You might think this is another story about America’s current economic situation and the growing threat posed by China. Actually, I’m talking about Japan and the supposed threat it presented to the United States in the 1980s and early 1990s.
American pundits and policymakers are today raising a litany of complaints about Chinese industrial policies, trade practices, industrial espionage and military expansion. Some of these concerns have merit. In each case, however, it is easy to find identical fears that were raised about Japan a generation ago. To quote baseball legend Yogi Berra, it’s “déjà vu all over again.”
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