there is a thread in GD how bad do you think the economy is going to get? that offers 4 scenarios, in order of increasing scariness:
- mild recession (like America , 1987)
- Serious recession (like Japan 1990-2005)
- Great Depression (1929)
- Total collapse (Spanish empire, 1700’s)
Options 1,3, and 4 I know about . But not option 2.
So now I need to fight my ignorance: what happened in Japan for 15 years? How bad was their recession?And how did they end it?
I remember the 1980’s when the average American in the street suffered a real inferiority complex. “Japan, Inc” made better cars, better electronics, better everthing, and threatened to own Mickey Mouse and all of American society. Popular culture depicted Japanese factory workers as dedicated workaholics who proudly slaved away on the assembly lines, singing the corporation’s anthem in unision, doing everything better than us, and we could never catch up to them because of the cultural differences.Then in the 1990’s something happened with the Japanese banks, and somehow the Godzilla monster got defeated. Americans were happy again.
So can someone explain to me how much the average citizen suffered in Japan during the 1990’s?
Japan may be less of a powerhouse today, but I don’t see hoards of homeless Okies re-living a japanese version of the Grapes of Wrath.
If something similar happens now to America, how will the average wage earner feel it?