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To: JMD who wrote (9916)	4/17/1998 7:04:00 PM
From: dougjn	Read Replies (1) \| Respond to of 152472

Count another sucker for history here.<g> I fully agree with the notion that Japan will be back. That Japan has huge strengths. What is amazing to me is that its leaders have managed to mismanage the economy in the 90s for so long given those strengths. Which include very strong education and work ethic, very widely shared by the population. And much less social conflict than most places. Another way to look at Japan, however, is that it is suffering the serious slowdown that managed economies generally do. Somewhat like Russia. Very different culture from Russia's of course. Very. But both society's could make huge progress so long as the goals were clear. And did it on the backs of huge consumer gratification deferral. (Through quite different methods.) Of course the analogy may break down about there. Japan has a much more capitalistic and market responsive system than Russia had. But both societies had lots of problems with Schumpeter's creative destruction. With efficiently allocating capital. With funding many trial ballons and then letting the economically best one explode.