1 Long Term Recession is Victimizing Public Finance

The structural cause of Japanese economy is unique system of land ownership. This is not visible, but it has been woven into the long history of Japanese economy since the Meiji Restoration(1868).
If we investigate into the relationship between the land and the economy, it can be proved that land speculations have been the chronic disease of the Japanese economy. We can point out that the land ownership system has supported and sustained the land speculation legally in Japan.

Present Japanese land laws generously admit for landowners to transact and deal with lands freely.Therefore man and enterprise which participated in land speculation can make profit by fluctuating land prices violently. This has been a kind of profit making mechanism built in Japanese economy. However, as the result of violent fluctuations of land prices and business activities, all the bad effects and problems caused by the land speculation were forcibly handled by national and municipal governments. Because bankruptcies, unemployment, losses etc. by land speculation have given poverty and distress to so many nationals. However it has been doubtful whether the imposition of taxes was applied rightly to those who obtained the speculative profits.

The aim of this article is to persuade readers to understand that creating new use right of land can eradicate the speculative bubble of land or real estate in Japan and USA. This would enable both economies to restore growth and strong health in near future.
The worst point of the speculation of real estate is to make macro economy disordered and completely collapsed, while it does no contribute to increase added value to GDP.

According to the data made by IMF or BIS in October 2010, government debt/GDP ratios were, Belgium 100.2%, Greece 130.2%, Italy 118.4%, Japan 225.9%, USA 92.8%. Japanese ratio is outstanding. It is understood in Japan that substantial parts of government debts are composed of enormous stimulas expenditures for the recovery of the damaged macro economy to the original track.The speculation of real estate really destroyed the budgetary structure of Japan. To the Jananese public finance,the allodial system of land ownership is like an old enemy which the government cannot permit.

2 Nationals Have Been the Worst Victim

Among land systems of advanced coiuntries, only Japan and USA have adopted allodial system of land ownership(land held in absolute ownership). Thus in both countries, land and real estate speculation has been promoted. As natural course in both countries resl estate bubbles inevitably arose. US and Japan are NO1 and NO3 countries in terms of GDP size in the world. Real estate speculations in both countries have been giving to the world economy tremendous amount of bad influences. Japanese land ownership system have been supporting land speculation which caused violent buisiness fluctuations.
In order to restore tｈe broken economy to normal situation, inevitably public finances were compelled to bear excessive burdens in both countries. Furthermore, the long term deterioration of land prices has caused long term recession of Japanese economy by giving prolonged deflationary pressure.

In advanced countries except Japan and USA,land is not deemed to be pure private property, but public characters of land have been very much emphasized in laws and regulations, although there are some differences between countries. This attitude has played the role of protection against birth of bubble economy. Against this background,European economies have not fluctuated violently, maintaining relatively stable growth and local public finances relatively healthy,at least until the financial crisis of USA in 2007.

In China, land is owned by their nation or people in general, and also there are severe regulations to treat land as public prodperty in Korea and Taiwan. Generally speaking, in Asia common persons or enterprises are not allowed to make money by land speculation.
Although Japan has relatiely high technical stndard, many people and enterprises have been deeply involved in land speculation, inviting high land prices and high commodity prices.
As leakage of wealth by land spegulation has been huge,consequently Japanese people cannnot afford to enjoy high level of life compared with European countries.

3 Basic Index of Land Use(BILU)of the World

The following tables shown below demonstrate on how major countries in the world utilize land in their own territories.

Table 1 Population Density

countries	population(1,000 people)	land area(1,000 square Km)	population density(people/square Km)	population density/USA density
Netherland	15,805	33.9	466	15.5
France	58,620	550.1	106	3.5
Germany	82,100	349.3	235	7.8
Japan	126,570	376.5	336	11.2
UK	59,501	241.6	246	8.2
USA	278,230	9,159.1	30	1.0
China	1,253,595	9,327.4	134	4.5
Russia	146,200	16,888.5	8.6	0.3

(source)World Bank Atlas 2001

Table 2 GDP Production Efficiency of Land

countries	land rea(1,000 square Km)	GDP(billion $)	GDP production efficiency (GDP/land area)*	GDP/area of land(USA=1.0)
Netherland	33	356	10.522	10.5
France	550	1,290	2.345	2.3
Germany	349	1,818	5.204	5.2
Japan	376	3,818	10.142	10.1
UK	241	1,432	5.929	5.9
USA	9,159	9,214	1.006	1.0
China	9,327	1,080	0.116	0.12
Russia	16,888	299	0.017	0.02

