Japan's high-spending legacy
News On Japan via BBC -- Oct 10
Twenty years ago Japan suffered a huge banking collapse almost identical to the one that Europe and America are trying to drag themselves out of now. But unlike in Europe, Japan did not suffer the pain of austerity.
There were no angry demonstrators taking to the streets. Unemployment stayed low, and the economy continued to grow, albeit slowly. How did Japan do it?
Put simply: the Japanese government decided to spend its way out of trouble.
The amount of money the Japanese government has spent over the last 20 years to boost the economy is staggering.
The city's latest and grandest ring-road is an hour's drive from downtown Tokyo. The highway plunges through green mountains in a series of tunnels, some more than 2km long. These tunnels are reported to have cost nearly $1m per metre to build.
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