What does it take to abandon a dearly held world-view?
I found this:
The Media Myth of Japan’s “Lost Decades”
which refers readers to the original article:
The truth of Japan’s “slump”: An invitation to a debate
That Japan is a ‘basket case’ is a pretty much unquestioned fact on the blogs I read (maybe I read the wrong blogs), these articles challenge that ‘fact’. A quote from Eamonn Fingleton’s article:
I have moreover been almost alone in arguing since the beginning that the crash was a purely financial affair that did not hinder progress in the real economy.
Only the most obvious evidence of such progress is that in the twenty years to 2010, Japan multiplied its current account surplus more than five-fold — and did so in the teeth of intensifying competition from South Korea, Taiwan, Germany, and, of course, China.
Worth reading and well worth considering.