| NOTA |
(★)(In ´Japan´s Big Bang´, Professor Declan Hayes explains the benefits for both Japan and the world if the Big Bang reforms --deregulation, adoption of international standards of accounting transparency, and the opening of its markets to real international competition-- succeed, and the disaster that looms for Asia and the world if the reforms fail. ／´Japan´s Big Bang´ notes how reformers in previous Japanese eras pushed through their remedies. Oda Nobunaga, the father of modern Japan, for example, incinerated the enemies who opposed his reforms. Professor Hayes, in reminding Japan´s bureaucrats of their illustrious predecessors, serves them a warning : that if they do not push through the Big Bang reforms, they will throw Japan and the world into chaos and, perhaps, themselves onto a bonfire, ultimately of their own making. ／Professor Hayes´ critical appraisal of Japan´s Big Bang is a welcome break from the consensus, which has previously stifled debate on Japan´s financial and economic shortcomings. His proposals --and his warning of the bonfire that awaits reform laggards-- are an important and integral part of the reform process. ◆Declan Hayes is Professor of International Business at Tokyo´s Sophia University, where he lectures in the undergraduate and postgraduate Business and Economics programs. He has previously worked in Australia, Ireland, and Mexico during their financial upheavals, and has written extensively on the economic changes in the economies of those countries. He holds a Ph.D. from Australia´s Trobe University and M.A. and M.Litt. degrees from Trinity College, Dublin.) |
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