Japan vs. US economy
The primary purpose of the economic activity is to benefit consumer while maximizing wealth creation; while the distribution of that wealth is of secondary importance.1. U.S economy is approaching Neoclassical model in which individuals are assumed to maximize their own private interest, and business enterprise are expected to maximize profits which result in a powerful proconsumption bias and insensitivity to the social welfare impact of economic activities. - market are competitive and competition should be promoted through antitrust and other policies. - almost any economic activity is permitted - economy is open to the outside world 2. US economy also considered as a system of managerial capitalism. The economy was transformed from a proprietary capitalism to one dominated by large oligopolistic corporations. 1. Authority over the economy is alienated among the executive, legislative and judicial branches of the federal government and between the federal government and the fifty states for example the responsibility of financial system is shared by the Treasury, the federal reserve and several other powerful and independent federal agencies which strongly affected by actions of the leg
Japanese economy was developed after WWII. Japanese MITI and other agencies of the Japanese economic high command set their sights on making Japan into the economic and technological equal, and perhaps even the superior of the West. In the Japanese system, economy is subordinate to the society and political objective of society. After WW II Japan has abandoned militarism and has focused on becoming a powerful industrial and technological nation, while also promoting internal social harmony among the Japanese people. There has been a concerted effort by the Japanese state to guide the evolution and functioning of their economy in order to pursue these sociopolitical objective.
Some common words found in the essay are:
, West Japanese, II Japan, Japanese MITI, federal government, Japanese Japanese, legislative judicial branches, market failure, central role, japanese people, agencies japanese, government bureaucracy, west japanese, american government, private business, government support,
Approximate Word count = 955
Approximate Pages = 4 (250 words per page double spaced)
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