Customer Reviews

Looking at the Sun: The Rise of the New East Asian Economic and Political System

5 star:		(2)
4 star:		(2)
3 star:		(0)
2 star:		(0)
1 star:		(0)

 

 

This excellent book describes the fundamental differences between Asian and American capitalism. Illustrating his arguments with personal narratives, James Fallows argues that Japan is setting an Asian model of capitalism that Western policymakers fail to grasp. Thus, when the Wall Street Journal talks about Asian nations needing to raise consumer spending, the newspaper fails to take into account the fundamental differences. Fallows contends that this failure holds signifcant policymaking concerns for America. One could argue that the collaspe of the Asian markets renders their system invalid, but the Asians remain firm to their model to this day, despite IMF (American) attempts to change their minds. Fallows dives into an area that America frequently fails to consult in making policy decisions: history. Looking at the Sun is still an excellent and relevant read for anyone intrested in Asian affairs.

Jim has good background in economics, particularly the sociological and comparative methods. But back in the early 90's no one understood what was happening to Japan. The country was entering its Lost Decade. A massive Big Bubble on the scale of the Greenspan 1994-2000 and 2003-2008 blunders had crushed their corporate balance sheets. Japan was awash in debt. They went asea in what Koo identified as a Balance Sheet Recession -- similar to our 1929 and 2008 disasters.

Richard Koo is a genius. His book does ground itself, here and there, with references to personal details. But what Jim Fallows achieved, here, goes to the very culture that underlay Japan's commitments to quality and modernization. China copied Tokyo, not Detroit or Manchester. This book deserves its place at the head of its class.

Good insights into the non-Western concpets of economics as they have been applied in the East. Copious notes for reference to offer validity to the theorems. Personal experience stories, while irrevrent at best, offer more specific narrative to overall theme.

Points simply for pointing out 'other' economic models and for depth and breadth of societies covered; if inclusion of so many proves to be a handicap in adequate research belivability. Still, a good start for asianomical debate, if more than a decade old.

People are chasing "The world is flat" instead of "Looking at the Sun"...but this book gives you more cultural background information and analytical thinking.