Twenty-five years after a major financial crisis, Japan’s powerful export-based economy has become a mere shadow of its earlier status as a financial superpower. Though different in many ways, China has followed Japan’s economic development model and may now too be facing a major financial crisis.

Roy C. Smith is the Kenneth Langone Professor of Finance Emeritus at New York University Stern School of Business.
Economic History and DevelopmentEconomic PolicyEconomy
Other Independent Review articles by Roy C. Smith
Winter 2019/20 Will Populism Kill Globalization?
Summer 2018 China’s Next Ten Years
Spring 2016 Understanding a Cuban Transition
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