Japan: Crisis or Economic Restructuring

In this article, the author analyzes the current economic situation of Japan, in crisis because of the structural changes entailed in the transition of an industrial society and economy to a post-industrial one. A study of the Japanese economy is highly important in catching a glimpse of the outstanding role Japan could play in the near future as one of the most important financial centers in the world. The article is divided into four sections. In the first, Glender Rivas examines Japan’s economic history of the last years, when it reached the limit of its industrialization and became an exporter of capitals; the author analyzes the economic incentives package proposed by the then prime minister, Ryutaro Hashimoto, to end the stagnation and downward trend of the Japanese economy by stimulating internal demand, reforming the financial system, and actively supporting correction of the financial institutions. In the second section, he explains the structural changes Japan has experienced in its industry, financial system and balance of payments in recent years as a result of its high level of development and the internationalization of the economy. The third section refers to certain conservative sectors that oppose economic restructuring, including some bureaucratic groups and members of the exporting sector. The author states that the change of an industrial to a post-industrial society necessarily entails changes in education, which has to focus more on creativity and analysis than on tough discipline. In the fourth and last section, the author considers relations between Mexico and Japan; his opinion is that structural reform in the Japanese economy will have a big impact on Mexico’s industry, foreign trade and sources of capital.