It’s Bad All Over, Japan Edition
By Justin Gardner | Related entries in Economy, The World, VideoSome pretty depressing numbers.
GDP dropping by 12%+ in Japan because nobody’s buying their exports.
Yikes.
Question…who is doing well?
Also, if this truly is a global economy and we’re all connected now, then how will we be able to pull ourselves back out of this if nobody’s buying what we’re selling either?
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February 16th, 2009 at 12:44 pm
Isn’t it a lot clearer to suggest that Japanese GDP is down 12% because fewer people are buying their exports, instead of no one?
That might seem like nitpicking, but here’s the thing. If no one is buying anyone else’s stuff, then their IS no economy. It’s all gone.
So what we look for is a slowing down of the decline, the establishment of a bottom, and then a slow rebuilding of the economy around whatever hope can be established on the foundation of a new equilibrium.
One thing that is bound to work against any establishment of an equilibrium?Panic.
February 16th, 2009 at 1:52 pm
Japan’s in far worse condition than most other developed democratic states. First, their moves to capture market share in the 70s and 80s were done in a way that burned their future possibilities somewhat; they haven’t been able to go postindustrial like we have. And, they have a demographic crisis because life’s hellish on married women in Japan, and they’re racist and sexist enough to effectively limit their labor pool too much to get around that by immigration. So, they crashed in the 90s, and they can’t get back up.
And, it’s a one-party state, so their democracy isn’t very vigorous about giving the kind of leadership needed to move beyond these problems. There are hopeful signs that it’ll go two-party in the next election, at last; that should help.