Japan’s Lost Decades And Why They’re Not Coming Back | wolff responds
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Explore the dramatic rise and fall of Japan’s economy, tracing the journey from the 1989 economic miracle to the challenges of the modern era. In this deep dive, wolff responds to the critical question of how a nation poised to rule the world entered a thirty-year cycle of stagnation. We analyze the formation of the massive asset bubble and the specific policy errors that led to the crash.
As we investigate the aftermath, wolff responds by examining the “zombie banks” and the government’s hesitation to implement necessary reforms. The discussion moves beyond just numbers to the societal impact of the collapse. wolff responds to the demographic crisis, highlighting how an aging population and a shrinking workforce are creating a dual labor market and social withdrawal phenomena like Hikikomori.
Is there a future for the Japanese economy in tourism and high-tech manufacturing? wolff responds by looking at the “silent evolution” occurring within the country today and the shift toward a steady-state society. Finally, wolff responds with a warning to other global powers, illustrating how Japan’s story serves as a cautionary tale about debt, demographics, and the refusal to adapt.
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Keymoment
00:00 The 1989 Economic Miracle
08:15 Plaza Accord and Speculation
16:45 The Crash and Zombie Banks
24:30 Demographic Crisis and Society
31:10 Future Outlook and Warning
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#economics #politicaleconomy #mindtofree
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8 Comments
They destroyed their currency.
Can the volume output from this channel be increased slightly? I would appreciate a little more amplitude…. Thank You
What i remember most abut this era of exponential Japanese economic growth was that Japanese Businessmen and government officials were lecturing Western nations, including the United States, on their poor business practices. Japan had devised the holy grail!!!
Well done
Japan collectors drive vintage golf clubs prices absurd.
That did it！ Subscribed! I've lived in Japan since 1984. It was exactly as you say it was. You offer my knowledge from your own informed perspective.
One thing I would like to note is that according to friends who were volunteer social workers in the 1990s, the "hikikomori" phenomenon appeared pretty nearly simultaneously across Japan in about 1996, affecting young and old at a rate of about 1% from town to town. It was perceived as a childhood problem because an adult that withdraws just disappears, and nobody really cares–it's their business, they'll take care of it as they see fit. I see it as primarily an environmental issue. A very important rule in Japanese society is that if you do not feel up to the intricate social niceties (for example, my diabetic husband cannot eat just everything that is placed before him) you stay home. A person with uncontrolled ADHD is considered unacceptable. They have to mask it. If they can't, they are hated.
So, what new pollutant turned up in town after town around 1996 in Japan? I had to search for a friend who wanted to know, because she was sick for months on end, and her doctor said many others were as well, and speculated that it was a new pollutant. It took me the better part of a year to find out. The answer came in the form of an article called "Microwaving the Planet," by Arthur Firstenberg. I'll go out on a limb here and say it was cellphones.
I still don't have one.
Korea is .79 a person.
Fantastic thx!