Word: 1980s
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...this stuff before. Not just on CNN last week. Such derogatory comments about China's trade practices are now common in America's political and media discourse. No, I had heard these statements a long, long time ago. When I was a college student, in the late 1980s...
...1980s the U.S. had another paranoid, apoplectic fit about a rising Asian power. Twenty years ago, the bad guy wasn't China but an ascendant Japan, which was out to destroy the U.S. with its unfairly well built sedans, VCRs and microchips. The ballooning trade deficit with Japan was the hot-button political issue of the day, just as the yawning deficit with China is today. Japan was using "unfair" trade practices to disadvantage U.S. industry, many Americans believed. The Japanese were "manipulating" their currency, the yen, to make their exports extra cheap in the U.S. market, in the same...
...idea of just how similar the attacks on Japan were in the 1980s to those launched at China today, take a read of these comments by Lee Iacocca, made when he was chief at Chrysler (before the Germans bought it, then dumped it). He wrote in his autobiography that "our economic struggle with the Japanese is critical to our future" but that "the field where this game is being played is not level." He complained that "their currency manipulation is enough to bring you to your knees." The solution, he determined, was to "replace free trade with fair trade...
...Looking back at the U.S. reaction to Japan in the 1980s can help us gain some perspective on America's economic relationship with Asia today...
...Otero, however, stresses that Nicaragua must first invest massive amounts of money into agricultural credits, transport infrastructure and education, as well as resolve the land disputes left over from the Sandinista confiscations in the 1980s. More basically, he says, Nicaragua needs a plan - something he claims the Ortega government has not articulated, despite its political pomp. Without one, the agricultural expert says, Ortega is just "promising others something he hasn't been able to do at home...