Similarly, in South Korea, two successive presidents have failed to follow through on their bold promises to rein in the chaebol, the country’s massive family-owned conglomerates, in order to unleash the animal spirits of entrepreneurship. And in Japan, although Prime Minister Shinzo Abe has implemented far-reaching reforms, they have yet to reignite economic dynamism, and efforts to address the demographic threat posed by a rapidly aging population have not even begun.