However, the real GDP development rate slowed down intensely in 1997, from 7% to 2.9% (Blustein)
(Tabb 1) When world attention started to be attentive on Japan's crisis of nonperforming bank loans, its administration first proclaimed in 1994 that the total quantity of such loans was about $200 billion. During the time of the 1997 Asian crisis, Japan acknowledged that the total was more like $600 billion or about 7% of the gross national product (Nanto 3)
Furthermore, with South Korea's reduced money, and China's stable gains, numerous corporations complained absolute that they could not compete. (Tabb) Globalization caused another longer-term result, which was the changing affiliation among the United States and Japan
In time, the standards for underwriting deteriorated and in the end, vanished altogether. The banks did not care whether their substandard practices gave rise to lending money to individuals who could not conceivably pay it back and also did not care what was bound to ensue to the eventual investors of the papers (Argandona, 2012)
This will be a great step for the organizations to function and act as good corporate citizens. On the other hands, citizens who encompass employees as well, have to function as whistleblowers with the main purpose of decreasing misconduct within organizations and improve prompt uncovering and exposure of misconduct that occurs (Haggerty, 2011)