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The March 2011 earthquake and tsunami in Japan plunged the country into a state of crisis. As the nation struggled to recover from a record breaking magnitude 9 earthquake and a tsunami that was as high as thirty-eight meters in some places, news trickled out that Fukushima had experienced meltdowns in three reactors. These tragic catastrophes claimed some 20,000 lives, initially displacing some 500,000 people and overwhelming Japan's formidable disaster preparedness. This book brings together the analysis and insights of a group of distinguished experts on Japan to examine what happened, how various institutions and actors responded and what lessons can be drawn from Japan’s disaster. The contributors, many of whom experienced the disaster first hand, assess the wide-ranging repercussions of this catastrophe and how it is already reshaping Japanese culture, politics, energy policy, and urban planning.
This volume explores the origins of Japan’s current economic crisis and assesses the country’s prospects for recovery. An exploration of the origins and consequences of Japan’s current economic crisis. Examines the collapse of the equity and real estate market bubbles in the late 1980s. Analyses the failure of Japanese monetary and fiscal policies to reverse the ensuing economic decline. Evaluates unorthodox options available to policy makers that might enable Japan to recover from its ‘lost decade’. Suggests that Japan’s prospects for economic recovery are still uncertain.
Readership: Professors and graduate students in economics and economists working in financial institutions such as the World Bank, IMF, ADB and commercial banks.
Japan has been one of the most important international sponsors of human security, yet the concept has hitherto not been considered relevant to the Japanese domestic context. This book applies the human security approach to the specific case of the earthquake, tsunami and nuclear accident that struck Japan on 11 March 2011, which has come to be known as Japan's ‘triple disaster’. This left more than 15,000 people dead and was the most expensive natural disaster in recorded history. The book identifies the many different forms of human insecurity that were produced or exacerbated within Japan by the triple disaster. Each chapter adds to the contemporary literature by identifying the vulnerability of Japanese social groups and communities, and examining how they collectively seek to prevent, respond to and recover from disaster. Emphasis is given to analysis of the more encouraging signs of human empowerment that have occurred. Contributors draw on a wide range of perspectives, from disciplines such as: disaster studies, environmental studies, gender studies, international relations, Japanese studies, philosophy and sociology. In considering this Japanese case study in detail, the book demonstrates to researchers, postgraduate students, policy makers and practitioners how the concept of human security can be practically applied at a policy level to the domestic affairs of developed countries, countering the tendency to regard human security as exclusively for developing states.
This open access book provides a readable narrative of the bubbles and the banking crisis Japan experienced during the two decades between the late 1980s and the early 2000s. Japan, which was a leading competitor in the world’s manufacturing sector, tried to transform itself into an economy with domestic demand-led mature growth, but the ensuing bubbles and crisis instead made the country suffer from chronicle deflation and stagnation. The book analyses why the Japanese authorities could not avoid making choices that led to this outcome. The chapters are based on the lectures to regulators from emerging economies delivered at the Global Financial Partnership Center of the Financial Services Agency of Japan.
Analyzes Japanese contributions to Marxist theory Marxist economic thought has had a long and distinguished history in Japan, dating back to the First World War. When interest in Marxist theory was virtually nonexistent in the United States, rival schools of thought in Japan emerged, and brilliant debates took place on Marx’s Capital and on capitalism as it was developing in Japan. Forty years ago, Makoto Itoh’s Value and Crisis began to chronicle these Japanese contributions to Marxist theory, discussing in particular views on Marx’s theories of value and crisis, and problems of Marx’s theory of market value. Now, in a second edition of his book, Itoh deepens his study Marx’s theories of value and crisis, as an essential reference point from which to analyze the multiple crises that have arisen during the past four decades of neoliberalism. One contribution of the original Value and Crisis was to bridge Japan and the world in the field of Marxian political economy. Itoh’s second edition demonstrates an even wider-ranging familiarity with major schools of Marxist thought, summarizing and assessing viewpoints of such theorists as Hilferding, Bauer, Kautsky, Bukharin, Luxemburg, Grossman, Sweezy, the Japanese Marxist Kozo Uno, together with the relevant parts of Capital and a section on the 1930’s Great Depression. Given today’s current emergencies of world capitalism and socialism, says Itoh, we need to work together to resolve new global problems, articulating new issues of Marx’s theories of value and crisis. The promise of Marx’s theories has not waned. If anything—given the failure of Soviet-style socialism and the catastrophe of neoliberalism—it grows daily.
