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the partisan

Zombies Once Destroyed Japan’S Economy—Now They’Re Infecting China’S

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A very well written article comparing China to 1980s Japan. The similarity of the Japanese monetary policy which led to the crash to the British monetary policy is also rather worrying.

http://qz.com/198458/zombies-once-destroyed-japans-economy-now-theyre-infecting-chinas/

By the 1990s, the remarkable success of Japan‘s economic growth model inspired confidence among both Japanese and foreigners that “Japan is different.” Many took the fact that the government had allowed no Japanese bank to fail since 1945 as a sign of strength. Because housing prices had risen every year except one since World War II, few believed they could fall. Finally, most people in and out of Japan accepted that superior government management, rather than ultra-low borrowing costs, was responsible for Japan’s industrial resilience. Underlying all these notions was the assumption that the government ultimately guaranteed loans.

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