The Political Economy of the Asian Financial Crisis
Average customer rating: 4 out of 5 stars
  • Journalistic title from famous scholar
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 The Political Economy of the Asian Financial Crisis
Stephan Haggard
Manufacturer: Institute for International Economics
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Binding: Paperback

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  1. The Politics of the Asian Economic Crisis (Cornell Studies in Political Economy) The Politics of the Asian Economic Crisis (Cornell Studies in Political Economy)
  2. The East Asian Miracle: Economic Growth and Public Policy (World Bank Policy Research Reports) The East Asian Miracle: Economic Growth and Public Policy (World Bank Policy Research Reports)
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ASIN: 0881322830

Book Description

The Asian crisis has sparked a thoroughgoing reappraisal of current international financial norms, the policy prescriptions of the International Monetary Fund, and the adequacy of the existing financial architecture. To draw proper policy conclusions from the crisis, however, it is necessary to understand its domestic politics. In this study, political scientist Stephan Haggard focuses on the most seriously affected countries-Indonesia, Korea, Malaysia, and Thailand-while also drawing lessons from those economies, such as Taiwan, that escaped the most severe distress.

Haggard focuses on the political economy of the crisis, emphasizing the longer-run problems of moral hazard and corruption, the politics of crisis management and the political consequences of severe economic downturn. Looking forward, he focuses on two critical policy issues: changes in social safety nets in the crisis countries and efforts at corporate and financial restructuring.

Download Description

The Asian crisis has sparked a thoroughgoing reappraisal of current international financial norms, the policy prescriptions of the International Monetary Fund, and the adequacy of the existing financial architecture. To draw proper policy conclusions from the crisis, however, it is necessary to understand its domestic politics. In this study, political scientist Stephan Haggard focuses on the most seriously affected countries-Indonesia, Korea, Malaysia, and Thailand-while also drawing lessons from those economies, such as Taiwan, that escaped the most severe distress. Haggard focuses on the political economy of the crisis, emphasizing the longer-run problems of moral hazard and corruption, the politics of crisis management and the political consequences of severe economic downturn. Looking forward, he focuses on two critical policy issues: changes in social safety nets in the crisis countries and efforts at corporate and financial restructuring.

Customer Reviews:

3 out of 5 stars Journalistic title from famous scholar.......2001-04-11

Haggard has a good name in East Asia field. but this title disappointed me. it's not that scholarstic but journalistic. what are enumerated on his book is not new or insightful at all to asian specialist. if you have read articles on Asia from FT or Wall Street Journal, The Economist, You should know what I mean. at best this book is no more than enlarged The Economist.

5 out of 5 stars Great Resource.......2001-02-13

This is an excellent resource for both political economics and Asian studies students. Following currency devaluation through the creation of the crisis and its development across the intertwined economies of Southeast Asia. Making rational decisions about Asian markets requires in-depth knowledge of the first fall to avoid the repercussive aftershocks which will continue to follow.
Asian Storm: The Economic Crisis Examined
Average customer rating: 4 out of 5 stars
  • yeseterday's news
  • A balanced view
 Asian Storm: The Economic Crisis Examined
Philippe Ries
Manufacturer: Tuttle Publishing
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Binding: Hardcover

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  2. The Asian Financial Crisis and the Architecture of Global Finance (Cambridge Asia-Pacific Studies) The Asian Financial Crisis and the Architecture of Global Finance (Cambridge Asia-Pacific Studies)
  3. The Asian Financial Crisis: Lessons for a Resilient Asia The Asian Financial Crisis: Lessons for a Resilient Asia
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ASIN: 0804832358

Book Description

In the wake of the crash of East Asia's economy, it is time for a frank discussion of the strategy for correcting the flaws in policy and infrastructure that undercut Asia's economic engine and for rebuilding its financial resources. Here, in absorbing detail, is an analysis not only of what went wrong and how it affected Japan and the other economies of new Asia, but how they can recover and become strong again. Philippe Ris, the economic and political correspondent for Agence France-Presse stationed in Tokyo, brings his singular expertise to a subject that continues to fascinate economists and businesspeople worldwide. Philippe Ris, the economic and political correspondent for Agence France-Presse, is stationed in Tokyo. He also covers related economic and political issues for neighboring Asian countries.

