ABSTRACT
The end of the Cold War marked the beginning of a new era, not only for international political relations, but also for the global economy. The chapter shows that forces of deflation have not been defeated, and they are likely to prevail over the next few years. "Globalization" and "restructuring" have become part of the vocabulary of the new era. It suggests that the choice of Asians, Russians, Latins, and other peoples who have experienced recent reversals of fortune. The collapse of the Berlin Wall marked the end of the 50-Year Modern Day War-which includes World War II, the Cold War, and numerous regional wars from Korea to Vietnam to Central America to Southern Africa and several other hot spots around the world. The Internet certainly has the potential to produce bad deflation by cutting out the middle persons in every transaction. Japan's leaders are once again promising to reform their political, economic, and financial systems.
