Should our economies take the road less travelled?

Photo by kakidai on Wikimedia, License: CC BY 3.0

Whenever the devil in you wants to see a spectacular economic fall from grace, look no further than Japan. After decades of strong economic growth, culminating with it becoming the world’s third largest economy in the latter part of the 20th century, growth has stalled in recent years, igniting strong fears regarding the long term future of the Asian country. From Japan’s much publicised ageing population to its astronomical debt to GDP ratio, the future looks bleak for Shinzo Abe and his countrymen, with no solution to its financial woes foreseeable. Regardless, if much of the developed world want to stop themselves from plunging into the same economic quicksand that Japan finds itself in now, they need to look at the country, and examine exactly where it went wrong. Continue reading “Should our economies take the road less travelled?”