Thursday, September 03, 2015

Japan, China: the sun also sets

"Red sky at morning, sailors take warning"

Pic source: Wikipedia

I've just read Michael Crichton's "Rising Sun." A warning (hotly resented by some) about the hollowing-out of America's economy by Japan, it was published in 1992 just as the latter began its long stall.

And then the same happened all over again with China, which is seemingly following the same trajectory.

Underneath both is the unchanging process in the USA (and UK): loss of manufacturing capacity, trading away its intellectual property rights, ballooning debt, frozen real hourly wage rates, bright youngsters looking to get rich quick in law and finance rather than actually making anything.

Cui bono? And where is this tending for the West?


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Paddington said...

My favourite line from the book (and spoken by the wonderful Sean Connery in the film): "Americans fix the blame, Japanese fix the problem. Their way is better."

Sackerson said...

Yes. Also, "No! Don't be late."