Japanese Economy The Japanese economy is the second largest in the world, behind only the American economy. As such, its decade long downward slide has many lessons the American economy can learn from. The difference between the economies is one of degree, not type. Our own economy has been faltering of late, bringing fear of recession. The Japanese have been on that road for over ten years, and of late have been making aggressive moves towards a restructuring.
Business Culture Business ethic in Japan is unique in the sense that they value manners and customs highly therefore it is critical that foreigners know the basic values and attitudes practiced by the Japanese. Japanese are aware that it is not easy for foreigners to work in Japan. They do not expect foreigners to communicate in Japanese, or be extremely attentive to their strict cultural ethics. There is always room for mistakes as long as genuine respect is shown throughout the relationship. Japanese prefer doing business with personal relationships and referrals or recommendations are held in high regard.
Therefore, Managers should think carefully what Japanese practices must be changed and what must be preserved. In conclusion, Japanese business culture which is typified by Groupism, Tacit understanding and Familiarity Relationship is one of the assets which Japanese companies have built for many years. The emphasis on the groupism fostered employees’ loyalty to the company which is necessary for corporate governance. Equally, the tacit understanding strengthened the power of risk management in a company. It is obvious that these original practices contributed to outstanding economic growth in Japan.
Japan's Economic Slump 1. Introduction =============== In only fifty years, Japan has moved from poverty to the highest levels of income, from economic insignificance to leadership from the import of technology and capital to being a major source of their export, from less developed status to the lead of economic position after the United States. After being the best performer in the Organisation for Economic Cooperation and Development (OECD) during the forty years, Japan has experienced economic stagnation since the beginning of the 1990s. The revival of the Japanese economy is of great importance not only to Japan but also to the well being of global economy. Therefore, the question now is "What has happened to the Japanese economy supremacy"?
These principles give the Japanese resolute values on society. Since the teachings of Confucius stressed total respect and kindness throughout relationships, it is normal that the Japanese use them in most practices. The Japanese are very family oriented. Devotion to the crowd is first and foremost in their actions. Also, that brings a little discipline into the equation.
Japanese investments in the United States are on the rise. Their total investments in the U.S. are estimated to be over $250 billion, which includes their recent purchase of Columbia Pictures. As much as Americans disapprove of anyone messing with U.S. turf, there are some positive points to Japanese investments. The Japanese provide Americans with jobs by reopening vacant manufacturing plants, they purchase land which American firms have passed over and they also finance our huge budget deficit. Americans are most disturbed when they start losing their jobs due to foreign takeovers.
Japanese in Control Americans who buy Japanese goods, or even US companies that actively source Japanese parts for their products unknowingly help Japanese reach the goal of their economic war. America often complains that Japan must change its ways to become more like us. However, this is not true, as America is not number one anymore. Today, the tables are turned. America, which used to be the world's largest creditor nation, is now the world's largest debtor nation.
In Korea, although the aristocracy was still kept intact, a meritocracy within the upper, yangban¸class was formed. In Japan, although a meritocracy didn’t develop like that of China, the education system cemented loyalty among the upper classes. Confucian ideology became extremely popular throughout all three cultures and dominated the way all tiers of society functioned, beginning with the rulers at the top with concepts of educated officials and legitimacy of rule through the Mandate of Heaven. The ideology was especially beneficial to rulers as it created an educated government where loyalty and goodness were of great importance. As Confucianism placed great stress on education, the value of education suddenly skyrocketed within East Asia.
Its private and public debt to GDP ratio are sky rocking to the biggest debt ratio in the world with more than 200%, the only reason why its economy is not that impacted, is due to the debt holder that are mainly Japanese and its economy that is very protective (OECD economic surveys, 2013). As every country in the world it has suffered from the global recession. This is due to its reliability on the export mechanism and its close link to the US economy. On top of that the nuclear crisis of Fukushima implied by a major earthquake did not help the Japanese economy to recover fastly. (OECD outlook report, 2013) HISTORY AND MAIN SHIPYARDS The stats provided by the government suggests there are over 1 000 shipyards in Japan for the year 2013.
As the article “The Great Depression, The New Deal, And The Current Crisis” mentioned, “real output and employment grew very strongly between 1933 and 1937, with unemployment fall-ing more than 10 percentage points” (Field 99); “GDP had completely recovered from its collapse during Hoover administration and by 1937 was, in real terms, more than 5 percent above its 1929 peak”(Field 100); “the rise in real wages for those employed across the depression years was certainly consistent with Roosevelt’s efforts to facilitate the growth of unions”(Field 103). Field thought these factors made the New Deal a success. However, if we take a deep look into the fact, the recession, remain high unemployment rate, employment situation and highly cost, unsuccessful program made the New Deal becoming a