The Japanese economy and corporate reform: what path to sustainable prosperity?

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Abstract
The collapse of Japan's bubble economy in 1990 and the persistence of recessionary conditions in the 1990s have raised doubts about the viability of the 'Japanese model', particularly in the West but increasingly in Japan as well. This paper argues that Japan's economic problems - unemployment, unstable banks, underconsumption and underfunded pensions - are largely the direct results of the nation's rapid and successful economic development in the previous four decades. An understanding of the transition of the Japanese economy from the boom of the 1980s to the stagnation of the 1990s is essential for assessing how the institutional foundations of Japanese economic development can be reformed to generate economic growth that is both stable and equitable over the next generation.

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