Beyond the Global Economic Turbulence

摘要

The financial storm that started in the United States is blowing the winds of recession around the world. Taking a long term view, some are saying that the U.S. capitalistic approach to economic growth evident throughout the 20th century has reached a dead end. Some economists are saying that in the short term, the economic policies of the previous U.S. administration can be seen as a failure, and in the mid term, the financial crisis marks the collapse of the neoliberalism and globalization that started in the 1980s. Most economists, however, welcomed the growth of free market economics and have shared in its sweet promise. In developed countries many are now clamoring for us to learn from the example of 'Japan's lost decade,' but when Japan fell into a deflationary spiral, it was the United States that demanded Japan accelerate market deregulation and pushed the necessity of structural reforms to liberalize markets. Intellectuals and economists sharing similar beliefs in Japan also trumpeted these same measures.