Customer Reviews:

3 out of 5 stars yeseterday's news.......2005-10-01

The key to this book is in the acknowledgments, where Riés thanks his colleagues in Agence France-Presse (AFP) for their help. Riés was AFP's Tokyo correspondent and Starr was his equivalent in Kuala Lumpur. Although the journalistic sources are clearly evident from beginning to end, they shine through most clearly in tiny vignettes, which speckle every chapter of the tome. One of these has Britain's Prince Charles sailing out of Hong Kong on the royal yacht Brittania with the Union Jack in tow, signifying the end of empire. As Prince Charles, the Brittania and the story of Hong Kong's hand over faded away from view, Riés and his AFP colleagues had other things to worry about. Chief of these was the gathering storms of the Asian financial crisis. The image of Riés, then stationed in Hong Kong, frantically phoning up the worldwide sources that journalists depend on to cover a global story such as this, jumps from the pages. Because of the international dimension of the Asian storm, the phones must have been very busy indeed.

Riés captures this international angle to an uncanny degree. As well as recounting the importance of the Japanese yen and American dollar to fueling the crisis, he describes much of the human effects of the crash as well. We hear of life savings lost and, less tragically perhaps, of top Thai stockbrokers reduced to selling sandwiches to make ends meet. More interestingly from an academic viewpoint, he has a go at some of the world's major Asian experts, MIT's Paul Krugman being a case in point.

Krugman is, of course, a prolific writer and it is interesting to see a journalist's take on his more weird pronouncements. Krugman, for example, compares Singapore to Stalin's Soviet Union and says that the Singaporean model for economic growth is as flawed as Stalin's was. Riés' informative book is to be applauded for bringing bizarre statements like that to our attention. Whatever the faults of Singapore might be, they are in no way comparable to Stalin's gulag. Most people, if given the chance, would have fled Stalin's evil empire. Most Asians, if given the opportunity, would gladly work in Singapore.

That is certainly the case for the citizens of nearby Indonesia, who remain at the center of the Asian storm. Interestingly enough in this respect, Michel Camdessus, the managing Director of the International Monetary Fund, lavishes praise on the book in the dust jacket. Although the praise is warranted, the source of that praise has to be questioned. Indonesia was the IMF's star pupil. Because the IMF ignored - and, many argue, actually financially underwrote - the blatant corruption Suharto epitomized, the praise, though welcome, leads to at least one pertinent question. What is the IMF doing to stem the sectarian pogroms the Asian storm and the IMF's policies helped to spark?

Indonesia represents the dark but all too real side of the Asian crisis. And there is no guarantee that the bloodshed will be confined to Indonesia. Riés also gives the more xenophobic pronouncements of Malaysia's charismatic leader, Dr. Mahathir Mohamad, due prominence. Mahathir is in the process of nation building, of trying to make Malaysia an economic force. This is undoubtedly a difficult job, made harder by the loss of confidence the Asian crisis provoked. Growing sectarian restlessness in Malaysia, Indonesia and the southern islands of the Philippines do not portend well for the region's future. The storm, as Mahathir well knows, is not over yet.

As long as Asia lacks a regional financial anchor, this instability and concomitant bloodshed will remain and most likely spread beyond Indonesia. Although the obvious choice for such a stabilizing anchor is Japan, there are, as the author points out, major problems with Japan playing a similar role in Asia that Germany, the Netherlands and similar countries play in Europe. In Asia, the economic disparities between Japan and the other Asian tigers is just too immense to be bridged in the near future. Although the book describes the very real financial and economic pain Japan's citizens experienced as a result of the Japanese bubble bursting, this is nothing to what people in Thailand, South Korea and most especially Indonesia have gone through over the same period. Although this is small consolation to the victims of Japan's crash, there is a glimmer of hope in all of this. The policies of the IMF stand discredited, and the pronouncements of experts like Krugman have similarly fallen into disrepute. A new paradigm, to use the cliché, is needed. For this to eventuate, fresh voices must be heard. The words and the methodologies of Philippe Riés and his AFP colleagues are part of that process. Unless Asia's leaders heed their words, the imperfect storm Riés describes will be replaced by a veritable inferno.

