Japan's Economic Victory
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Kevin Phillips was right to sound the alarm about America's declining economic clout in his May 18 Outlook piece ["The Old Titans All Collapsed. Is the U.S. Next?"] -- but he was wrong to suggest that Japan's challenge to U.S. manufacturing leadership in the 1980s was a bust. Japan has now overtaken the United States as the world's leading source of the most advanced materials, components and production equipment.
Although Japan's dominance in such sophisticated manufacturing may not be apparent to shoppers at Wal-Mart, it is unmistakable when one looks at international trade figures. As a glance at the CIA Factbook will confirm, Japan's exports to China far exceed America's. And its 2007 current account surplus, at $196 billion, represents a more than threefold rise since 1989. America's current account deficit has increased more than sevenfold during the same period.
EAMONN FINGLETON
Tokyo
