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Jerome, I hesitate to question you here, as my understanding of these issues is completely based on pop economics and folk Japanology, but I have always been under the impression that, at least in the case of Japan vis-a-vis the U.S., the policy of accumulating capital surpluses was quite intentional (on the part of Japan), and it was the U.S. that became the beneficiary of Japanese hyper-industriousness and monomania about building up foreign reserves.

Chronologically speaking, what came first: the emergence of U.S. policies that enabled/facilitated Japanese policies, or the other way around?

Truth unfolds in time through a communal process.

by marco on Thu Oct 9th, 2008 at 06:48:21 AM EST

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