Word: reischauers
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...Reischauer said two factors are contributing to the changing positions of the world's number-one and number-three industrial nations...
...Reischauer said the U.S. has committed a "series of blunders" that has enhanced this uncertainty. America did not make clear how the "Nixon doctrine" would affect Japan, and did not inform them of its sudden plans for rapprochement with China, he said. Furthermore, he added, America did not take into consideration the impact of recent trade decisions on Japan...
Second, the United States is pulling back from the role it assumed at the end of the Second World War, Reischauer said. "America took on what proved to be too large a role." Though the U.S. did a fairly good job at establishing free trade, "in the end she overextended herself," he added...
These two factors have combined to bring about an erosion in the Japanese feeling of "subordination" to the United States that has persisted since World War II, Reischauer said. However, he noted that Japan has become uncertain about America's position. "The Japanese have doubts about the American ability to treat them as equals," he said...
...This is a time quite analogous to the 1920s," Reischauer said. "There was a failure of financial cooperation then, and a drift toward protectionism ensued that led to adverse domestic politics...