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Asianomics
| Article
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13830 |
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Section : |
BOOK WORLD
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| Issue
Date : |
12 / 1988 |
2,997 Words |
| Author
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Thomas J. Ward
Thomas J. Ward serves as executive director of the American
Leadership Conference, which conducts educational seminars and
forums for legislators. He has traveled in more than sixty
countries and has lectured abroad at institutions including
the Philippines National Defense College and the Academy of
Social Sciences of the People's Republic of China. His
articles have appeared in publications in the United States,
Europe, and Latin American. |
THE THIRD CENTURY
America's Resurgence in the Asian Era
Joel Kotkin and Yoriko Kishimoto
New York: Crown Publishers, 1988
286 pp., $19.95
A little over twenty years ago, when America's worldwide economic hegemony was undisputed, French students were enthusiastically discussing The American Challenge, a book written by French author and politician Jean Jacques Servan-Schreiber. That book warned of the profound penetration of American corporations into European markets. Few would have imagined that by 1988 American accomplishments would be surpassed by those of Japan in such diverse areas as the automobile industry, electronics, and banking.
Twenty years after The American Challenge, a new generation of young people is desperately trying to digest books such as William Ouchi's Theory Z., which explains and applauds Japanese management practices. In the late 1960s, when millions of "Americans protested the nation's involvement in Southeast Asia, it would have seemed preposterous to refer to the twenty-first century as a "Pacific era" or even lo and behold, an "Asian era." In 1960, not even one of the world's fifty largest banks was Japanese; eighteen of the world's twenty largest corporations were American-based. Except to the most astute historians, America's economic hegemony, especially when set against the backdrop of a fading Europe, seemed destined to be long-term.
In 1970 I worked for the international department of a large American bank. Our account officer for Asia was constantly telling us that we had to pay more attention to Japan. Yet virtually no one, including me, really took him seriously. Now, I am sure we all wish that we had.
The Reagan years have, nevertheless, shown the possibility of restoring and strengthening the American economy. Furthermore, the 1980s have produced a new generation of insightful apologists for entrepreneurship. At the beginning of the Reagan era, George Gilder's Wealth and Poverty provided an innovative but controversial defense of the market economy. Michael Novak's The Spirit of Democratic Capitalism afforded us both philosophical and pragmatic justifications for our economic institutions. Nevertheless, as the Reagan era closes, certain questions vis-à-vis Asia remain unanswered.
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