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Boombustology, 2nd Edition
book

Boombustology, 2nd Edition

by Vikram Mansharamani
May 2019
Intermediate to advanced content levelIntermediate to advanced
384 pages
10h 21m
English
Wiley
Audiobook available
Content preview from Boombustology, 2nd Edition

CHAPTER 8The Japanese Boom and Bust: A CREDIT-FUELED BUBBLE ECONOMY

The militaristic hubris that took Japan blindly into the Second World War found its counterpart in the speculative hubris of the Bubble Economy. History was repeating itself, except this time a stock market farce replaced the tragedy of war.

—Edward Chancellor

During the 1980s, Japan experienced an extraordinary speculative boom that resulted in a bust that has plagued the island nation for the last 20 years. This chapter describes the events that transpired during the 1980s and some of the resulting extremes witnessed in the course of unbridled speculation. The impact of the bust, which continues as this book is being written, is briefly considered as well, and the boom and bust are then evaluated via the five lenses presented in Part I.

Japan(ese) as Different

Japanese society emphasizes harmony. The primary religions in Japan, Buddhism and Shintoism, are heavily oriented toward collectivism. The heavy influence of Confucian ideals also strengthens the primacy of group harmony over individual success. Further, the Japanese, not unlike many other homogenous groups, genuinely think of themselves as unique and different from other societies and cultures. The Japanese hold a deep belief that they are unlike other races, religions, or frankly, humans. This belief is not one restricted to behavior, for as noted in Devil Take the Hindmost: A History of Financial Speculation, it actually begins with a notion that ...

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Publisher Resources

ISBN: 9781119575603Purchase book