America’s economic system is no longer functioning. The continued loss of our industrial base coupled with the subprime crisis, decline in the housing market, tightening credit and rising deficits have all devastated the economy.
Just how do we get out of this mess? Copying Japan, one of the world’s most successful economies, may be the answer.
Decades ago, U.S. industrial supremacy seemed unstoppable due to the fact that competitor nation’s economies were still reeling from the bombs dropped during World War II.
From the charred ruins of factories and cities, nations rebuilt and the global economy changed. In turn, America with high quality control standards, good worker benefits and strict adherence to free trade doctrines, was left seeing its debts skyrocket and good paying jobs outsourced to third world slave-wage countries.
But there is an answer to revitalizing manufacturing, correcting our gluttonous balance of trade deficit and reducing our dependence on imports- copy Japan’s economic model.
Japan rebuilt after WWII and focused on industrial and technological development. With a clear vision, and a proactive government supporting capital and knowledge intensive industries, Japan has risen to the point where they have become an economic super power. Economist Eamonn Fingleton elaborates…..
Read Complete Story
Subscribe to:
Post Comments (Atom)
1 comment:
This would be less expensive than whatever they're trying to plan now with the insane amount they have come up with (1.7 trillion) It would be less expensive to give every worker, unemployed person or even houshold in this country a$150,000 stimulus check than what they're trying to come up with now which isn't much thus far. This would turn things around as soon as they checks left the office. People would pay off loans, catch up on their mortgages, buy new cars even houses and still have enough in the bank to borrow against since many now have weaker credit scores and are unable to get unsecured financing. It would fix it all immediately! Some sort of age limit is needed, we wouldn't want this money in the hands of a 16 year old but even if it where to go to small businesses there would be less lay-offs and more production.
CC
Post a Comment