Japan, the System That Soured by Katz Richard

Author:Katz, Richard
Language: eng
Format: epub
ISBN: 9781317467175
Publisher: Taylor & Francis Ltd

“Price Destruction in Japan”

While the poor countries post a particularly stark case for the benefits of trade, even advanced nations show extraordinary productivity and growth gains from trade.

That’s because advanced nations can also be plagued by dysfunctional practices. All over Japan, there is money to be made by colluding with competitors to jack up prices to monopolistic levels.

Imports are heavy artillery that batters down the walls of oligopolies, collusion and cartels—and the political arrangements that protect them.6

Just look at the “price destruction” that Japan experienced in the early 1990s when a soaring yen forced greater imports in previously closed sectors. Even tiny gains in imports brought down prices in a way that years of complaining to the Japan Fair Trade Commission (JFTC) never did.

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