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Everyday Life in Japan Essay. History Assignment.
Essay Instructions:
1. How has 'everyday life' in Japan been shaped and impacted by capitalist restructuring after the bursting of the speculative economic bubble in 1989? What are the most important aspects of everyday life that have been changed by capitalism's own restructuring in the era of neoliberalism in Japan? In your response, please refer to Japan's Economy Reconsidered and/or the essays by Harry Harootunian and Sabu Kohso to support your argument,
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Everyday Life in Japan
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Everyday Life in Japan
Introduction
The 70s and 80s era was an era of economic turmoil for Japan. The inflation rate in Japan recorded during the 1970s played a role in the decline of the country's economy. The country recorded a high growth rate before the 70s period. The Japanese economy underperformed considerably during the 1980s era. After the end of bubble economic crisis, the authorities found it difficult to develop a strategy to boost the economy. The country's growth rate reached to almost zero during the 1990s. The reasons for economic breakdown were both global and local. The countries of Western Europe and North America also observed a decline in their growth (Itoh, 2000). The country observed a significant decline during the early1970s and 1980s. The happenings of the lost decade resulted in negatively impacting the Japanese economy. The policymakers believe that the Japanese economy is still experiencing the influence of poor policies executed during the bubble economy period.
Restructuring of Capitalism and Its Impact on Everyday Life in Japan
The economic historians and analysts have described the starting point of the bubble economy from September 1985. Six nations, including Japan and the United States, agreed to abide by the Plaza Accord. Following the agreement, the dollar depreciated against the Japanese Yen. It allowed Japanese businesses to buy foreign assets at a low rate. Japanese companies purchased golf courses and properties in the United States. In December 1989, the Japanese stock market reached a high point of 39,000. However, in the early 1990s, there was a sudden decline in the stock market which resulted in a loss of over $2 trillion.
The Plaza Accord did not prove to be successful in maintaining balance in the trade relations between the United States and Japan. No significant change was observed in the exchange rate of the US dollar and yen. In the United States, the trade deficit started to rise, and Japan observed a significant level of export surplus. These factors resulted in asset bubble price and affecting the lives of Japanese people. Consumer spending was high, which damaged the economy of Japan. The income inequality present in Japan benefitted the user groups with high income. Such a situation was not good for the overall economy of the country.
The rise in the rates of asset prices in Japan contributed to a sufficient decrease in the interest rates in the short term period during 1986 and 1987. It resulted in a discount rate remaining fixed for the next two years. The Bank of Japan adopted policies which resulted in a significant drop in the discount rate from 5 per cent to 2.5 per cent (Kohso, 2015). The international policy of intervention within foreign exchange contributed in the discount cut. The aggressive monetary easing policy adopted by the Bank of Japan resulted in a decrease in the US dollar value to 35 per cent. The international community criticized this strategy of Bank of Japan as it appeared to be an attempt to increase the value of yen.
The distortions present within the tax system of Japan resulted in creating...
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