(source)IMF,International Financial Statistics(2001)
(note) 1 GDP production efficiency(GDP/land area) is measured by GDP(million US$ value) per square kilo meter of land.
2 * mark means (million US $/square Kilo meter)

Table 3 International Comparison About Use of Land(USA=1.0)

countries	population density(USA=1.0)(a)	GDP/land area(USA=1.0)(b)	Basic Index of Land Use(a)x(b)
Netherland	15.5	10.5	162.7
France	3.5	2.3	8.1
Germany	7.8	5.2	40.6
Japan	11.2	10.1	113.1
UK	8.2	5.9	48.4
USA	1.0	1.0	1.0
China	4.5	0.12	0.5
Russia	0.3	0.02	0.01

(source)The same with table 2 and table 3

We tried to measure to what extent use of land has been made by major countries,and made international comparison.
Table 1 shows density of population using the World banks"Atlas". The density of USA is 30 person per square Kilo meter and that of Netherland is 466.
Table 2 shows GDP production efficiency of land, which is the value of GDP per square kilo meter of land. Here we find that the efficiency rate of Netherland and Japan go beyond 10 million US$.
Table 3 shows basic land use. (a)x(b) indicates basic land use for both human life and GDP production. The Basic Index of Land Use shows that Netherland and Japan are very high and that Russia,China and USA are very low. Among advanced economies USA and France have ample land resources compared with other countries.

4 Traditional Stable Growth Route Broken by Land Speculation

In the midst of heavy land speculation in Japan, the peak of the land prices occurred in1990s. Taking 10 years in advance of the peak of the bubble and the following 10 years from the peak of the bubble 1990, we can see the movements of land value index, total sum of land value,nominal GDP and real economic growth rate which are shown below.

Table 4 Japanese Land Value and Real Growth Rate of GDP(from 1980 to 2,000)

	1980	1980-1989	1990	1990-1999	2,000
urban land price index	74.0		143.7		96.8
total land value(a)	700t.y		2,365t.y		1,534t.y
nominal GDP(b)	240t.y		430t.y		513t.y
(a)/(b)	2.91		5.5		2.99
average GDP real growth rate		3.78%		1.43%

(note)1 t.y means trillion Japanese yen.
2 land price index was calculated by Japan Real Estate Institute.
3 total of land value and nominal GDP were calculated by Research Institute belonging to the Cabinet Office, Japanese government.

In spite of no change about the area of land in Japan, the total value of land has greatly fluctuated. During the first 10 years,land value increased 3.37 times and reached the peak (1990=2,365t.y), then the value declined to 65% of the peak value.If we calculate land value/GDP ratio in 1980, it starts from 2.91 and went up to 5.5(in 1990), then it came down to 2.99 in 2000. These were very drastic changes to the Japanese economy.

Peoples' mind left the traditional stable growth and rushed to the increase of land value, taking advantage of the land speculation in order to increase their own land values. Against this background, the real growth rate of Japanese economy rose to 3.78% on average in this bubble period, but it rapidly went down to 1.43% in the bursting period. Between these two growth rates, discrepancy became as large as 2.6 times. The lower rate (1.43%) has been still lingering on Japanese economy, owing to prolonged declining land value.

Speculative real estate transactions inevitably add or draw unnecessary financial stimulas to the effective demand of the Japanese economy. This is unnecessary disturbance to the well running national economy. Unimaginably drastic land speculation and it's amplifing effects threw Japanese macro economic balance into out of order. Thus the land and real estate speculation gave crucial damages to the stable growth of the Japanese economy. The most important is that as a repercussion land prices have been declined very gradually, giving heavy deflationary pressure to the effective demand of the national economy. In this respect, US economy is also experiencing similar deflation since financial crisis in 2007-08. Deflation is furthur worse than inflation, because it needs to change national economic structure. Threrefore, monetary policy only cannot recover the stable growth, for it has little impact on the structural side of the economy.

This suggests us that Japanese people and Japanese economy could not prosper under the present allodial system of land ownership which have permitted unimaginable drastic land and real estate speculation. The central and local governments had to bear tremendously heavy fiscal burden to rescue the collapsed economy.Even now both governments hold huge accumulated budgets deficits. This shows the fear of the land-real estate speculation which we experienced about 20 years ago.

