An Ocean Apart: Explaining Three Decades of U.S.-Japanese by Stephen D. Cohen

By Stephen D. Cohen

Closing a serious hole within the literature studying the strained courting among the U.S. and Japan, this ebook synthesizes the industrial, political, ancient, and cultural components that experience led those international locations, either practitioners of capitalism, alongside particularly varied paths looking for various targets. Taking an target, multidisciplinary procedure, the writer argues that there's no unmarried reason for Japan's household financial or overseas exchange successes. fairly, his research issues to a systemic mismatch that has been misdiagnosed and handled with insufficient corrective measures. This systemic mismatch within the company technique, monetary guidelines, and attitudes of the U.S. and Japan created and is perpetuating 3 many years of bilateral monetary frictions and disequilibria.

As lengthy as either the U.S. and Japan deal extra with indicators than reasons, bilateral difficulties will persist. This book's particular research will inspire a greater figuring out on either side of the Pacific of what has occurred, is occurring, and may proceed to ensue if company executives and policymakers within the nations don't higher detect the level in their transformations and undertake larger corrective measures.

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Extra info for An Ocean Apart: Explaining Three Decades of U.S.-Japanese Trade Frictions

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Ships. Edwin O. "2 Japan's worst fears about dealing with the West were soon confirmed. S. treaty spread, warships from the European powers arrived, demanding equivalent market access. Imposed in 1866, the socalled unequal treaties forced Japan to limit its tariff levels to a maximum of 5 percent. 3 By the beginning of the twentieth century, Americans already were expressing anxiety over Japan's commercial prowess. S. writer in 1904 as presenting "the amazing spectacle of an Eastern society maintaining all the outward forms of Western civilization .

Trade policy in which foreign policy objectives overwhelmingly had been placed ahead of domestic interests. S. sensitivity to relatively rapid increases in imports spurred Congress to relax the statutory criteria for demonstrating import-induced History 23 injury under the so-called escape clause. This measure offers domestic producers the possibility of temporary relief (higher tariffs a n d / o r quotas) from intense, albeit fair, foreign competition if the petitioner can demonstrate that imports are a substantial cause of serious injury, or threat thereof, to the domestic industry.

S. overtures to the Japanese in the mid-1980s that multiyear restraints on exports of these products were advisable in order to avoid unilateral import restraints. In what was the last bilateral OMA negotiated as of 1997, the Japanese, in 1987, initiated multiyear restraints on machine tool shipments to the United States. Announcements of Japanese moves to liberalize import barriers were much in evidence throughout the 1980s. In what might be described as a process of creeping incrementalism, tariffs were unilaterally reduced on a wide variety of products, and partial relaxations were repeatedly made in nontariff barriers, mainly involving Japanese customs procedures, product standards, and testing requirements.

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