Business in Japan
79. No exit
Jun 18th 2009 From The Economist print edition

What Japan needs is more bankruptcies, not fewer

79-1-375
JAPAN has long practised a form of familial capitalism. In good times industrial collusion, overseen by bureaucrats, is practically official policy. The so-called "convoy system" lets corporate stragglers retain a small market share as bigger and better firms steam ahead. For decades this cosy form of capitalism ensured that competition was never too fierce and everyone prospered at least a bit. It certainly smoothed out the occasional ups and downs during the country's stunning post-war economic development, as it rapidly caught up with the West. So it is not surprising that many politicians and business leaders are advocating an even stronger dose of such medicine now. As Japan struggles with its deepest recession since the war, the government has established a mechanism to give financial help to poorly performing firms, companies are being encouraged to provide support to their weaker suppliers, and banks are being asked to do their bit, too.

A. 어휘
bankruptcy 파산. familial 친밀한. industrial 산업의. collusion 共謀(공모).
oversee 감독하다. bureaucrat 官僚(관료). practically 실제로, 사실상.
official policy 공식정책. so-called 소위. convoy 護衛軍(호위군), 호송선단(차량대).
corporate 법인조직의, 기업의. straggler 낙오자, 부랑자.
corporate stragglers 낙오된 기업. retain 유지하다. market share 시장점유.
steam ahead 앞으로 나아가다. cosy 편안한, 아늑한. competition 경쟁.
fierce 사나운, 잔인한, 격심한. prosper 번영하다. smooth out 평탄하게 하다.
occasional 가끔의. ups and downs 起伏(기복), 호황과 불황. stunning 놀라운.
catch up with 따라 잡다. advocate 옹호하다. dose 投藥(투약).
recession 경기 후퇴. do one's bit 의무를 다하다.

79-2-376
There is nothing unusual about any of this, you might say. Governments around the world are racing to protect their cherished, if dented, national champions. Financial institutions and carmakers have been bailed out in both America and Europe. But in the West such assistance is the exception in Japan it is central to the system. The problem is that keeping ailing companies on life-support holds back healthier firms and harms the economy overall. That is true everywhere, but Japan provides an extreme case that illustrates the dangers of coddling weak companies.
Japan's stronger firms have responded relatively quickly to the recession, in marked contrast to the dithering during the "lost decade" of the 1990s. It is still unclear whether they have done enough . But it is certain that efforts to keep their struggling rivals afloat are hurting them.
Politicians, having been unwilling to push through painful structural reforms in relatively good times, are even more reluctant to put forward tough measures when times are bad. Banks are being pressured by the government to roll over existing loans and make new ones, and firms encouraged to extend credit and maintain business relations. The government's recent stimulus measures give failing firms taxpayers' money. A plan approved in May allocated ￥2 trillion ($21 billion) to prop up (indirectly) troubled companies. Pioneer, an electronics firm, Elipda, a chipmaker, and Japan Airlines are among the first to look for government support.

A. 어휘
cherish 소중히 하다, 愛育(애육)하다. dented 不實(부실)한, 움푹 들어간.
financial institutions 금융기관.
bail out 금전상의 곤경에서 벗어나게 해주다, 구제금융을 제공하다.
assistance 원조. exception 예외. ailing companies 병든 회사. hold back 억제하다.
firm 회사. extreme case 극단적인 사례. illustrate 例證(예증)하다.
coddle 상냥하게 다루다, 응석받이로 기르다. relatively 상대적으로.
recession 경기후퇴. marked 두드러진, 顯著(현저)한. contrast 대조.
dithering 착란상태, 떨림 keep afloat 물위에 띄워 두다.
structural reforms 구조개혁. reluctant 싫어하는, 꺼리는. measures 措置(조치).
roll over 넘어가다, 딩굴다. existing loans 현존하는 대출. firm 회사.
extend 연장하다. credit 신용대부. stimulus 자극. failing firms 도산하는 회사.
approved 승인된. allocate 할당하다, 배분하다. trillion 兆(조). billion 十億(십억).
prop up 떠받치다. indirectly 간접적으로.

B. 구문
- firms encouraged→firms are being encouraged