Despite the devastation caused by the magnitude 9.0 earthquake and 60-foot tsunami that struck Japan in 2011, some 96% of those living and working in the most disaster-stricken region of Tōhoku made it through. Smaller earthquakes and tsunamis have killed far more people in nearby China and India. What accounts for the exceptionally high survival rate? And why is it that some towns and cities in the Tōhoku region have built back more quickly than others? Black Wave illuminates two critical factors that had a direct influence on why survival rates varied so much across the Tōhoku region following the 3/11 disasters and why the rebuilding process has also not moved in lockstep across the region. Individuals and communities with stronger networks and better governance, Daniel P. Aldrich shows, had higher survival rates and accelerated recoveries. Less-connected communities with fewer such ties faced harder recovery processes and lower survival rates. Beyond the individual and neighborhood levels of survival and recovery, the rebuilding process has varied greatly, as some towns and cities have sought to work independently on rebuilding plans, ignoring recommendations from the national government and moving quickly to institute their own visions, while others have followed the guidelines offered by Tokyo-based bureaucrats for economic development and rebuilding.
"A joint publication of the Social Science Research Council and New York University Press."
Is the recovery from the global financial crisis now secured? A strikingly similar crisis that stalled Japan's growth miracle two decades ago could provide some clues. This paper explores the parallels and draws potential implications for the current global outlook and policies. Japan's experiences suggest four broad lessons. First, green shoots do not guarantee a recovery, implying a need to be cautious about the outlook. Second, financial fragilities can leave an economy vulnerable to adverse shocks and should be resolved for a durable recovery. Third, well-calibrated macroeconomic stimulus can facilitate this adjustment, but carries increasing costs. And fourth, while judging the best time to exit from policy support is difficult, clear medium-term plans may help.
On March 11, 2011, Japan was struck by the shockwaves of a 9.0 magnitude undersea earthquake originating less than 50 miles off its eastern coastline. The most powerful earthquake to have hit Japan in recorded history, it produced a devastating tsunami with waves reaching heights of over 130 feet that in turn caused an unprecedented multireactor meltdown at Fukushima Daiichi Nuclear Power Plant. This triple catastrophe claimed almost 20,000 lives, destroyed whole towns, and will ultimately cost hundreds of billions of dollars for reconstruction.In 3.11, Richard Samuels offers the first broad scholarly assessment of the disaster's impact on Japan's government and society. The events of March 2011 occurred after two decades of social and economic malaise—as well as considerable political and administrative dysfunction at both the national and local levels—and resulted in national soul-searching. Political reformers saw in the tragedy cause for hope: an opportunity for Japan to remake itself. Samuels explores Japan's post-earthquake actions in three key sectors: national security, energy policy, and local governance. For some reformers, 3.11 was a warning for Japan to overhaul its priorities and political processes. For others, it was a once-in-a-millennium event; they cautioned that while national policy could be improved, dramatic changes would be counterproductive. Still others declared that the catastrophe demonstrated the need to return to an idealized past and rebuild what has been lost to modernity and globalization.Samuels chronicles the battles among these perspectives and analyzes various attempts to mobilize popular support by political entrepreneurs who repeatedly invoked three powerfully affective themes: leadership, community, and vulnerability. Assessing reformers’ successes and failures as they used the catastrophe to push their particular agendas—and by examining the earthquake and its aftermath alongside prior disasters in Japan, China, and the United States—Samuels outlines Japan’s rhetoric of crisis and shows how it has come to define post-3.11 politics and public policy.