It has been 40 years since such competitive anxieties about a rising Asian power prompted this kind of embrace of government intervention among the biggest free-market economies.
Only then it was Japan, not China, that was the source of unease.
In a 1990 survey, nearly twothirds of Americans said Japanese investment in the United States posed a threat to American economic independence. It turned out that the anxiety about Japan peaked just as the country began a long economic slide after the collapse of real estate and stock market bubbles.
Now, after a period of stagnation that Japan's economy ministry refers to as "the lost three decades," Tokyo is engaged in a multibillion-dollar industrial policy to jump-start the lackluster economy and recapture its position as a tech innovator.
This time, Japan is working with technology leaders in the United States and other countries ― a collaborative approach that decades earlier would have been unthinkable.
But even as Tokyo is pursuing less inward-looking policies, the political storm over a Japanese-led acquisition of US Steel illustrates how the US is increasingly moving to protect other key industries from foreign influence.
Esta historia es de la edición September 07, 2024 de Business Standard.
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Esta historia es de la edición September 07, 2024 de Business Standard.
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