Japan: A Major Global Economic Power & Political Influencer - Essay Sample

Introduction

Japan is one of the largest economies in the world. The country plays a crucial role in defining the path globalization takes. Politically, Japan is a monarchy with an emperor who is mainly ceremonial. A prime minister is more influential than the emperor on making political and economic policies. Japan has minor conflicts with other countries in the region such as China, South Korea, Russia, and Taiwan due to resources. At the moment, the Liberal Democratic Party of Japan is in power (Warner, 2012). Japan is a member of the United Nations as well as other international cooperation bodies that have a significant influence on globalization (Warner, 2012).

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Japan's economy took off after the Second World War. The country industrialized significantly during the war. After the war, the industrial infrastructure spearheaded rapid economic growth supported by a close relationship with the United States. The economy is heavily dependent on exports. Due to resource shortages, Japan also imports large amounts of inputs such as oil, coal, and iron ore, among others. Japan has some of the largest automobile manufacturers in the world, including Toyota, Nissan, and Honda. Recently, the country's economy has been growing at modest rates. The economy has experienced stagflation marked by low growth rates combined with high rates of inflation. The country is highly sensitive to shocks in the global economy since it relies heavily on exports and imports. Threats to international trade infrastructure could negatively affect the economy. Japan's central bank and government also have to create ideal monetary and fiscal policies to ensure the stability of the country's currency. An appreciation of the yen's value could make its exports less attractive to its customers. A severe depreciation of the yen's value, on the other hand, would make imports expensive, increasing the costs of production.

Japan's legal environment is mostly similar to that of western countries. The judicial system has personnel such as attorneys, judges, and public prosecutors, among others. The free market system is supported by legal regulations that protect employees, contractors, and all other stakeholders. Employees enjoy rights such as maximum work hours, leaves, holidays, and appropriate protection from hazards on the job. Patent rights and trademarks protect innovations. The country has a constitutional system. The constitution was announced in 1946 (Tsuru, 2013). The courts have a hierarchical system with the Supreme Court as the highest court (Tsuru, 2013).

Japan's economic, legal, and political factors create an ideal environment for technology to thrive. The country has a welfare system rather than a welfare state. The system is characterized by total employment. With total employment, Japan devotes resources that it could have used for social security in furthering industrial prospects. Some of these resources are provided to companies as business loans. This system, alongside investment in research and development, provides Japan's companies with a competitive advantage and the ability to attract investment from around the world.

Russia is the largest country on earth by land area. The country is one of the countries that were formed after the breakup of the Soviet Union. Russia was the official successor state of the Soviet Union (Myant & Drahokoupil, 2010). The country has a semi-presidential republic where the Prime Minister heads the government while the President is the head of state (Myant & Drahokoupil, 2010). The country is one of the five permanent members of the UN Security Council. It is also a member of international organizations such as Asian Pacific Economic Cooperation, World Trade Organization, World Tourism Organization, EU Customs Union, among others (Myant & Drahokoupil, 2010). The size of the country, as well as its human and non-human resources, makes the country a vital player in world affairs. The country's bilateral relations with China are more profound than with other countries due to the ties the two countries share.

During the Second World War, Russia was one of the Allied countries that won the war. After the war, however, the country was among other members of the Soviet Union that formed adversarial positions with the United States. This rivalry resulted in a prolonged Cold War that featured an accumulation of weapons of mass destruction, such as nuclear weapons. The two countries also differed ideologically on the ideal economic system that would lead to prosperity. The United States was an advocate of laissez-faire where markets are left to their own devices in allocating resources. The Soviet Union favored a command economy where central planning by the government determines how resources are allocated in the marketplace. The two countries did not engage in outright war in the Cold War that lasted until 1991. However, there were proxy wars in other countries such as Vietnam and Korea, where each country supported opposing sides. After the collapse of the Soviet Union, Russia retained many of the Union's resources. Currently, Russia has stronger political institutions that are geared towards creating policies in favor of the people. The country still maintains a large military and nuclear capability and is, therefore, a crucial player in global security. The country has diplomatic relationships with many countries around the world. However, the country has room for improvement on matters such as corruption and liberty.

During the Soviet era, Russia was part of a command economy. This system has flaws that make it inferior to a capitalist system. Resources are not optimally allocated. As a result, the economy creates inefficiencies, such as shortages and surpluses (Myant & Drahokoupil, 2010). The factors of production lack the appropriate rewards. Therefore, labor is not ideally motivated. Entrepreneurship is also not well-developed. After the collapse of the Soviet Union, Russia adopted some aspects of free markets. Although the government still wields significant influence on the market, the country's economy has managed to grow significantly since. At the moment, Russia has one of the largest economies in the world. The economy is heavily dependent on resources such as energy exports. Such an economy is exposed to demand-side shocks, such as a reduction in the demand for natural gas. A reduction in the prices of oil also affects the country's revenue stream from exports negatively. Russia has some of the world's largest reserves of resources, such as petroleum, natural gas, coal, and pristine wildernesses uninterrupted by human activity. The historical inefficiencies in the economy have created black markets that have fueled the development of organized crime.

The Russian legal system relies heavily on the criminal code of the Soviet Socialist Republic passed during the 1960s (Barsukova & Radaev, 2012). Therefore, there are weak civil societies, and individual rights are alien to many people in the country. During the Soviet era, suspects were detained indefinitely. This practice persists in contrast to the due process system in western legal systems. Furthermore, arbitrary, economic, and even political prosecutions are also common. The Soviet judiciary was not independent since it was used in the pursuance of the objectives of the government's objectives. The judiciary has currently taken some steps to become independent, although it is still heavily influenced by the executive (Barsukova & Radaev, 2012). The country's judicial system has, however, attempted to reform itself in a bid to promote justice and independence. Some of these reforms include the elimination of trials in absentia, guarantees of legal representation, the introduction of jury trials, and habeas corpus (Barsukova & Radaev, 2012).

The judicial reforms are necessary in improving the country's image among other nations in the world if it is to be a leader in forming globalization policies. The country also needs to invest in the development of non-resource sectors through building human capital. These actions would allow the country to acquire technology and attract investors necessary for sustained growth.

References

Barsukova, S., & Radaev, V. (2012). Informal economy in Russia: A brief overview. economic sociology_the european electronic newsletter, 13(2), 4-12.

Myant, M., & Drahokoupil, J. (2010). Political Economy of Russia, Eastern Europe and Central Asia. Hoboken, NY: Wiley and Blackwell.

Tsuru, S. (2013). The political economy of the environment: the case of Japan. A&C Black.

Warner, M. (2011). Whither Japan? Economy, management and society.