By Stephen D. Cohen
Closing a severe hole within the literature interpreting the strained courting among the U.S. and Japan, this booklet synthesizes the industrial, political, historic, and cultural components that experience led those countries, either practitioners of capitalism, alongside really diversified paths looking for varied ambitions. Taking an aim, multidisciplinary technique, the writer argues that there's no unmarried reason for Japan's household monetary or international alternate successes. fairly, his research issues to a systemic mismatch that has been misdiagnosed and taken care of with insufficient corrective measures. This systemic mismatch within the company procedure, monetary regulations, and attitudes of the U.S. and Japan created and is perpetuating 3 a long time of bilateral monetary frictions and disequilibria.
As lengthy as either the U.S. and Japan deal extra with indicators than explanations, bilateral difficulties will persist. This book's targeted research will motivate a greater knowing on each side of the Pacific of what has occurred, is occurring, and may proceed to take place if company executives and policymakers within the international locations don't greater notice the level in their ameliorations and undertake greater corrective measures.
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Extra info for An Ocean Apart: Explaining Three Decades of U.S.-Japanese Trade Frictions
Imposed in 1866, the socalled unequal treaties forced Japan to limit its tariff levels to a maximum of 5 percent. 3 By the beginning of the twentieth century, Americans already were expressing anxiety over Japan's commercial prowess. S. writer in 1904 as presenting "the amazing spectacle of an Eastern society maintaining all the outward forms of Western civilization . . "4 One year later, a New York newspaper described the Japanese worker as "ingenious . . "5 The spreading global depression and the protectionist trade measures that followed in its wake caused a massive downward spiral in international trade in the early 1930s.
Edwin O. : Harvard University Press, 1981), pp. 79-80. 3. Christopher Howe, The Origins of Japanese Trade Supremacy (Chicago: University of Chicago Press, 1996), p. 159. 4. Lafcadio Hearn, Japan — An Attempt at Interpretation (New York: Grosset and Dunlap, 1904), p. 501. 5. : Johns Hopkins University Press, 1963), p. 22. 6. Raymond Saulnier, "An Economist's Eye View of the World," Fortune (May 1962), p. 159. 7. See, for example, Kozo Yamamura and Jan Vandenberg, "Japan's RapidGrowth Policy on Trial: The Television Case," in Law and Trade Issues of the Japanese Economy, edited by Kozo Yamamura and Gary Saxonhouse (Seattle: University of Washington Press, 1986), pp.
Trade strategy — the congressionally-inspired quest for reciprocity. S. trade negotiators to present a simple choice to foreign offenders. S. market was deemed open to them or face the risk of retaliatory restrictions. S. multilateral trade deficit through export expansion rather than import reduction was Section 301 of the Trade Act of 1974 as amended. S. commerce and authorized retaliatory measures if foreign accommodation was not forthcoming. The Omnibus Trade and Competitiveness Act of 1988 took this measure one step further in the form of the Super 301 amendment.
An Ocean Apart: Explaining Three Decades of U.S.-Japanese Trade Frictions by Stephen D. Cohen