Saturday, February 16, 2013

Recession-hit economy of Japan shrinks again

Reportedly, Japan''s economy 'shrank for a third quarter at the end of last year. 'Meanwhile, 'the monetary and currency policy implemented by Japan''s government to boost export continues to be controversial. The once admirable post-WWII economy of Japan began to decline in the early 1990s and its position as the second single largest economy('in terms of nominal GDP') on earth was taken over by China in 2011. Chapter 3 of British professor Duncan McCargo's Contemporary Japan ( London, Palgrave MacMillan, 3rd Editon ) outlines Japan''s 'Changing Political Economy' 'from 1945 to 2012, and provides observers as well as analysts with some pertinent 'and critical questions to think about.