5 Special Characteristics of Allodial System of Land Ownership

(1) History of Allodial System of Land Ownership

Both Japan and USA have adopted Allodial system of land ownership which derived from French land system after French Revolution(1789). The special character of the allodial system is strongly built in the structure of the Japanese economy and American economy. The strong character was born in the process of formation of our economy in 19th and 20th Centuries,however in the case of USA, after American Revolution.(1775-83)

In old times, many Japanese and Americans tried land speculation and some of them made success in money making. This has become one of the accumulative capital formation in both countries,and these have taken place under the good relationship with the government in power. Since then people have been very generous to land and real-estate speculation. This tendency has been accepted until now in both countries. We donot see such strong tendencies in European countries. France originally created this philosophy,but after 170 years she changed the allodial system of land ownership dramatically. Because France changed the priority of land policy from allowing land speculation to public use of land.

The allodial system of land has following features mentioned below.

(a) Strong land ownership tends to prompt speculative transaction of land and real-estate. Generally speaking land price rising is very rapid, while the speed of reactive price declines is relatively slow.Adjustment process is fairly slow.

(b) Speculative transaction generally aims only to make profit, hece it is accompanied by price declines as reactions. However, the speed of declines are much slower than the speed of price rising. It means that deflationary effect on the macro economy will linger on unexpectedly.

(c) In case of Japan,the allodial system have strictly limited the availability of Japanese narrow territory. Japanese area is geographically narrow and congested with people and industry. The situation is extremely different from USA. Therefore we have to live and produce in a very tight situation of land. Frictions and conflicts on land problem have been enormous. Americans would be able to understand this by seeing Jpanese local peoples' reaction to US airbases in Japanese territory which developed after the Second World War.

(2) Speculative Land Price Fluctuations Have Been Distressing Japanese Economy

Here we have to examine how land speculation badly affected our economy. The allodial system of land ownership has had bad effects to the stable growth of the Japanese economy and the peak of soaring prices happened in 1990. In order to clearly explain this, we have to show division of whole period into six.

The whole period(53 years) were divided into 6 periods based on the following reasos. As the peak of Bubble was 1990, 10 years in advance of 1990(1981-1990) and 10 years following 1990(1991-2000) were defined as the neibourhood of the peak. Intermediate period of 5 years(1976-1980) are between growth period and Bubble period.

Table 5 Urban Land Price Fluctuations in Japan

Division of Period	year	numbers of year	urban land price index	index increase to previous period(times)	character of period
period 1	1956-1965	10	17.3	8.2times	high growth period
period 2	1966-1975	10	59.1	3.4	growth period
period 3	1976-1980	5	74.0	1.3	stable growth
period 4	1981-1990	10	143.7	1.9	Bubble period
period 5	1991-2000	10	96.8	0.67	Burst of Bubble
period 6	2001-2008	8	62.9	0.65	land price deflation

(source) Real Estate Research Institute of Japan (Note) If index increase ratio is more than 1, it means rising price(inflationary) pressure. If it comes down to below 1.0, it means declining price(deflationary) pressure to economic growth.

From 1955 to 2008 urban land indices show us good explanation about drastic change of growth rates of the Japanese economy for 53 years. Serious deadlock of economic growth appeared in front of Japan, since uncontrollable Bubble economy of 1990s which belong to period 4.

Table 6 Destructive Impact of Land Price Fluctuations to the Japanese Macro Economy During Past 53 years(%)

Division of Period	average nominal growth rate(a)	average real growth rate(b)	discrepancy between (a)and (b),(a)-(b)	influence of land prices
period 1	14.74%	9.02%	5.72%	inflationary
period 2	16.32	7.82	8.50	strong inflation
period 3	10.12	4.40	5.72	inflationary
period 4	6.01	4.01	2.00	Bubble and Burst
period 5	1.46	1.45	0.01	deflationary
period 6	-0.25	0.89	-1.14	strong deflation

(note) WELL(World Economy& Land Laboratory)calculated by using Annual Report on National Accounts(2002) and Report on National Accounts from 1955 to1998.
Both reports were published by Economic and Social Research Institute, Cabinet Office,Japanese Government.

(3) Evaluation of the Allodial System of Land Ownership

We, human being need stable rhythm for daily life or weekly,monthly production. However drastic volatitlity of speculative transaction of land easily distort this rhythm. Once the stable rhythm is broken,it is very difficult to return to its original rhythm or momentum.

