Name: Aileron Russel Pajarillo

Course & Program: GENE03 The Contemporary World

BPA 1-D

Japan is at the very top of the list when it comes to economic advancement in Asia in the past several
decades. After its defeat in the WW2, Its economy became one of the largest and most developed in the
world. The reason may be is that, apart from its diverse culture, Japan boasts a well-educated,
industrious workforce that pushed it to become the second largest economy until 2010. But what really
separates it from other advanced countries in the Global North? What led to their unprecedented
economic boom, that till this day, remain to be a feat?

In its relatively recent years, Japan has been led by the late and former Prime Minister, Shinzo Abe,
whom in his tenure, implemented a three-pronged approach as part of his economic policy. This policy,
coined “Abenomics”, promised to boost domestic demand and Gross Domestic Product by means of
fiscal expansion, monetary easing, and structural reform. Its fiscal stimulus that started in 2013,
garnering a total of $210 billion as part of the economic recovery measures. Second in line is its
unorthodox monetary policy that was considered as a gigantic experiment according to Wall Street
Journal. It has simultaneously injected liquidity into the economy.

In terms of its foreign policy, however, Japan shares the basic values of freedom and democracy with
the other industrialized democracies. Japan, together with these nations, have shared interest when it
comes to free trade. It is Japan’s basic foreign policy to maintain strong solidarity and close cooperation
with these Western democracies on a broad range of international political and economic fields. This,
together with its friendly and cooperative relationship with the United States, based on the Japan-U.S.
Security Treaty, is the cornerstone of Japan's foreign policy.

Furthermore, to contrast the prowess of countries from the Global North, Argentina is a suitable
candidate. Its economy, which is one of the more powerful in the region, focuses on services,
manufacturing and agribusiness. Throughout 2020 and during the first months of 2021, however,
economic policy focused on three objectives: providing assistance to the social and production sectors
most affected by the COVID-19 crisis, restructuring the public debt and maintaining exchange rate
stability. This helped maintain relative stability in the economy, and reduced the downturn they
received in 2021.

Unfortunately, its foreign policy proved to be shaky at the very least. Throughout the country’s
history, its policies alternated between Global North and South focuses, isolationism and international
cooperation, compared to Japan’s consistent dependence on the US. In conclusion, there is a significant
difference between the Global North and South in terms of their countries’ way of dealing with
economic and political crises. Notwithstanding, both are capable of dealing with national threats, and
are equipped with tools that help deal with the changes in the global economy and international
relations.