Yun-Peng Chu, ex-Minister without Portfolio, is Professor of Economics at the National Central University, Taiwan. He has published articles in journals such as the American Economic Review and Journal of Development Economics, and co-edited many books including The Political Economy of Comparative Development into the 21st Century and The East Asia High-Tech Drive.

• List of Tables List of Figures Preface Notes on Contributors 1 Excessive Credits and the 'Lost Decades' in Growth Performance; Yun-Peng Chu 1.1 Introduction 1.2 The growth equation 1.3 The results 1.4 The 'Lost Decades' 1.5 Concluding remarks and the plan for work in this book Appendix: List of right-hand side variables with their instruments and sources 2 A Third Decade of Low Growth? Lessons from Japan on Financial Management and Economic Growth; Richard A. Werner 2.1 Introduction 2.2 Demand management policies – the puzzle of their failure 2.3 The failure of supply-side policies 2.4 The link between money and the economy 2.5 The Quantity Theory of Credit and its policy implications 2.6 Conclusion 3 It is Not Structural Change, but Domestic Demand: Productivity Growth of Japan; Akira Kohsaka and Junichi Shinkai 3.1 Introduction 3.2 Background 3.3 Methodology and dataset 3.4 Intra-industry productivity growth vs. inter-industry reallocation of labor 3.5 Inter-industry reallocation of labor 3.6 Intra-industry productivity growth 3.7 Concluding remarks: it is not structural change, but domestic demand 4 Long Waves of Prosperity and Decline: What Makes Financial-led Capitalism Different?; Óscar Dejuán 4.1 Introduction 4.2 The real side of the economy and the problem of effective demand driving sectors and stabilizing fiscal policies 4.3 The balance of payments constraint and the deflationary forces in the international economy 4.4 The financial side: from credit explosion to credit crunch, debt draps and speculative bubbles 4.5 The dual role of banks and the need to differentiate credit regulation according to the borrower and the use of loans 4.6 Conclusions 5 The Korean Economy: Structural Changes and Challenges; Cheonsik Woo and Jinhee Park 5.1 Introduction 5.2 The Korean economy today – two contrasting views 5.3 Industrial and business landscape 5.4 Core tasks to resume the virtuous circle Appendix: Recent policy initiatives to promote theservice sector 6 Taiwan's Lost Decades: Populism and Internal Contradiction; Yun-Peng Chu 6.1 Taiwan's lost decade 6.2 Failures in collective action caused by populism 6.3 The mutinous mutation of the developmental state in Taiwan 6.4 Short-sighted economic policies: other revealed failures in collective action caused by populism 6.5 More growth equations 6.6 Clash between nationalisms: textbooks as leading indicators 6.7 Clash between the economy and politics 6.8 Possible remedies? 6.9 Concluding remarks Appendix 6.1: Results of a survey on nationalism Appendix 6.2: Results of an experiment of delegated deliberation 7 Paradigmatic Shifts in Policies, Evolution of the Political Economy and the Lost Decade in Growth Performance; Yun-Peng Chu 7.1 Introduction 7.2 Paradigmatic shifts in economic policies 7.3 The lost decade in Brazil, Indonesia, Mexico, Thailand and Turkey 7.4 The dynamic evolution of the political economy and the lost decades: Taiwan and South Korea 7.5 Concluding remarks

Yun-Peng Chu, ex-Minister without Portfolio, is Professor of Economics at the National Central University, Taiwan. He has published articles in journals such as the American Economic Review and Journal of Development Economics, and co-edited many books including The Political Economy of Comparative Development into the 21st Century and The East Asia High-Tech Drive.

