ScholarWorks@숙명여자대학교

초록

This Study establishes the patterns and factors underlying the depression periods of Japan in 1990s and examines the lessons that can be learned from this for the depression Korea is now facing. The examples analyzed here are the Korean depression in 2001～2003 and Japan in the 1990s. The equipment investment in Japan was descending during the later 1990s, which did not correspond with the standard cycle. It was decreasing in the manufacturing and non-manufacturing sectors, and also in the information technology. There was vast amounts of excess capacity in manufacturing industry facing great difficulty in selling at a profit. The fundamental cause of long-term stagnation in Japan and the current crisis in Korea lie in the squeeze on manufacturing profits that resulted from the rise of manufacturing overcapacity and overproduction, which was itself the expression of intensified international competition.

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