Land speculations need energy to raise up land value,but after the boom of land price, tempo of price declines becomes slow. As human being cannot change demand and supply for land,we have to depend only on market powers. But land or real estate market is not like TV or automobile markets. While The speed of of land price rising is very quick, the speed of land price declines slowly, taking time as long as 2.4 times of land price rising in case of Japan. This is very important, because adjustment time lingers unexpectedly long. Hence the recovery of GDP or employment to the original level will be delayed.

Anti-inflation policy is easy to implement by using monetary policy means,but anti- deflation policy is very difficullt to be effective. In case of the real estate price declines,everything is changing very slowly. Also it needs a great amount of budget expenditures. It is very difficult to make tax revenues after the prolonged recessions.The most effective way to combat real estate deflation is to eradicate land speculation, that is to change the allodial system of land ownership fundamentally.The system has been giving excessive and unnecessary legal right to greedy speculators or investors.

Only two advanced countries in the world, Japan and USA have been deeply suffering from the prolonged bubble-burst deflations in 1990s and 2000s. Because two countries are maitaining wrong land policy in the 21st Century. We have to fundamentally reform the allodial system of land ownership to eradicate real estate speculation. It is urgent tasks for both Japan and the United States of America.

(4) HIstorical Aspect of the Land System

In American Continent,claims by the king of England to land in 13 colonies were ended with the American Revolution (1775-83).Subsequently the US government acquired the ownership right to additional lands by treaty,wars,and purchase,resulting in the boders of the United States as we know them today.The Unted States adopted the allodial system of land ownership, and not only permitted but encouraged its citizens to own land within its borders.In this process, land investment or land speculation have prevailed many districts of the USA,because it was in compliance with the government policy and people thought that it was the easiest way to quickly accumulate capital in the period of scarce capital formation. So the allodial system of land ownership was necessary and important in that period, but now the world situations have completely changed. Capitalism economies have grown up to maturity.The American people have to reconsider now their own land policy.

The USA adopted the allodial system of landownership at the end of the 18th Century,but in case of Japan the government legally adopted the allodial system after the Meiji Restoration(1868).Therefore between two countries the introduction of the allodial system had time lag of one century. We now live in the 21st Century. In both countries primary stage of capitalism economy was over.Not only we should avoid monopoly but also we should avoid any speculation on land or resources or commodities.

Unless we eradicate these land and real estate speculation,we cannot build efficient and peaceful national economies and the world economy.The allodial system of land ownership now became too old to support modern economy.Not only Japan but also the USA have to fundamentally reconsider the system to eradicate speculations which only benefits small number of people at the sacrifice of almost all people.

6 Key of Solution is to Create Use Right of Land in stead of Ownership

Let us turn to the Japanese situation. It is impossible under the present land system for the Japanese economy with densely populated and highly industreialized structures to make stable growth and maintain good business activities. Because land speculation have hindered it. In order to avoid the land speculation, we have to abolish land ownership system and instead adopt use right of land by purchasing disposal right of land and profit making right of land through the Japanese government.
It is absolutely necessary to eradicate the land or real estate speculation for the stable growth of our economy. Some people might oppose by saying that it is impossible because it would cost huge amount of funds, but it is not impossible by using the idea of perpetual national bonds which have been used in Europe.

The essential right of land for nationals and enterprises in general is just the use right of land. Only those who intend to make profit from land speculation need disposal right for transaction and profit making right.The government and the Diet, by purchasing these two kinds of rights from nationals and enterprises,could change the land system of Japan from the absolute ownership system to the use right system. If this land reform should be implemented, the government could save many unemployees dismissed from enterprises owing to serious recessions. Because the government can prepare public works plan in advance, covering local areas in whole territory.At the same time, by the introduction of the most efficient use of land and new location of industry, new local distribution of employment and new development of local industry will be feasible.

7 Weak Public Finance needs Transformation of Land System in Japan

Owing to the long term recession which occurred as the reaction of the land speculation, now public finance hold huge deficits and face difficulty of handling social security,pension administration and medical insurances which are national civil minimum of Japan. Under the present land system, the Japanese economy might repeat bubble economy and it could burst again in future.Consequently it would fail to put our economy on the right track to stable growth.

