Abstract
It is said that neither oil shocks, global stagflation, nor chronic monetary instability wilted Japan's fragile blossom in the 1970s. And that is undoubtedly true: the nation's economic performance surpassed all rivals. But successful adjustment to conditions of global economic crisis has, by its own internal dialectic, altered the structure of Japan's economy and increased its vulnerability. Three major changes stand out.This article can also be found at the Monthly Review website, where most recent articles are published in full.Click here to purchase a PDF version of this article at the Monthly Review website.
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