A Critical Review of Financial Deregulations in Japan : A Study of Politics and Economic Policy Making from the Historical Standpoint

概要

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Since and well before deregulations in the financial market with the catchphrase of freedom, fairness and globalization were declared sonorously in 1996, the Japanese economy has been in a miserably depressed state. Apparently this means that deregulation policies have not worked well and the Tokyo Big Bang in particular and structural reforms in general have failed. It may not be a gross exaggeration to say that the failures are mainly explained by the fact that Japanese politicians, business executives, bureaucrats and sham economists, the quartet of fools, have not learned from the history. Do they acknowledge their faults, mea culpa ? The members of the quartet seemed to be collusive accomplices who have perennially gangrened Japan. There is too many a piece justificative. The following observations of the two great historians may need no comment. "A crowd of critics, of compilers, of commentators, darkened the face of learning, and the decline of genius was soon followed by the corruption of taste" (Gibbon). "In that year our tongue was enriched with two words, Mob and Sham, remarkable memories of a season of tumult and imposture" (Macaulay).
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