Word: japanization
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Dates: during 1960-1969
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...impact of Japan's industrial machine, the fastest growing and now the second largest in the non-Communist world, is felt in every corner of the earth. In Europe, businessmen simultaneously worry about competition from Japanese goods and depend on Japanese-built supertankers to move Mideast oil to them despite the 26-month closing of the Suez Canal. In tiny mountain towns of Western Canada, long-unemployed miners are going back to work to dig the coal needed to fill a new $600 million order from Japanese steel mills. Ideologically impartial, Japanese industrialists trade with Peking and Taiwan...
This explosive growth and new power, however, have brought Japan's economy to a difficult stage of decision. As TIME'S Tokyo Bureau Chief Ed Reingold reports, more and more Japanese leaders realize that their economy has to make the jarring transition from super-precocious adolescence to maturity. At home, Japanese consumers complain that they have been left behind in the scramble for export markets, and they are clamoring for more of the rewards of industrial expansion. Abroad, many of Japan's best trading partners are becoming increasingly impatient with the way that its businessmen flood...
...Agriculture's Clifford Hardin, as well as Paul McCracken, the President's chief economic adviser. They will urge their Japanese counterparts to start removing import quotas on 120 products, and move faster in approving requests from U.S. companies that want to set up joint ventures in Japan to build cars, electronic components and other high-technology products. Relations between the U.S. and Japan are becoming steadily closer-and closeness creates friction...
...Japan does not liberalize its economy, the U.S. and other nations may well intensify an already strong backlash against Japanese exports. The U.S. restricts imports of Japanese steel and threatens to set quotas on textiles (TIME, July 4). Thailand recently banned imports of Japanese used cars and tires until Tokyo agrees to buy more Thai rubber and corn...
This cozy system is capable of enormous dynamism. Once a decision has been reached, everyone who participated works single-mindedly to carry it out. But foreign companies are kept out of Japan largely because they might not abide by decisions of the day clubs, and those that are allowed in are prevented from becoming too pushy...