Japan: A Cautionary Tale

Japan

A Cautionary Tale

Vinh Q. Tran

In the early 1900s, Japan was well on its way to becoming a great colonial master, with vast occupied territories in Asia, from Manchuria to the Philippine islands. Then came its disastrous confrontation with America at Pearl Harbor and the ensuing humiliating defeat in World War II. But the resulting utter destruction only interrupted Japan’s momentum. Like the proverbial phoenix rising from the ashes, Japan soon became the second-largest economy of the world, with riches far surpassing any time in its past—certainly more than any of its victors, except the occupying United States. And despite setbacks and slow growth in the past two decades, while its neighbors near and far enjoyed strong economic growth, ...