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Power Without Purpose: The Crisis of Japan’s Global Financial Dominance

  • Article
  • Mar 1, 1989
  • #Japan #PoliticalEconomy
R. Taggart Murphy
@RTaggartMurphy
(Author)
hbr.org
Read on hbr.org
1 Recommender
1 Mention
Japan today sits on the largest cache of wealth ever assembled. It has the power to move markets anywhere in the world. Consider that. The Tokyo Stock Exchange has now surpassed New... Show More

Japan today sits on the largest cache of wealth ever assembled. It has the power to move markets anywhere in the world. Consider that. The Tokyo Stock Exchange has now surpassed New York to become the world’s largest on the basis of market capitalization. Osaka has bumped London to fourth place. Of the world’s ten […]

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Michael Pettis @michaelxpettis · Nov 22, 2021
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Thanks, Vincent. This piece is fun to read because it shows how certain, and how certainly wrong, we tend to be in interpreting bubble economics. My favorite line: "Japan’s seeming compulsion to dominate every important value-added industry".
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