![]() What happened, or perhaps didn’t happen, that allowed Japan to muddle through these manmade and natural disasters relatively unscathed-and relatively unchanged? This is remarkable considering that in 2011 Japan endured an earthquake-cum-tsunami that has been accounted the most expensive natural disaster ever, a cataclysm which sidelined the nuclear-power plants that had supplied a third of the country’s energy requirements. ![]() ![]() The populism of right and left that has roiled Europe and the United States is nowhere to be seen and, while the economy may not be what it was in the days of the ‘Japanese Miracle’, it has not been in terribly bad shape either-particularly in contrast to its peer economies, Germany, France and Britain. ![]() And yet, a decade later, the ldp is back in charge with no serious political challenge on the horizon. The institutions of economic security that had bought political peace for a half-century began visibly crumbling, and the electorate responded by sweeping the ruling Liberal Democratic Party out of power for the first time since it was founded in 1955. ![]() To be sure, its banking system was fairly well insulated from the worst of the damage, but the subsequent worldwide recession took the Japanese economy down with it. T he 2008 meltdown of global finance hit Japan hard. ![]()
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