Japanophobia:: The Myth of the Invincible Japanese

Emmott, editor-in-chief of The Economist , argues that, contrary to popular wisdom, Japanese business interests are not poised to take over the world. He offers an array of data to support his view that Japanese corporate practices and goals are not so different from those of other leading industrialized nations. Japanese multinationals have not done particularly well with their investments in the U.S., Emmott points out, detailing their mistakes in the real estate, entertainment, banking and finance industries. He notes problems inherent in Japanese management methods and in the shift of Japanese society toward greater consumerism. Emmott suggests that the unsound financial policies that led to the bursting of the miraculous Japanese ``bubble economy'' of the '80s are being corrected to reposition the system to move ahead. Japan is presented here as a major player on the international scene, but, persuasively, not the voracious ogre many fear. Author tour. (Nov.)