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The Japanese Economy
The Japanese Economy
Marcus Rebick
Introduction

Japan's economy, during its rapid growth from the 1950s to the 1980s was regarded as a model for the world, and during the 1980s much credit was given to its economic and political institutions (Vogel, 1979; Johnson, 1982; Aoki, 1988; Womack et al., 1991). On the other hand, during the 1990s, a period of much slower growth and stagnation, Japan's institutions were criticised by many (e.g. Porter and Takeuchi, 1999; Blomström et al., 2003). Today, with other countries in East Asia having different institutions showing similar capacities for rapid growth, we have a more balanced view and, without denying some unique cultural aspects, Japan's economic institutions do not appear to be that exceptional from the perspective of a European economist. Students of the ‘varieties of capitalism’ approach, for example, ...

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