Magazine
Latest Issue

Japan’s fake funk

The Japanese economy is far from being a basket case. In fact, during the 1990s, Japanese living standards and trade surpluses continued to rise and the country extended its lead in key technologies. But the gloom story diverts attention from Japan's closed markets and its economic alliance with China

By Eamonn Fingleton   November 2002

For a decade now, the western consensus has been that Japan is an economic basket case. But this is a dramatic misreading of a perennially secretive society. Indeed, it may come to be seen as one of the most significant misreadings in economic history.

The geopolitical implications of this misunderstanding go far beyond Japan or east Asia. The myth of Japan’s “collapse” has encouraged the west to imagine that the east Asian economic model (largely an extension of the Japanese model) is inherently flawed. Beyond a certain point, the argument runs, a nation must embrace the Anglo-American free-market model or…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

We want to hear what you think about this article. Submit a letter to letters@prospect-magazine.co.uk

More From Prospect