Yayyyyy for Steven Hill standing up for Japanese and German economies
VS. that big ole bad US of A’s. Here is a telling excerpt:
Look at it this way: In the midst of the Great Recession, the United States is suffering through nearly 10% unemployment and 50 million people without health insurance. A new report has found over 14% of Americans living below the poverty line, including 20% of children and 23% of seniors, the highest since President Lyndon Johnson’s War on Poverty. That’s in addition to declining prospects for the middle class, and a general increase in economic insecurity.
How, then, should we regard a country that has 5% unemployment, healthcare for all its people, the lowest income inequality and is one of the world’s leading exporters? This country also scores high on life expectancy, low on infant mortality, is at the top in literacy, and is low on crime, incarceration, homicides, mental illness and drug abuse. It also has a low rate of carbon emissions, doing its part to reduce global warming. In all these categories, this particular country beats both the U.S. and China by a country mile.
Doesn’t that sound like a country from which Americans might learn a thing or two about how to get out of the mud hole in which we are stuck?
Not if that place is Japan. During and before the current economic crisis, few countries have been vilified as an economic basket case as much as the Land of the Rising Sun. Google “Japan and its economy” and you will get numerous hits about Japan’s allegedly sclerotic economy, its zombie banks, its deflation and slow economic growth. This malaise has even been called “Japan syndrome”, sounding like a disease to warn policymakers, as in “you don’t want to end up like Japan.”
- Steven Hill: Reconsidering Japan…reconsidering Paul Krugman (huffingtonpost.com)
- You: A paradoxical commonality between Pak, Japanese economies (nation.com.pk)
- Japan export growth slows again (bbc.co.uk)
- You: Japan’s declining prestige (search.japantimes.co.jp)