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Privilege Preserved
The first major economy to pass through the sequence of financial implosion and electoral upset, Japan is also ahead of the West in stabilizing its political order. But is the stasis of the elite mirrored in the society it sits atop? Renewed deflation and the dwindling of the seishain as backdrop to Abe’s third term.
East Asia’s Dollars
Discussions of the sustainability of the US current-account deficit—trending upward from $800bn—rarely plumb the long-term motives of its creditors. Taggart Murphy analyses the historical roots of Tokyo’s post-1868 geofinancial support for the ruling superpower, London or Washington, and the implications of China’s rise for Japanese strategy.
Japan’s Economic Crisis
The 20th century’s most dynamic economy has fallen into prolonged paralysis. What are the causes of Japanese stagnation, and why have the country’s rulers reacted so phlegmatically to it? Taggart Murphy highlights the potentially explosive interdependency between Japanese recession and the American bull market.
Seattle Diary: It’s a Gas, Gas, Gas
“Seattle has always struck me as a suspiciously clean city, manifesting a tidiness that verges on the compulsive. It is the Singapore of the United States: spitpolished, glossy, and eerily beautiful. Indeed, there is, perhaps, no more scenic setting for a city set next to Elliot Bay on . . .” read more
Economies Out of Control
“At the end of the 1980s a word was pronounced in London and New York which had virtually dropped out of economic vocabulary at the start of the decade—stagflation. The Reagan and Thatcher booms are over and their successors have been left to grapple with a legacy of . . .” read more
Hillsborough, 15 April 1989: Some Personal Contemplations
“When news of the Hillsborough disaster began to reach me, I was still living in Ottawa, Canada—only two weeks before returning to take up an academic position in England. A phone call from a Canadian relative giving the bare outline of the events was followed by ever more . . .” read more
E.H.Carr--A Personal Memoir
“In valedictory speeches, and in one or two obituaries of E. H. Carr, the authors—independently of each other—described him as enigmatic. This struck me, and I asked myself why this very English historian seemed so enigmatic to some of his close professional colleagues. In Britain he became, towards . . .” read more
A Planetary Pandemic
“This number of nlr opens with a set of texts on the covid-19 crisis. Coursing round the world, the virus plays the role of an etching acid that reveals the lineaments—political, economic, social, cultural—of the uneven landscape beneath. Less lethal than such zoonotic forerunners as . . .” read more