The central and local governments have consumed huge amount of financial resources to clear bad results of the bubble economy, hence they could not afford to spend enough recources for positive policy measures. Even if they spent big expenditures by issuing red national debt, part of profits by recovery of business activities would be absorbed by the land speculators again. Many times in the past the Japanese economy has repeated such vicious circles.

However, if the land reform is implemented, the land speculation and the drastic fluctuations of business cycles will be stopped. And the government can recover right fiscal discipline and restore financial power. It willl reduce the government burden to charge taxes for the purpose of stimulas packages or bankrupted enterprises and unemployment reliefs etc.

In order to avoid drastic fluctuations of land prices and prolonged recessions and to restore growth power of the Japanese economy we should not allow land speculation any more. As the Basic Land Law article 2 already regulated,"land has special character relating to public interests". We have to promote this thought a step further and create new concept of land as public common property by strictly restricting private character.This is absolutely necessary measures to promote and spread publc works over the whole territory of Japan. Of course this will bring about new growth pattern for the Japanese economy without macro economic imbalances.

8 In Retrospect of the Japanese Land System

The Japanese land system was established in Meiji 29(1896) year by civil law, but as a matter of fact,the formation of real land sysytem took place under the title of "Land Tax Reform"which began from Meiji 6 year and ended in Meiji 14 year.(1873-1881)
About this time, Japan just opened the door to foreign countries for mutual trade,and the Diet was not created yet and Japan had no central bank. In that period the main industry was only agriculture and Japan had very thin capital accumulation. Since then about 130 years have passed and Japanese capitalism has vigorously prospered.
However, we found out that all land ownerships were given by Meiji Government to each user of the land without payment of any price, but only with the land tax duty. By our investigation it has been confirmed. As Meiji Era is far away from now few people know this fact, but we must never forget this fact.

Taking account of this historic fact,the nationalization of land should be naturally inevitable policy for Japan to be able to survive in the global economy of 21st Century. Roughly speaking, except Japan and USA, nowadays land is treated as having public character in many countries. Only Japanese and American systems still remain now as they were enacted in 18th and 19th Centuries. It means that the Japanese and American land systems have been left far behind the current of the modern world. After elapsing longer than 130 years, every aspect of real societies and real economies have been completely changed, but both countries' land systems have remained unchanged at all.

It is quite natural that the Japanese land system should be causing friction and contradiction with our economy and society. The land speculation, the high land prices,the expensive residential cost and the shortage of social overhead capital etc.are concrete examples of our land system defects. Now we face prolonged stagnation of economy and distorted daily life of people. Everything is deeply rooted in the obstinate land ownership system of Japan. USA is supposedly placed in the similar situation.

9 International Current of Land Policy

The country which has been left alone from international land policy is Japan,and USA might belong to the same category. Both countries have made big economic failures which are called real estate bubble. France where the philosophy about absolute ownership of land was born has not abandoned this philosophy yet. As a matter of fact,however, for the purpose of residence construction and to cope with urbanization and industrialization, France has implemented substantial land reforms since 1960s by restricting private rights on land and by increasing the weight of public character of land. Now France does not wear old clothes of absolute ownership of land any more, but Japan and USA are still wearing the French made philosophy and using it as practical law. It implies that here is a fundamental cause of land and real estate bubbles in both countries. Both countries have been too generous to land owners and speculators and both could not restrict the speculative transactions.

The international current of land policy is changing the character of land from gunuine private property to public common property, but Japan and USA have been out of the current. However,there are huge differences on land circumstances between Japan and USA. Japan as island country has high population density and GDP density vis-a-vis USA, continental country. If we consider this fact seriously, the land system which has been distressing our economy should be reformed as soon as possible,and we have to adopt use right of land sysytem which eradicates land speculation, instead of the allodial ownership of land.

(Note) At present,the world economy is in long recession. The financial crisis in USA broke out for two reasons; one was excessive real estate speculation(Subprime loan problem)and another one was unfair financial securitization. The former was similar to Japanese land bubble in 1990s.

10 Land Price is Key to Other Prices

Against these background,the transformation from private property to public property that is from land ownership to land use right is urgently needed and this is very essential policy for Japan. Without this transformation,it is very difficult for Japan to establish solid and healthy growth pattern of economy. However,in recent general election of Japan which took place on August 30th in 2010,neither any political party nor any single candidate appealed for land reform.Without land reform the structural reform of Japanese economy is impossible.Without land reform Japan cannot escape the spell of land speculation.Japan and USA have both experienced the so-called real estate bubble economy,but while Japan was crucially damaged ,USA was only partially damaged.

