China’s economy has faltered, and some have been asking whether its future path might resemble that of Japan. The answer is probably not - China will do worse.
I hope that at least some of my readers are too young to remember this, but in the early 1990s, many Americans – especially pundits, but also business leaders and a fair share of the general public – were obsessed with the rise of Japan.
Two of the bestselling books of 1992 were Michael Crichton’s novel Rising Sun, about what he imagined being the growing, sinister influence of Japanese corporations, and Lester Thurow’s Head to Head: The Coming Economic Battle Among Japan, Europe and America.
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Paul Krugman is a New York Times columnist and Nobel Prize winning economist.
