A talk on Japan’s economic developments titled, “Japan: What Everyone Needs to Know” by Professor R. Taggart Murphy was held at UTAR Sungai Long Campus on 28 October 2015.
The talk focused on Japan’s miraculous economic developments in the 1950s and 1960s and how the growth experience explains Japan today, as well as the fate of the wider Asian growth model.
“It's not that Japan hasn't endured “lost decades”, that it doesn't face fiscal and demographic traps, or that “Abenomics” doesn't appear to be running out of steam, but there are other things that are perhaps more important in understanding Japan and its significance to the world,” said the professor of International Political Economy at the University of Tsukuba, Japan.
He highlighted some important issues and circumstances in Japan including, having never experienced a revolution, being a fascinating political laboratory in which developments of global significance can often first be seen in embryo, having a “zany” culture that has attracted much interest around the world, and despite sluggish economic growth, retaining its status as an economic heavyweight. He added that much of what people around the world think they know about Japan is not exactly wrong, but misses what is important about the country.
The talk ended with a fruitful question and answer session, as well as the presentation of souvenir to Prof Murphy by Institute of Management and Leadership Development (IMLD) Director Prof Dr Cheng Ming Yu.
R. Taggart Murphy is the Professor of International Political Economy at the MBA Programme in International Business at the Tokyo campus of the University of Tsukuba. His articles have appeared in The New Republic, The National Interest, Fortune, The London Review of Books, and The Harvard Business Review as well as the op-ed page of The New York Times.
He was an investment banker working in the Japanese capital markets as Managing Director at Chase Manhattan Asia Ltd and Vice President at Goldman Sachs Japan Corp. During his years as a banker, he arranged a number of financings for Malaysian entities including a ¥30 billion facility for the Malaysian Highway Authority that was at the time the longest-term fixed rate yen financing ever arranged for any borrower in any market, including the Japanese government itself.
This talk was jointly organised by the Institute of Management and Leadership Development and the Centre of Economic Studies (CES).
Prof Murphy delivering his talk
Q & A session and discussion from the floor
Prof Cheng (right) presenting a souvenir to Prof Murphy
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