After the Second World War,there have been many Japanese people who gladly follow USA.They might think that Japan can go with the same land system as USA. But such follower cannot break through the prolonged blockage of Jaopanese economy. In terms of land and territory, Japan and USA are extremely different each other.Our economy is just staggering and might drop out of heavy global competition. USA produces abundant food and they can export and also it has some resources although they import.Japan is relatively shallow country in trems of resources, without oil resources and we have to import almost 60%of our necessary food from overseas.We Japanese cannot support ourselves domestically. Both countries' territories,resources and abundances etc.are extremely different.And land prices of USA in general are very cheap.

Land price is key price in competitive economy which naturally influences other prices.Not only factor price like wage,interest and rent but also products prices are greatly influenced by land prices. Because people live on land, work and produce agricultural products or manufacturing products.The fact that Japanese commodity prices are very high is deeply connected with very high land prices of Japan.Too old land system has been the fundamental cause of high prices.Land speculation has been weakening Japanese competitiveness and ecnomic efficiency and making the largest government debts in the world. High land prices are making assets value gap among many Japanese nationals and distressing their daily lives.

Unless Japan can control land prices stably, we cannot restore stable economic growth and maintain strong interrnational competitiveness. So drastic has been the fluctuation of land value in our country. It is quite natural for Japan to contribute to the world, but the first policy priority should be given to the land reform which makes Japan to stand firmly before she helps other nations. Japan cannot help others without her economy standing firmly on the ground. The same can be said for the United States of America. Without land reform she might lose her traditional economic leadership in the world.

11 Urgency of the Land Reform

Japan is an earthquake country,very often shaking begins at anytime under our feet. And instantaneously we concentrate our attention to the earthquakes.Nobody knows what happens next moment. In Japan,land transaction and land speculation have been almost free under the present laws. Then land prices and business activities always sway and fluctuate.Japanese people are always paying attention to land prices as well as earthquakes. People are nervous about not only earthquakes but also about land price fluctuations, because big fluctuation change our business and employment situations.

The great earthquakes and tsunami damaged Japan on March 11th 2011,subsequently atomic power plant at Fukusima exploded and collapsed. We are fighting with these natural disasters.In liberalism economy,individual person has to protect his own life and assets. If land price fluctuates, as well as equity prices, peoples' minds fluctuate big. Prospect for production, sales and household will also be influenced. However,land speculation is the worst disturbance to our economy. At the sacrifice of all other people, particular small group of people pursue for unfair profit.

In Europe and America, there are similar fluctuations of equity prices like in Japan, but much less earthquake or land speculation. Particularly in Europe social mechanism does not permit land speculation. unless we reform our land system and make competitive condition more equally with our competitors,we cannot win the competition whatever efforts our nationals may make.The bubble economy in 1990s and subsequent world recession have deteriorated our economy and public finance to great extent and we have lost our self-confidence with our national economy for almost 20 years. The lost 20 years is nothing more than waste of energy and time.

Now is the time to check our footing on the ground. We have to fundamentally examine our idea or thought about the land system,and we have to implement necessary land reform as soon as possible. Leaving the old-fashioned land system as it is,we cannot change economic structure and fiscal structure. Too old land system has completely distorted economic structure of Japan. The distortions have been accumulated for about 130 years. We have to change the basic character of land, from private property to public property.Without this reform Japan will be unable to revive and prosper in healthy way. I suppose USA is placed in similar situation as Japan.

The Japanese archipelago which we were endowed with (12 million Japanese people) by God is not so much spacious as USA.Therefore we have to think out the best land system which is the most suitable for our real circumstances. Without doing this, the Japanese economy might be sinking to the bottom of the Pacific Ocean.***

(Remark)This paper was written by Mr.Kenji Yamaguchi, in November 2011.He is director for World Economy & Land Laboratory(WELL)which is located at Aoba-ku, in Yokohama City,Japan. His recent work is " Foundation for the New Prosperity of the Japanese Economy"(two volumes,written in Japanese language)(2009, Tokyo Legal Mind Co.Ltd).
This institution(World Economy & Land laboratory)strongly recommends you, readers to read these two books where detailed analysis and precise explanations are clearly expressed. I will appreciate it, if this paper is read by any American institutions or Amrican economists.