China's business reforms

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Thomas M. Huber

This innovative work demystifies the Japanese economy by considering it as a strategic system. Exploring its essential structure and dynamics, both domestic and international, Thomas M. Huber offers provocative insights into Japan's postwar economy by comparing it to Western national security and military systems rather than exclusively to Western commercial institutions. The author highlights the remarkable similarity of "Japan, Inc." to some of the structures and policy dynamics of the U.S. military especially, but also shows how other public institutions offer useful analogies for deciphering Japanese economics. Japan's domestic strategies are mirrored in the international realm with MITI, the Export Import Bank of Japan, JETRO, trading companies, and other agencies pursuing national policy goals. The objective of this far-flung activity is international influence, achieved by acquiring production and factors of production.

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Thomas F. Cargill, Reno Takayuki Sakamoto

An analysis of the performance of Japan's economic and political institutions from late 1970s to 2007. The authors explain how Japan's flawed response to new economic, political, and technological forces ushered in a lost decade and a half of economic development from 1990. Impressive economic performance in the 1980s masked an "accident waiting to happen" - the collapse in equity and real estate prices in 1990-91. Japan's iron triangle of politicians, bureaucrats, and client industries, combined with a flawed financial liberalization process and policy errors by the Bank of Japan and the Ministry of Finance, brought Japan to an abyss of deflation, recession, and insolvency by the late 1990s. The turning point was the election of Koizumi as prime minister in 2001. The book explores Koizumi's economic reform, new developments in socioeconomic conditions, the politics and economy after Koizumi, and the economic and political challenges facing Japan in the new century.

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Vijay Joshi

" India's economic resurgence has been the subject of many extravagant predictions and hopes. In this powerful and wide-ranging book, distinguished economist Vijay Joshi lays out a penetrating analysis of the shaky foundations of the country's performance, and charts the course that it should follow to achieve widely-shared prosperity. Joshi argues that for India to realize its huge potential, the relation between the state, the market, and the private sector must be comprehensively realigned. Deeper liberalization and more extensive privatisation will be necessary. But they will not suffice to achieve India's economic objectives. The state needs to perform much more effectively many core tasks that belong squarely in its domain. India needs more of the market as well as more of the state. The road India takes will matter not only for the lives of its billion-plus people but also for the course of global economics and politics. In the course of his enquiry, Joshi examines in depth all the critical areas of Indian development policy, including employment and the 'demographic bulge'; investment and productivity; the markets for goods, resources, and finance; macroeconomic stability; public sector banks and enterprises; the infrastructure deficit; social protection and safety nets; education and health care; environmental sustainability; international economic relations; state capacity and accountability; and corruption and crony capitalism. His design for radical reform incorporates a fiscally affordable scheme to provide a regular 'basic income' for all citizens that would speedily abolish extreme poverty. An authoritative work of tremendous scope and depth, India's Long Road will be an essential resource for anyone who wants to know where India is today, where it is headed, and what it should do to attain its ambitions. "-- "India's surge in high, well-sustained economic growth captured the world's attention for much of the period from the 1990s to the early 2010s. Often paired with China as being at the leading edge of emerging economies, the last few years have witnessed shortfalls in India's performance, which have also occurred in the cases of other "BRICS," namely, Brazil, Russia, and South Africa. India is now facing a possible fiscal crisis, higher inflation, greater concentration of economic wealth, and a slowdown in productivity. While its business sector remains vigorous, the Indian state has not yet found a viable way to fund food subsidies or come to grips with the costs of its employment guarantee program. Corruption also hinders growth at many turns. All these factors bring into question how feasible or wise it is for India to pursue a path toward global political power rather than concentrate on improved economic engagement worldwide. Dr. Joshi believes India's economic problems are serious and systemic, not a temporary blip. His analysis sets forth that the only way the country can truly prosper is to find the means to return to the earlier levels of growth through massive economic reform. This policy reorientation calls for eliminating price controls as well as both explicit and hidden subsidies to industries, introduction of direct cash transfers to the poor in place of the state's own costly production of goods and services, and an aggressive move toward privatization rather than over-reliance on family firms and widely-held corporations. Without these, the requisites of economic stability cannot be fully established, let alone propel significant growth"--

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Jorge F. Pérez-López

Without doubt, Cuba is facing its most serious economic challenge in nearly thirty-five years of revolutionary rule. There is consensus that as the official, centrally planned economy has faltered, ordinary citizens eke out a living only by engaging in under-the-table, unrecorded, and mostly illegal activities. In fact, this second economy" is growing by leaps and bounds. This volume sketches the contours of the very complex phenomenon of the second economy of socialist Cuba, and discusses its evolution over time, as well as the role that it may play in the transition to a market economy on the island. The economic crisis of the 1990s has propelled the second economy from behind the scenes to center stage. Not only have black markets mushroomed, but second economy activities connected to the free-market that the Castro government has traditionally discouraged or even prosecuted are now being incorporated into the government's own economic strategy. Self-employment, cultivation of individual plots, and the use of foreign currencies to buy or sell goods, are now promoted with considerable enthusiasm by the leadership. Perez-Lopez examines different ways of thinking about unregulated economic activities that have been set forth in the literature and concludes that the concept of the second economy is the most appropriate for Cuba. He brings together available information from a multitude of sources on the manifestations of the second economy in Cuba and of its operation. Cuba's Second Economy is a timely study of an economic system in crisis. It will be of interest to economists, political scientists, policymakers, and Latin America area scholars.