This is a new analysis of recent changes in important Japanese institutions. It addresses the origin, development, and recent adaptation of core institutions, including financial institutions, corporate governance, lifetime employment, and the amakudari system. After four decades of rapid economic growth in Japan, the 1990s saw the country enter a prolonged period of economic stagnation. Policy reforms were initially half-hearted, and businesses were slow to restructure as the global economy changed. The lagging economy has been impervious to aggressive fiscal stimulus measures and has been plagued by ongoing price deflation for years. Japan's struggle has called into question the ability of the country's economic institutions, originally designed to support factor accumulation and rapid development, to adapt to the new economic environment of the twenty-first century. This book discusses both historical and international comparisons including Meiji Japan, and recent economic and financial reforms in Korea, Scandinavia, Switzerland, and New Zealand, placing the current institutional changes in perspective. The contributors argue that, contrary to conventional wisdom that Japanese institutions have remained relatively rigid, there has been significant institutional change over the last decade.

This is a new analysis of recent changes in important Japanese institutions. It addresses the origin, development, and recent adaptation of core institutions, including financial institutions, corporate governance, lifetime employment, and the amakudari system. After four decades of rapid economic growth in Japan, the 1990s saw the country enter a prolonged period of economic stagnation. Policy reforms were initially half-hearted, and businesses were slow to restructure as the global economy changed. The lagging economy has been impervious to aggressive fiscal stimulus measures and has been plagued by ongoing price deflation for years. Japan's struggle has called into question the ability of the country's economic institutions, originally designed to support factor accumulation and rapid development, to adapt to the new economic environment of the twenty-first century. This book discusses both historical and international comparisons including Meiji Japan, and recent economic and financial reforms in Korea, Scandinavia, Switzerland, and New Zealand, placing the current institutional changes in perspective. The contributors argue that, contrary to conventional wisdom that Japanese institutions have remained relatively rigid, there has been significant institutional change over the last decade.

All too often we are confronted with pitiful images of the victims of famine and drought which emanate from sub-Saharan Africa. While these images are normally drawn from the very poorest countries, the entire region faces an intense economic crisis. Why is this area in a state of near-permanent crisis and perhaps, more importantly, what can be done about it? "Economic Crisis in Africa" presents an overview of the situation and examines the feasibility of current policies as well as presenting long term objectives. The book is divided into parts. Part One presents an overall view of the African crisis and crisis management. The authors focus on present economic and social conditions in the region. These are illustrated with cross-country studies, focusing particularly on Tanzania and Kenya. Part Two examines problems of the external sector particularly, trade liberalization. Here, the relative success of Zimbabwe and Botswana is contrasted with the failure of Lesotho to implement an adjustment policy and the prevalence of "Dutch Disease" in Zambia. Part Three presents a micro perspective on the African crisis and adjustment.

What is the impact of foreign direct investment (FDI) on development? The answer is important for the lives of millions-if not billions-of workers, families, and communities in the developing world. The answer is crucial for policymakers in developing and developed countries, and in multilateral agencies. This important volume gathers together the cutting edge of new research on FDI and host country economic performance, and presents the most sophisticated critiques of current and past inquiries. The volume probes the limits of what can be determined from available evidence and from innovative investigative techniques. It presents new results, concludes with an analysis of the implications for contemporary policy debates, and proposed new avenues for future research.

This volume fills an important gap in the existing economic literature. While much has been written about Japan's pre-1990s institutions and economic performance, this text is unique in its forward-looking orientation - trying to understand not only the institutional and structural changes that have already reshaped Japan in the 1990s, but to identify the critical trends and institutional changes that will mould Japan's new economy over the next decade.

This volume fills an important gap in the existing economic literature. While much has been written about Japan's pre-1990s institutions and economic performance, this text is unique in its forward-looking orientation - trying to understand not only the institutional and structural changes that have already reshaped Japan in the 1990s, but to identify the critical trends and institutional changes that will mould Japan's new economy over the next decade.