Asian crisis and the future of the Japanese model

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Abstract
The ‘Japanese model’ may well not preserve its distinctiveness in the general picture of global capitalism for many more decades, but if and when change comes, it will have very little to do with the current problems of Japanese banks or with the current economic downturn, much less with the panic crises which have afflicted four Asian economies. It will result partly from the long-term pressures stemming from global financial markets, partly from the worldwide effects of American cultural hegemony, and partly from the working through of profound social structural changes stemming from Japanese society's arrival at the age of affluence.

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