8 36 48 38 29 22 13 34 20 57 32 33 sources maddison

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Unformatted text preview: United States Western Europe 1973–90 1990–2000 1950–2000 8.8 3.6 4.8 3.8 2.9 2.2 1.3 3.4 2.0 5.7 3.2 3.3 Sources: Maddison (1995); OECD, National Accounts of OECD Countries and Economic Outlook (various issues). 3 2 It is true that net public debt is much smaller, but many of the assets held by the public sector are of doubtful value. A. Boltho and J. Corbett manufacturing (arguably, the jewel of Japan’s industrial sector) has now fallen into at least partial foreign ownership. This catalogue of under-achievements could be continued. The slow-down of the 1990s requires explanation. At the risk of over-simplification, there would seem to be three major interpretations of what has happened: (i) one school of thought starts from the premise that the supply side of the Japanese economy has not changed much between the 1980s and the 1990s, and argues that the country has been basically hit by a succession of unfavourable shocks; (ii) the alternative view argues, instead, that Japan’s potential growth has sharply diminished so that the 1990s experience can be seen as an almost inevitable period of transition to lower future growth; this pessimism stems from unfavourable demographic trends on the one hand, and from the increasing failure of the traditional Japanese model to adapt to the requirements of a more deregulated and entrepreneurial world on the other; (iii) a third view combines elements of both hypotheses: pessimism about the longer run, combined with unf...
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