International journal of materials research

Opinion you international journal of materials research excellent

In the late 1980s, most Japanese and many Americans believed that Japan was on its way to becoming the dominant economy in the world - if it had not already achieved that position. Most Americans and many Japanese believed there had been an fundamental deterioration in the competitive position of the United States.

Japanese investors were making huge investments at the United States (at what often turned out to be vastly inflated prices). American companies were emulating key Japanese management practices as they struggled to restore their own strength. All this has changed over the past decade. The United States is international journal of materials research in its eighth consecutive year of economic expansion. America has created over fifty million new jobs since 1970, twelve million alone since 1993.

Unemployment is at international journal of materials research lowest level in almost thirty years. Prices are more stable international journal of materials research at any time since the first oil shock in 1973. Indeed, except for a short recession in 1990-91, the United States has grown steadily since 1982. The "American model" looks increasingly successful and is itself being widely emulated around the world.

By contrast, Japan has been the "sick man" of both the industrial countries and East Asia since international journal of materials research early 1990s. This performance represents a strange paradox. Until the outbreak of the recent Asian crisis, Japan had been living in the fastest growing region of the world economy.

Interest rates have been virtually zero for some time. The trade surplus is the highest in the world and has again been rising significantly. Yet there has been virtually no growth in Japan for more than six years.

Something fundamental seems to be wrong. Deregulation and liberalization are clearly needed in many sectors, especially as other countries move rapidly to open their own economies.

Relations between the United States and Japan also represent a paradox at the present moment. On the one hand, overall ties between the two plan life are extremely strong. Recent agreements to update and improve security arrangements have indeed strengthened a crucial, and frequently contentious, element of the international journal of materials research. On the other hand, the frequency and intensity of disagreement over economic issues - especially the appropriateness, cum women degree of urgency, of Japanese policy in this area - have reached record levels.

Their continuation could jeopardize the entire relationship despite all the progress on other topics. Moreover, the current economic debate is of a somewhat different nature than in the past. Macroeconomic policy and exchange rates have been an element in previous squabbles, to be sure, especially in the early and late 1970s.

But the traditional focus of US concerns has been on Japanese trade barriers, "unfair" export surges (ranging from textiles in the 1960s to automobiles in the 1980s) international journal of materials research "structural impediments" to open trade between the two countries. International journal of materials research non crystalline solids sources of friction, while international journal of materials research absent from the current fracas, are distinctly secondary.

International journal of materials research present focus is almost wholly on Japan's macroeconomic policy and especially the call for Japan to (1) restore much more rapid growth (2) that is led by courses demand rather than a renewed expansion in the trade surplus. The United States has two main motives for pushing Japan so hard on these fronts.

First, it is virtually impossible to resolve the Asian economic (and increasingly political) crisis satisfactorily without a substantial pickup in Japanese growth.

Japan international journal of materials research for two thirds of the entire economy of Asia. Hence the problem countries in the region, ranging from Korea to Indonesia, simply cannot international journal of materials research the export increases required for them to recover - even if they do everything right themselves - as long as Japan is in recession. There are enormous risks to the world economy as long as Asia festers and the United States correctly sees Japanese recovery as a necessary component of resolving that key problem.

To be sure, in light of the strong performance of the American economy, there have been short-run benefits to the United States from the sharp rise in the value of the dollar and the expansion of our trade deficit.



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