5 out of 5 stars A balanced view.......2001-01-31

The book is a translation of the original written in French in 1998 that I read at the time Asia was still sorting out its most immediate problems. Philippe Ries is a privileged witness and he offers a witness' account of the crisis, what caused it, how it evolved and how it is likely to affect the rest of the world. It is very informative. Ries deals with the lessons to be learned from the crisis in a more constructive way than many of the books hastily written on the same topic in the past three years. It is a rare view from a European writer, perhaps less prone than most to gauge Asia against ultra-liberal standards. Above all, Ries' book is eminently readable even for people not particularly versed in the intricacies of macroeconomics or finance.
The Asian Financial Crisis: Lessons for a Resilient Asia
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    		The Asian Financial Crisis: Lessons for a Resilient Asia

    Manufacturer: The MIT Press
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    Binding: Paperback

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    3. Crony Capitalism: Corruption and Development in South Korea and the Philippines (Cambridge Studies in Comparative Politics) Crony Capitalism: Corruption and Development in South Korea and the Philippines (Cambridge Studies in Comparative Politics)
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    ASIN: 0262692457

    Book Description

    This book analyzes the Asian financial crisis of 1997-1999. In addition to the issues of financial system restructuring, export-led recovery, crony capitalism, and competitiveness in Asian manufacturing, it examines six key Asian economies--China, Indonesia, Japan, Korea, Malaysia, and Thailand. The book makes clear that there is little particularly Asian about the Asian financial crisis. The generic character of the crisis became clear during 1998, when it reached Russia, South Africa, and Brazil. The spread of the crisis reflects the rapid arrival of global capitalism in a world economy not used to the integration of the advanced and developing countries.

    The book makes recommendations for reform, including the formation of regional monetary bodies, the establishment of an international bankruptcy system, the democratization of international organizations, the infusion of public money to revive the financial and corporate sectors in Pacific Asia, and stronger supervision over financial institutions. The book emphasizes a mismatch in Pacific Asia between investment in physical hardware (e.g., factories and machinery) and in social software (e.g., scientific research centers and administrative and judiciary systems). In a world of growing international competitiveness, concerns over governance will weigh increasingly heavily on unreformed Asian countries. The long-term competitiveness of Asia rests on its getting its institutions right.
    The Politics of the Asian Economic Crisis (Cornell Studies in Political Economy)
    Average customer rating: 5 out of 5 stars
    • Finally , a political analysis of the Aiasn economic crisis
    		 The Politics of the Asian Economic Crisis (Cornell Studies in Political Economy)
    T. J. Pempel
    Manufacturer: Cornell University Press
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    Binding: Paperback

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    2. Globalization and Its Discontents Globalization and Its Discontents
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    4. The Asian Financial Crisis: Lessons for a Resilient Asia The Asian Financial Crisis: Lessons for a Resilient Asia
    5. Activists Beyond Borders: Advocacy Networks in International Politics Activists Beyond Borders: Advocacy Networks in International Politics

    ASIN: 0801486343

    Book Description

    In the summer of 1997, a tidal wave of economic problems swept across Asia. Currencies plummeted, banks failed, GNP stagnated, unemployment soared, and exports stalled. In short, the vaunted "Asian Economic Miracle" became the "Asian Economic Crisis"--with serious repercussions for nations and markets around the world.

    While the headlines are still fresh, a group of experts on the region presents the first account to focus on the political causes and implications of the crisis. The events of 199798 involved not just property values, financial flows, portfolio makeup, and debt ratios, they argue, but also the power relationships that shaped those economic indicators.

    As they examine the domestic, regional, and international politics that underlay the economic collapse, the authors analyze the reasons why the crisis affected the nations of Asia in radically different ways. The authors also consider whether the crisis indicates a radical change in Asia's economic future.

    Contributors Yun-han Chu, National Taiwan University Bruce Cumings, University of Chicago Gary G. Hamilton, University of Washington Paul Hutchcroft, University of Wisconsin, Madison Linda Y. C. Lim, University of Michigan, Ann Arbor Andrew MacIntyre, University of California, San Diego Barry Naughton, University of California, San Diego T. J. Pempel, University of Washington Jeffrey A. Winters, Northwestern University Meredith Woo-Cumings, Northwestern University

    Customer Reviews:

    5 out of 5 stars Finally , a political analysis of the Aiasn economic crisis.......1999-10-28

    Read this book to gain a deeper understanding of the Asian crisis. Much has been written on the economic side, but "The Politics of the Asian Economic Crisis" assembles the experts to explain political differentiation among the countries affected.
    The Asian Contagion: The Causes and Consequences of a Financial Crisis
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      		The Asian Contagion: The Causes and Consequences of a Financial Crisis
      Karl D. Jackson
      Manufacturer: Westview Press
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      Binding: Paperback

