J- Vids of Interest: The Myth of the Japanese Miracle

For the average economist four macro themes exist on a country level. There are developed countries, developing countries and than you have Japan and Argentina.

Japan has never been perceived as a normal developing or developed country by mainstream economists and foreign correspondents.

Latest when corporate Japan began trophy shopping in the U.S in the 1980's, and started to hoard U.S. icons like the Rockefeller Centre and Universal studios, the sentiment towards corporate Japan started to shift, especially in the U.S. Had it been envied before was it now feared.

And fear it is what creates many myths!

The following video from the 1980's shows quite nicely how Japan was perceived by the mainstream media and academics.

During that time many Japan observers were convinced that the unique governance system of Japan, the J- System, with its three pillars of main banks, Keiretsu and lifetime employment, was the main reason behind corporate Japan's success and seemingly unstoppable ascent. They failed to look behind the mask of corporate Japan.

But some media did. Kudos to John Pilger!