Chapter

America in Decline

Peter Duus and Kenji Hasegawa

in Rediscovering America

Published by University of California Press

Published in print January 2011 | ISBN: 9780520268432
Published online March 2012 | e-ISBN: 9780520950375 | DOI: http://dx.doi.org/10.1525/california/9780520268432.003.0008
America in Decline

Show Summary Details

Preview

This chapter describes America's economic decline, noting that during the 1970s, American complaints about Japanese trade practices gave the impression that America was in economic decline. It further notes that this impression was reinforced by Japan's growing sense of familiarity with things American, which supplanted an earlier sense of akogare (yearning for them). The chapter observes that the rapid diffusion of home appliances, accelerating suburbanization, and the spread of a new middle-class lifestyle in Japan also narrowed the material gap between the two countries. It reports that although young Japanese devoured McDonald's hamburgers eagerly, Japanese consumers did not buy nearly enough American goods to balance surging Japanese trade surpluses, resulting in a series of acrimonious trade disputes which grew in intensity and rancor during the 1980s. The chapter notes Prime Minister Nakasone's observations that high interest rates in America and a strong dollar gobbled up foreign trade and foreign capital like a “black hole absorbing stars.”

Keywords: economic decline; Japanese trade practices; akogare; Japanese trade surpluses; Prime Minister Nakasone; foreign trade; foreign capital

Chapter.  23932 words.  Illustrated.

Subjects: History of the Americas

Full text: subscription required

How to subscribe Recommend to my Librarian

Users without a subscription are not able to see the full content. Please, subscribe or login to access all content.