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      ASIN: 0813390354
      Crisis and Innovation in Asian Technology
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        		Crisis and Innovation in Asian Technology

        Manufacturer: Cambridge University Press
        ProductGroup: Book
        Binding: Paperback

        EconomicsEconomics | Business & Investing | Subjects | Books | Agricultural | Commercial Policy | Comparative | Consolidation & Merger | Cooperatives | Debt & Deficits | Development & Growth | Econometrics | Economic Conditions | Economic History | Economic Policy & Development | Exports & Imports | Free Enterprise | Inflation | International | Labor & Industrial Relations | Macroeconomics | Microeconomics | Money & Monetary Policy | Natural Resources | Privatization | Public Finance | Statistics | Sustainable Development | Theory | Unemployment | Urban & Regional
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        ASIN: 0521524091

        Book Description

        The economic crises in Asia at the turn of the millennium changed the innovation and business production systems of China, Malaysia, Japan, Singapore, South Korea, Thailand, and Taiwan. This investigation follows several different industries, including semiconductors, automobiles, and hard disk drives. It explores the approaches that Asian nations have taken to building a strong technological and economic base for their respective industries from technonationalism to technoglobalism. It asks if the Asian economic miracle is over, or whether these countries are reinventing their economies.

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        In mid-May 1997, a financial crisis erupted in Asia after an attack by private investors on the baht, the Thai currency. The crisis spread quickly across the region, where investor confidence plummeted, resulting in massive capital outflows, stock market collapses, high unemployment, and even insurrection. The Asian 'economic miracle' that had stimulated so much awe and even dread, now invoked pity and apprehension in greater measure. The contributors to this volume investigated change in the innovation and production systems of Asian states in response to economic and political upheaval. They conducted empirical studies of several regional industries - autos, semiconductors, and hard disk drives - and seven different national economies: China, Malaysia, Japan, Singapore, South Korea, Thailand, and Taiwan. In the face of crisis and global competition, the Asian states superimposed change at the margins, seeking unique technohybrid solutions to build capabilities to compete in local, regional, and even global markets.
        The Post Financial Crisis Challenges for Asian Industrialization (Research in Asian Economic Studies)
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          		The Post Financial Crisis Challenges for Asian Industrialization (Research in Asian Economic Studies)

          Manufacturer: JAI Press
          ProductGroup: Book
          Binding: Hardcover

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          ASIN: 0762308133

          Book Description

          This volume features an in-depth analysis of the Asian financial crisis and its impacts on the economies of the region by thirty-five scholars and professionals working in the area. The volume contains a detailed analysis of the root causes of the crisis. Some of the authors pursue their analysis with a quantitative approach while others utilize a more qualitative approach. Attention is also directed to the impact of the crisis on international trade and finance. Much of the discussion of this topic focuses on the impact of the crisis on the structure and volume of trade, and on the rise in the number of trade disputes. The impact of these developments on intra- and inter-regional capital flows is also treated. The contribution of APEC (Asia Pacific Economic Cooperation) is assessed. Likewise, the emergence of new trends in the shape of regional monetary policies is also given attention. A special feature of the volume is the assessment of the impact of these developments on China's economy, the inflation rate and its international financial posture. Finally, the effect of recent events on industrial organization particularly with regard to the chaebols in Korea and the keiretsu in Japan is discussed, along with an assessment of the prospects for successful reform of the East Asian system of conglomerates.
          Weathering the Storm: Taiwan, Its Neighbors, and the Asian Financial Crisis
          Average customer rating: 3 out of 5 stars
          • Good, as far as it goes
          • An uneven collection of essays
          		 Weathering the Storm: Taiwan, Its Neighbors, and the Asian Financial Crisis

          Manufacturer: Brookings Institution Press
          ProductGroup: Book
          Binding: Paperback

          Policy & Current EventsPolicy & Current Events | Popular Economics | Business & Investing | Subjects | Books
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          ASIN: 0815713991

          Book Description

          In this timely volume, leading development economists examine four principal emergent economies in East Asia and compare their experiences during the financial crises of 1997-98. In comparing the causes and results of economic meltdowns in Indonesia, Korea, Taiwan, and Thailand, the book offers policy-relevant analysis and recommendations for avoiding similar debacles in the future, including pragmatic advice for other emergent economies. Of particular interest is an entire section that explains how Taiwan's economy was able to weather the worst of the storm.

