Overrated
It seems only yesterday that the deadly threat from Japan popped up all over the media. Books with titles like Trading Places implied that the Japanese were poised to supplant us as the world’s leading economy, while others with titles like Japan as Number One implied that this had already happened. There were didactic novels about it; one, Rising Sun , a thriller by Michael Crichton, even made money as a Hollywood film. The threat from Japan was directed at the U.S.A. in particular and at the West in general and was understood in various ways, with different levels of sophistication. The Japanese could be crudely described by a future French prime minister, Edith Cresson, as “ants” who “stay up at night thinking up ways to screw Americans and Europeans”; more academic responses saw our enemy to be a new and devastatingly effective “industrial policy,” or one or another cant phrase for neomercantilist paranoia.