Word: japanize
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...enough. "We've become a big economy," says Wang Zhenzhong, an adviser to the Chinese government and director of the economic-research institute at the Chinese Academy of Social Sciences (CASS). "Now, we need to become a strong economy." In a nutshell, this means becoming a bit more like Japan by developing domestic, technologically formidable manufacturers, rather than just making a lot of inexpensive stuff for the rest of the world. It also means becoming a bit more like the U.S., where factory jobs have over the years been supplanted by the growth of the service sector and knowledge-based...
...Japan's Soft Power Thanks to Japan's wealth and pragmatism, it is helping others to help themselves [Dec. 1]. Reaching out in our globalized world with soft power makes more sense than bashing away with hard force. Cultivating friendly neighbors yields economic dividends as well as good will. Japan's win-win initiative deserves applause. Michael Driver, Ichihara, Japan...
Another, less hopeful possibility that gets discussed a lot is the decade-plus malaise Japan fell into in the 1990s after financial and real estate bubbles collapsed there. Then there's the less well known but more encouraging Scandinavian experience of the early 1990s. Sweden in particular is now held up as the model for how to restructure a busted financial system. How did that work out for the Swedish economy? It shrank for three years running, from 1991 through 1993 - ending up 4% smaller before it began growing again...
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