| Display title | Japan Takes Over the World/Analysis |
| Default sort key | Japan Takes Over the World/Analysis |
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| Page ID | 165745 |
| Page content language | en - English |
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| Page creator | m>Import Bot |
| Date of page creation | 21:27, 1 November 2013 |
| Latest editor | 198.103.167.20 (talk) |
| Date of latest edit | 15:14, 9 December 2015 |
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Article description: (description)
This attribute controls the content of the description and og:description elements. | The Japanese hypergrowth of the '80s was built on a system of buddy-buddy relationships between various corporations and the government. At the time, this system appeared to be a triumph of modern corporatism, but nowadays, we just call it "crony capitalism". Predictably, this created an unsustainable economy based on loose credit, selling below profit, and *cough* toxic loans. At its peak, property values became massively overinflated, to the point where prime real-estate in Tokyo could sell for more than the entire GDP of smaller countries. Once the bubble popped, the economy stagnated, and Japan entered a "lost decade". Banks became zombie banks, the central bank got its hands stuck in a liquidity trap, and Japanese twenty-somethings faced a fate worse than death: while their fathers had enjoyed lifetime employment at one company, they moved from temp job to temp job, failing to build much in the way of careers. In short, they weren't half as inhuman as the mythos. |