Japanese Corporate Governance and Strategy
نویسنده
چکیده
The prolonged recession in Japan today stands in contrast to its high growth from the mid 1950s through the early 1970s and its booming prosperity from the late 1970s through the 1980s. The growth rate of the economy has sputtered in the 1990s and was even negative in 1997 (Yokoyama 1997). During the first quarter of 1998 Japan's gross domestic product declined at an annual rate of 5.3 percent (Abrahams and Tett 1998). By world standards, its unemployment rate of just over 4 percent in April 1998 is enviable, but the unemployment rates since 1996 are higher than they have been in Japan since the current mode o f calculating the rates began in 1953 (Nikkei Weekly 1998). As many economists see it, Japan has now entered the real world of international economics, and unless it quickly deregulates its capital and labor markets, it will not be able to get its economy back on track.
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