By comparison, the policies of the European central bank have been quite contractionary. This has led to a 50 percent contraction in Russia's economy and a collapse of its health care and education systems, but it has done little to promote new growth. In spite of the dismal track record of this sort of economic policy in other nations, the article includes no comments from any workers, economists or government officials who are critical of this approach. There are many economists who could provide an alternative perspective on Japan's troubles. It is also worth noting that the basic argument advanced by advocates of a Japanese version of shock therapy seems logically flawed on its face.
Japan already has plenty of unemployed workers and idle industrial and commercial space.
Its interest rates are among the lowest in the world. Under such circumstances, it is difficult to see how the existing firms, derided for their inefficiency in this article, could be standing in the way of new types of business. If there are profitable investment opportunities that are not currently being pursued, it doesn't seem likely that widespread bankruptcies and a jump in the unemployment rate would make entrepreneurs more likely to pursue these opportunities. This article discusses China's negotiations with the Clinton administration to get its support for admission into the World Trade Organization. Labor unions, environmentalists, human rights and religious groups have all expressed serious concerns about the actions of the Chinese government.