Japan and Italy are major economies, ranked third and ninth in the world, respectively. Yet both have slipped in recent years, a result of insular policies that in turn encourage provincialism. The cultures offer beautiful and unusual elements that draw admiration from around the world. Ironically, challenges emerge as each are obsessed with preserving and perfecting traditions. “Japan and Italy are major developed economies that are struggling mightily with the trade-offs between preserving a way of life and adopting reforms – such as inviting foreign workers, promoting free competition and liberalizing labor – that could allow them to succeed in a globalized world,” writes veteran journalist Joji Sakurai, who knows both places well. Many citizens are content with the trade-off on productivity to preserve cultural traditions, but should be wary of shackling innovation for individuals or society as a whole. – YaleGlobal
http://yaleglobal.yale.edu/content/italy-and-japan-troubled-twins-globalization
