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Full Description
Japan's economy, once the envy of the world, has recently experienced a period of malaise and stagnation. This is due in part to over-regulation and resistance to change within the Japanese bureaucracy. Many argue that this bureaucracy must be replaced with a system similar to that in the United States, involving ruthless competition, fluid job markets unhindered by notions of lifetime employment, tolerance of business failures, and the elevation of conflict over consensus in economic decision making. The author argues that not only will the bureaucracy, in the form of the Ministry of Finance, retain its position, it will also evolve to be more consistent with the transformed economic system allowing the Japanese economy to recover and retain its important role in the global economy.
The book details the history of the Ministry of Finance and Japan's financial markets since World War II. It describes the economic crisis in Asia and Japan's attempts to transform its bureaucracy to better compete in the global arena. Economists, business practitioners, trade specialists, and anyone interested in Japan's role in the world economy will find this lucid and detailed book an invaluable resource.
Contents
Preface
Overthrowing the Past
Bureaucratic Practices
Inside the Ministry of Finance
The Ministry of Finance and the Private Sector
Management of the Financial Markets
The Postwar Financial System
The End of the Postwar Financial System
Too Close for Comfort: The Securities Bureau and the Securities Industry
Bailout: The Banking Bureau and the Banking Industry
The Problem of Informal Relations: The Daiwa Bank Scandal
Lessons Learned: Secrecy and the Bailout of the Jusen
Bureaucrats, Politicians and the Budget
The Budget and the Bureaucracy
The Political Role of Bureaucrats
The Bureaucratic Role of Politicians
The Forms of Political Intervention: Cooperation, Consensus, and Conflict
The National Interest: Politicians, Bureaucrats and the Consumption Tax
Reform
The Inevitability of Administrative Reform
Retribution and Reform
The End Game: Transforming the Ministry of Finance
Interviews
Bibliography
Index
