The Japanese Economic Crisis

'For years Jon Woronoff has been telling us that, far from having devised some miraculous solution to the problems of capitalism, Japan remains vulnerable to crisis. For years he was either patronised or ignored by purveyors of the myth of the 'Japanese miracle'. Now, however, the economic 'bubble' has well and truly burst, the 'miracle' looks more and more tarnished, and Woronoff has the grim satisfaction of being able to say 'I told you so'. - John Crump, University of York To those who know it best, namely the Japanese, their economy has never been as good as claimed. They put in long hours, for modest returns, namely inadequate wages to purchase decent housing, enjoy their leisure or provide for a comfortable old age. While earlier generations accepted that, younger Japanese have been revolting against the company system and the work first ethic. The economy's weaknesses and gradual slowdown were concealed by the 'bubble' of the 1980s. Now the truth is harder to hide as the once supposedly miraculous economy heads for its worst, and increasingly intractable crisis.