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Essay / Research Paper Abstract
This 9-page paper compares the similarities between the Great Depression in the United States in the 1930s, and the depression Japan currently experiences. Topics under discussion include fiscal policy, monetary policy, consumer spending and bank failures. Bibliography lists 5 sources.
Page Count:
9 pages (~225 words per page)
File: D0_MTjaprec.rtf
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Unformatted sample text from the term paper:
to how the financial powerhouse of the 1980s could have become the 98-pound weakling of the late 1990s. The head-scratching and confusion, in fact, werent too different from economists and
experts who, during the late 1920s and throughout the 1930s, were uncertain as to why the U.S. economy was in such a terrible slump. Truth to tell, although the countries
are different (as are the times), there are remarkable similarities between the U.S. Great Depression and the current Japanese depression. What we
will do in this paper is pay attention to the fiscal and monetary comparisons between the two financial collapses, and determine if lessons for Japan can be learned from the
U.S. Great Depression. The Japanese Trap Princeton Universitys Paul Krugman is upfront about the possibility that the reason for Japans current financial
woes are due to too much corporate debt, refusal of banks to face up to their losses, overregulation of the service sector, lack of tax cuts, need for massive bank
reform, and excess capacity (Krugman, 1998). Krugman is also upfront when he notes that his own reason for the Japanese recession is what he calls the "liquidity trap," one in
which monetary policy doesnt work because interest rates are as low as theyre going to go (without going below zero) (Krugman, 1998).
The way out, he notes is certainly through structural reforms to raise the long-run growth rate - the banks need to be cleaned up, the service sector deregulated and
corporate accounting reformed (Krugman, 1998). Just as important, people need to be encouraged to spend more money (Krugman, 1998). This, incidentally, is an issue that was a huge problem in
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