• List of Tables List of Figures Preface Notes on Contributors 1 Excessive Credits and the 'Lost Decades' in Growth Performance; Yun-Peng Chu 1.1 Introduction 1.2 The growth equation 1.3 The results 1.4 The 'Lost Decades' 1.5 Concluding remarks and the plan for work in this book Appendix: List of right-hand side variables with their instruments and sources 2 A Third Decade of Low Growth? Lessons from Japan on Financial Management and Economic Growth; Richard A. Werner 2.1 Introduction 2.2 Demand management policies – the puzzle of their failure 2.3 The failure of supply-side policies 2.4 The link between money and the economy 2.5 The Quantity Theory of Credit and its policy implications 2.6 Conclusion 3 It is Not Structural Change, but Domestic Demand: Productivity Growth of Japan; Akira Kohsaka and Junichi Shinkai 3.1 Introduction 3.2 Background 3.3 Methodology and dataset 3.4 Intra-industry productivity growth vs. inter-industry reallocation of labor 3.5 Inter-industry reallocation of labor 3.6 Intra-industry productivity growth 3.7 Concluding remarks: it is not structural change, but domestic demand 4 Long Waves of Prosperity and Decline: What Makes Financial-led Capitalism Different?; Óscar Dejuán 4.1 Introduction 4.2 The real side of the economy and the problem of effective demand driving sectors and stabilizing fiscal policies 4.3 The balance of payments constraint and the deflationary forces in the international economy 4.4 The financial side: from credit explosion to credit crunch, debt draps and speculative bubbles 4.5 The dual role of banks and the need to differentiate credit regulation according to the borrower and the use of loans 4.6 Conclusions 5 The Korean Economy: Structural Changes and Challenges; Cheonsik Woo and Jinhee Park 5.1 Introduction 5.2 The Korean economy today – two contrasting views 5.3 Industrial and business landscape 5.4 Core tasks to resume the virtuous circle Appendix: Recent policy initiatives to promote theservice sector 6 Taiwan's Lost Decades: Populism and Internal Contradiction; Yun-Peng Chu 6.1 Taiwan's lost decade 6.2 Failures in collective action caused by populism 6.3 The mutinous mutation of the developmental state in Taiwan 6.4 Short-sighted economic policies: other revealed failures in collective action caused by populism 6.5 More growth equations 6.6 Clash between nationalisms: textbooks as leading indicators 6.7 Clash between the economy and politics 6.8 Possible remedies? 6.9 Concluding remarks Appendix 6.1: Results of a survey on nationalism Appendix 6.2: Results of an experiment of delegated deliberation 7 Paradigmatic Shifts in Policies, Evolution of the Political Economy and the Lost Decade in Growth Performance; Yun-Peng Chu 7.1 Introduction 7.2 Paradigmatic shifts in economic policies 7.3 The lost decade in Brazil, Indonesia, Mexico, Thailand and Turkey 7.4 The dynamic evolution of the political economy and the lost decades: Taiwan and South Korea 7.5 Concluding remarks

Yun-Peng Chu, ex-Minister without Portfolio, is Professor of Economics at the National Central University, Taiwan. He has published articles in journals such as the American Economic Review and Journal of Development Economics, and co-edited many books including The Political Economy of Comparative Development into the 21st Century and The East Asia High-Tech Drive.

• List of Tables List of Figures Preface Notes on Contributors 1 Excessive Credits and the 'Lost Decades' in Growth Performance; Yun-Peng Chu 1.1 Introduction 1.2 The growth equation 1.3 The results 1.4 The 'Lost Decades' 1.5 Concluding remarks and the plan for work in this book Appendix: List of right-hand side variables with their instruments and sources 2 A Third Decade of Low Growth? Lessons from Japan on Financial Management and Economic Growth; Richard A. Werner 2.1 Introduction 2.2 Demand management policies – the puzzle of their failure 2.3 The failure of supply-side policies 2.4 The link between money and the economy 2.5 The Quantity Theory of Credit and its policy implications 2.6 Conclusion 3 It is Not Structural Change, but Domestic Demand: Productivity Growth of Japan; Akira Kohsaka and Junichi Shinkai 3.1 Introduction 3.2 Background 3.3 Methodology and dataset 3.4 Intra-industry productivity growth vs. inter-industry reallocation of labor 3.5 Inter-industry reallocation of labor 3.6 Intra-industry productivity growth 3.7 Concluding remarks: it is not structural change, but domestic demand 4 Long Waves of Prosperity and Decline: What Makes Financial-led Capitalism Different?; Óscar Dejuán 4.1 Introduction 4.2 The real side of the economy and the problem of effective demand driving sectors and stabilizing fiscal policies 4.3 The balance of payments constraint and the deflationary forces in the international economy 4.4 The financial side: from credit explosion to credit crunch, debt draps and speculative bubbles 4.5 The dual role of banks and the need to differentiate credit regulation according to the borrower and the use of loans 4.6 Conclusions 5 The Korean Economy: Structural Changes and Challenges; Cheonsik Woo and Jinhee Park 5.1 Introduction 5.2 The Korean economy today – two contrasting views 5.3 Industrial and business landscape 5.4 Core tasks to resume the virtuous circle Appendix: Recent policy initiatives to promote theservice sector 6 Taiwan's Lost Decades: Populism and Internal Contradiction; Yun-Peng Chu 6.1 Taiwan's lost decade 6.2 Failures in collective action caused by populism 6.3 The mutinous mutation of the developmental state in Taiwan 6.4 Short-sighted economic policies: other revealed failures in collective action caused by populism 6.5 More growth equations 6.6 Clash between nationalisms: textbooks as leading indicators 6.7 Clash between the economy and politics 6.8 Possible remedies? 6.9 Concluding remarks Appendix 6.1: Results of a survey on nationalism Appendix 6.2: Results of an experiment of delegated deliberation 7 Paradigmatic Shifts in Policies, Evolution of the Political Economy and the Lost Decade in Growth Performance; Yun-Peng Chu 7.1 Introduction 7.2 Paradigmatic shifts in economic policies 7.3 The lost decade in Brazil, Indonesia, Mexico, Thailand and Turkey 7.4 The dynamic evolution of the political economy and the lost decades: Taiwan and South Korea 7.5 Concluding remarks