In the 1980s the Japanese manufacturing might was hurting the Americans. Clearly US ‘experts’ were talking about how all the manufacturing will now be Japanese. Everybody ‘knew’ that the 1990s will be the decade of the Japan. American cars were useless, American watches were too expensive, – anything that America could, Japan could do better. American speech makers said “If there is a change of leadership from US to Japan, let it happen smoothly”. One reader in TIME magazine said ” