Thu December, 2021, Age: 1 year
In the 1960s, following Sputnik’s launch, Americans feared that Russia would eat our economic lunch only to find that its planned economy had clay feet. A similar thing happened with Japan in the 1980s during its property-led economic boom that created the so-called Japanese economic miracle. Our fears of a serious Japanese economic challenge were soon assuaged when the Japanese property market bubble burst and Japan experienced a lost economic decade.
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