outgrowths of the Structural Impediments Initiative talks. -owned stores that tend to sell more imports than "mom and pop" shops. A new variant of strain in bilateral relations emerged in the late 1980s. Many Americans began to resent the sizable capital inflows from Japan despite the fact that they were the natural consequences of the United States needing imported capital to finance large current account deficits and to offset inadequate saving and large Japanese trade surpluses.