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Aerospace execs sell their industry to Japan­—one part at a time.
At a welcoming banquet in Japan in the 1980s, Ford Motor chairman Philip Caldwell received a memorably double-edged compliment. “There is no secret about how we learned to do what we do, Mr. Caldwell,” said the head of Toyota Motor, Eiji Toyoda. “We learned it at the Rouge.” Toyoda was referring to Ford’s fabled River... Read More
Why won’t anyone talk about Tokyo’s auto protectionism?
Mitt Romney was in his element a few years ago as the Obama administration struggled to rescue the Detroit auto industry. In an eat-your-spinach tone, he ticked off his recommendations for reform. Top management should go, executive dining rooms should be shut, and factory wages slashed. Then there were the industry’s “legacy costs”: given how... Read More
How currency manipulation destroyed American manufacturing
TOKYO—In the mid 1990s, I published a book entitled Blindside: Why Japan Is Still on Track to Overtake the U.S. By the Year 2000. The prediction in the subtitle did not, as they say, pan out. But it was more soundly based than casual readers of the U.S. financial press might imagine. The book offered... Read More
Meet the heterodox economists challenging globalism.
“I don’t care who writes a nation’s laws, or crafts its advanced treatises, if I can write its economics textbooks.” So said one of the greatest textbook writers of them all, Paul Samuelson. But even Samuelson didn’t live forever—he died in 2009 aged 94—and now others decide what the rising generation is reading. It is... Read More
The Pentagon sells out American manufacturing for Japanese bases.
TOKYO—When German executives visit Tokyo, they are often treated to a session at Bernd’s Bar, a notably authentic German pub. A bit too authentic, perhaps, given its Axis-era accoutrements. The last time I was there, one of the walls still featured a huge photograph of Willy Messerschmitt in conversation with Charles Lindbergh. It had evidently... Read More
The Betrayal of American Prosperity: Free Market Delusions, America’s Decline, and How We Must Compete in the Post-Dollar Era, Clyde Prestowitz, Free Press, 340 pages How the Economy Was Lost: The War of the Worlds, Paul Craig Roberts, CounterPunch, 264 pages George W. Bush’s under secretary of commerce for international trade, Frank Lavin, was once... Read More
America goes Ottoman shopping.
Here’s an economic history test: 1. Which Great Power pioneered the secular trend towards freer international trade? 2. Which Great Power first resorted to spiraling foreign indebtedness to pay for its wars? 3. Which Great Power first permitted large-scale foreign direct investment in its domestic industries and infrastructure? If you guessed such latter-day globalizers as... Read More
http://www.theamericanconservative.com/articles/juggernaut-japan/
Before there was Beatlemania, there was Reischauermania. Admittedly, the latter was more localized and, of course, it is not much remembered these days. But it was huge at the time, and in the end it may prove to have left a bigger mark on history. The object of adoration, a dapper, middle-aged Harvard East Asian... Read More
Getting the American economy back on solid ground will require new financial regulations. Goldman Sachs alums aren’t the men for the job.
As bewildered Americans survey the wreckage of their nation’s once vaunted financial system, they could do worse than reacquaint themselves with one of Wall Street’s oldest and most revealing parables. The story goes that an out-of-town customer dropped by to talk to his broker and afterwards was ushered around Lower Manhattan’s yacht-filled docks. “Here is... Read More
The U.S. is betting that a rich PRC will be democratic. Beijing disagrees.
Two bets are on the table. One has been placed by the Washington establishment, the other by the Chinese Communist Party. Analyzing China’s prospects in terms of fashionable globalist ideology, Washington is betting that a rich China will be a free one. The theory is that the only way China can continue to grow is... Read More
America will always be number one, won’t it?
TOKYO—Almost everything the Apple computer company sells these days comes with this memorable statement of origin: “Designed by Apple in California, Assembled in China.” The implication is obvious: a few brilliantly creative, latte-quaffing, hybrid-driving Americans did the real work, while low-skilled Chinese assembly workers, laboring in serf-like conditions and earning a few dollars a day,... Read More
America’s burgeoning trade deficits threaten Greenspan’s legacy.
For those who watch the American economy, the Internet boasts few more useful resources than the Web site of the Federal Reserve. In a few clicks you can mine data on everything from the level of interest rates on Black Monday to the growth of steel production under Eisenhower. Whether the topic is the trend... Read More
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The evidence is clear — but often ignored
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