          Customer Reviews:

          3 out of 5 stars Good, as far as it goes.......2002-01-03

          This book, and the conference organised by the Chung-Hua Institution for Economic Research on which it is based, asks a question which is fundamental to Asia's future: how did Taiwan ride out the 1997 financial storm when Thailand, Indonesia, and Malaysia were almost capsized by the wave?
          Several essays in the book note that small and mid-sized firms make up nine-tenths of Taiwan's economy, with equity financing being the norm rather than debt financing. This meant that there was far less opportunity for speculative funds to sweep into and out of the economy, and also meant that the business sector was much more stable than in some of Taiwan's neighbours.
          The capital sector was also strong, with a minimum of exchange rate controls and most financial institutions in private rather than government hands. When the crash came, non-performing loans accounted for less than five per cent of credits, compared to 16 per cent in Malaysia and 19 per cent in Thailand. Taiwan's financial institutions had also been markedly more successful at mobilising private capital and channelling it into productive investments than its neighbours.
          At the macroeconomic level, Taiwan's performance had been solid, with growth at over five per cent and a current account surplus of about 4.5 per cent of GDP. Not spectacular, but the point is that Taiwan had been turning in good results for a substantial period, rather than looking like an overheated economy heading for a fall.
          In spite of Taiwan's sturdy foundations, the meltdown still had a punch. There was a 15 per cent currency depreciation in 1997-98 and a steep drop in the stock market. But this did not translate into an economic free-fall, mainly due to decisive action by the Central Bank. It stabilised the exchange rate with sales of foreign reserves and then, crucially, let the domestic currency float. In 1999, the Central Bank buttressed its success by promoting growth with low interest rates and new investments. Credibility was a key asset, with the Central Bank being widely seen as prudent and competent, run by technocrats rather than political cronies.
          In some ways, the retreat of government may have gone a little too far: several contributors to the book note that Taiwan might have fared even better if the Central Bank had had a wider range of monetary instruments to use. But the bottom line for Taiwan remains: a solid base and a swift response meant that the '97 storm was mostly distant thunder.

          Weathering the Storm sets its points with admirable clarity, but there are subjects which are not covered. The underlying issues of macroeconomic/currency policy are hardly touched, and there are comparisons (such as with South Korea) on which there is insufficient depth. Perhaps these issues were discussed in the conference, but they are not in the book.

          3 out of 5 stars An uneven collection of essays.......2001-12-09

          As with many conference volumes, the quality of papers collected in this book varies. Some (Frank Flatters on Thailand, for example) are informative, some less so. None of the papers considers the financial crisis as a regional or systemic crisis -- instead the focus is on country by country analyses. Oddly enough, none of the papers on Taiwan deal with its decision in the fall of 1997 to devalue its currency, the New Taiwan dollar, which arguably intensified the crisis, at least with respect to Hong Kong and South Korea. One can find some interesting material in these essays, but one will have to look elsewhere for an in depth analysis of the Asian financial crisis, even with respect to Taiwan.
          Asian Post-Crisis Management: Corporate and Governmental Strategies for Sustainable Competitive Advantage
          Average customer rating: 5 out of 5 stars
          • Asian Post-Crisis Management: Corporate and Governmental Strategies for Sustainable Competitive Advantage
          • Very good coverage of China
          • Excellent and practical insights
          		 Asian Post-Crisis Management: Corporate and Governmental Strategies for Sustainable Competitive Advantage

          Manufacturer: Palgrave Macmillan
          ProductGroup: Book
          Binding: Hardcover

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          ASIN: 0333949641

          Book Description

          A decade ago, a writer from Fortune magazine wrote in the preface to Kim Woo Chong's book, Every Street is Paved with Gold, that Kim, the Daewoo empire's founder, "personifies the drive and imagination that makes East Asia a dynamic center of economic growth." Kim fled South Korea in late 1999, shortly after his empire crashed. From his initial exile post in Frankfurt, he submitted his resignation from all the Daewoo group's companies. He has left no clue about his whereabouts since then.Kim Woo Chong's meteoric rise as one of Asia's most powerful tycoons, and his equally spectacular fall, symbolize the Asian miracle and the prolonged crisis that threatended to destroy it in 1997 and that still hangs over the economic landscape. The system's flaws became apparent in mid-1999, when Kim acknowledged that his companies, which had acquired a global reach in a debt-fueled expansion binge, could not pay their creditors. By the time the banks that took over the Daewoo group had calculated $80 billion in liabilities, Kim was changing addresses in Europe. For Asia, lessons from the crisis indicate that traditional methods of operation through debt financing and over-investing will fail. This lesson and others are explored in Asian Post-Crisis Management.

