Reassessing the Japanese response to globalization: Causes and consequences of the Japanese financial crisis

The Japanese responses to globalization can be understood in terms of the interaction between the strategy of the hegemon, i.e. the US, to induce other countries to open and deregulate their markets and the responses of domestic economic agents to this foreign pressure, which caused socio-economic imbalances. The measures to deal with these imbalances brought about further imbalances and resulted in a financial crisis in the late 1990s.