By C. Fred Bergsten, Takatoshi Ito and Marcus Noland , Institute for International Economics, October 2005

"Devotes considerable attention to the broader regional and global concerns . . .An invaluable study of the entire range of Japan-US issues." The Japan Times

This volume analyzes the United States and Japanese economies; their trade and financial relationships; and their roles in the provision of international public goods such as development assistance, environmental protection, and international security.

It argues that the United States ought to deemphasize its Japan-specific policies and its traditional focus on trade, and instead address its Japan-related concerns primarily through multilateral mechanisms with a focus on monetary and macroeconomic issues. The authors also recommend ways that the United States and Japan can cooperate to strengthen the global system in several areas of common interest.

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Book Contents (PDFs):

Preface

Acknowledgments

1. The Economic and Policy Context 272.4KB

2. The Resurgence of the American Economy 333.8KB

3. The Japanese Economic Malaise 437.6KB

4. The Economics of Japan-United States Trade Investment 400.4KB

5. Resolving Trade Disputes 329.1KB

6. Global Issues 321.7KB

7. Building A New Japan-United States Economic Relationship 253.0KB

Appendix 130.7KB

References

Index

Book Descriprtion:

For more than three decades, the United States has conducted a unique Japan-specific economic policy. This policy was motivated by Japan’s economic size and dynamism, fears that a unique "Japanese model of capitalism" enabled it to compete unfairly and threaten American prosperity during a period of prolonged US economic difficulties, and that the United States had unique capabilities to induce policy change in Japan due to its provision of security guarantees.

No More Bashing argues that these assessments are mistaken and that the United States should abandon its Japan-specific policy. Japan’s declining relative importance in the world economy, the waning distinctiveness of its economic institutions, the failure of most recent US initiatives toward Japan, and the emergence of strengthened international institutions such as the World Trade Organization, all underscore the advisability of formulating new approaches to bilateral relations rooted more firmly in multilateral institutions.

This volume analyzes the outlook for the Japanese and US economies; their trade and financial relationships, including their trade negotiations over the past decade; the implications of new regional developments, most notably the rise of China and proposals for East Asian economic cooperation; and the roles of the United States and Japan in the provision of international public goods such as development assistance, environmental protection, and international security. It emphasizes that their trade agenda is increasingly moving beyond traditional border impediments toward the more politically sensitive issues of internal regulation and deregulation, such as competition policy. The authors propose a series of new initiatives to address these challenges and strengthen the multilateral system.

About the Author:

C. Fred Bergsten has been Director of the Institute since its creation in 1981. He was also Chairman of the Competitiveness Policy Council, which was created by Congress, throughout its existence from 1991 through 1997 and Chairman of the APEC Eminent Persons Group throughout its existence from 1993 to 1995. He was Assistant Secretary for International Affairs of the US Treasury (1977-81); Assistant for International Economic Affairs to the National Security Council (1969-71); and a Senior Fellow at the Brookings Institution (1972-76), the Carnegie Endowment for International Peace (1981), and the Council on Foreign Relations (1967-68). He is the author, coauthor or editor of 27 books on a wide range of international economic issues including Whither APEC? The Progress to Date and Agenda for the Future (1997), Global Economic Leadership and the Group of Seven (1996) with C. Randall Henning, The Dilemmas of the Dollar (2d ed., 1996) Reconcilable Differences? United States-Japan Economic Conflict with Marcus Noland (1993), Pacific Dynamism and the International Economic System with Marcus Noland (1993), and America in the World Economy: A Strategy for the 1990s (1988).

Marcus Noland, Senior Fellow, has been the Senior Economist for International Economics at the Council of Economic Advisers, as well as a visiting professor at Johns Hopkins University, the University of Southern California, Tokyo University, Saitama University, the University of Ghana, and a visiting scholar at the Korea Development Institute. He has written many articles on international economics and is the author of Avoiding the Apocalypse: The Future of the Two Koreas (2000) and Pacific Basin Developing Countries: Prospects for the Future (1990). He is coauthor of Global Economic Effects of the Asian Currency Devaluations (1998), Reconcilable Differences? United States-Japan Economic Conflict with C. Fred Bergsten (1993), Japan in the World Economy with Bela Balassa (1988), the editor of Economic Integration of the Korean Peninsula (1998), and coeditor of Pacific Dynamism and the International Economic System (1993).

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