From The Christian Science Monitor:
Chinese firms failed in their bids to buy Unocal and Maytag this summer. But that’s barely diminished the anxious warnings from Washington. Indeed, as China’s economy grows, it’s easy to think the 1980s are back.
That’s when Japan’s economic “miracle” threatened the US, prompting an intense backlash as companies like Toyota and Subaru, Matsushita, and Sony grabbed growing shares of industries at the heart of US identity: cars, steel, and consumer electronics.
Now the ominous warnings are resurfacing – with China cast as the villain.
As concerns grow that a new Asian giant is intent on challenging the US in everything from sedans to software, the Japan experience of the ’80s may provide insights on how the US and China might compete – and coexist – in the global economy of the 21st century.
