Better Economic Policy Won't Save Japanby
When I was a wee thing, just a slip of a girl launching herself into the mad and exciting world of economic policy reporting, you used to hear a lot of talk about Japan's Lost Decade. From World War II to about 1990, Japan posted the most miraculous economic transformation of the 20th century. Self-flagellating magazine articles and paranoid novels were written by anxious Americans who saw--all too clearly!--that Japan's mighty economic engine would soon overpower lazy, atomistic Americans, forcing us into a sort of well-transistorized serfdom. Then the Nikkei crashed and the mighty engine stalled*. And unlike your Camry, it proved difficult to repair. Japan alternated between stagnation and recession for the better part of a decade. Then longer. Eventually, the "Lost Decade" stretched past 20 years. It is now approaching the quarter-century mark.
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