          Contributers: Usha C.V. Haley • Masaaki Kotabe & Shruti Gupta • Yasuhiro Arikawa & Hideaki Miyajima • George T. Haley • Brij N. Kumar, Yunshi Mao & Susanne Birgit Ensslinger • Nancy E. Landrum & David M. Boje • Xue Li, John Kidd, & Frank-Jürgen Richter • Malcolm Cooper • Yi Feng & Baizhu Chen • Howard V. Perlmutter • Sek Hong Ng & Malcolm Warner • Thomas Clarke • Keun Lee • Caroline Benton & Yoshiya Teramoto • Fred Robins • Michael A. Santoro & Chang-su Kim • Beverly Kitching • Hock-Beng Cheah & Melanie Cheah

          Customer Reviews:

          5 out of 5 stars Asian Post-Crisis Management: Corporate and Governmental Strategies for Sustainable Competitive Advantage.......2005-09-15

          Accurate description of the item and swift notice and delivery

          5 out of 5 stars Very good coverage of China.......2002-10-24

          Professor Haley has edited an excellent compilation of chapters on Asian business -- I thought the chapters on China, its business environments, problems and opportunities, and industrial restructuring were particularly useful. A valuable addition to the genre.

          5 out of 5 stars Excellent and practical insights.......2002-10-06

          Very good review of the major Asian economies and business concerns in these regions. Especially useful as businesses enter China after its WTO entry and ponder new relationships with post-crisis SE Asia.
          Japan's Financial Crisis: Institutional Rigidity and Reluctant Change (Princeton Paperbacks)
          Average customer rating: 5 out of 5 stars
          • A sorely needed update on Japanese financial politics
          		 Japan's Financial Crisis: Institutional Rigidity and Reluctant Change (Princeton Paperbacks)
          Jennifer Amyx
          Manufacturer: Princeton University Press
          ProductGroup: Book
          Binding: Paperback

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          ASIN: 0691128685

          Book Description

          At the beginning of the 1990s, a massive speculative asset bubble burst in Japan, leaving the nation's banks with an enormous burden of nonperforming loans. Banking crises have become increasingly common across the globe, but what was distinctive about the Japanese case was the unusually long delay before the government intervened to aggressively address the bad debt problem. The postponed response by Japanese authorities to the nation's banking crisis has had enormous political and economic consequences for Japan as well as for the rest of the world. This book helps us understand the nature of the Japanese government's response while also providing important insights into why Japan seems unable to get its financial system back on track 13 years later.

          The book focuses on the role of policy networks in Japanese finance, showing with nuance and detail how Japan's Finance Ministry was embedded within the political and financial worlds, how that structure was similar to and different from that of its counterparts in other countries, and how the distinctive nature of Japan's institutional arrangements affected the capacity of the government to manage change.

          The book focuses in particular on two intervening variables that bring about a functional shift in the Finance Ministry's policy networks: domestic political change under coalition government and a dramatic rise in information requirements for effective regulation. As a result of change in these variables, networks that once enhanced policymaking capacity in Japanese finance became "paralyzing networks"--with disastrous results.

          Customer Reviews:

          5 out of 5 stars A sorely needed update on Japanese financial politics.......2004-09-23

          Amyx is one of very few scholars doing the kind of yeoman's work in political science today that is necessary for successfully integrating original source field research with rigorous theoretical analysis. The payoff is the kind of detailed and informed study that made Johnson's MITI and the Japanese Miracle a classic. Amyx's analysis of networks inclusive of the Ministry of Finance provides a rich explanatory framework for policy paralysis over the course of a dozen + years. A particularly interesting insight is that networks (i.e., people) make institutions durable even as institutions structure incentives for individuals. This reinforcing relationship, in Japan's case, led to intransigence and suboptimal outcomes for nearly all parties. I highly recommend this to readers interested in an update on bureaucratic politics in Japan, and those interested in the backstory to the grim headlines on Japan in the financial papers over the last decade. Even as Japan starts its long-delayed turnaround, this book will help readers understand where change is most likely to occur, and where the bottlenecks still exist.

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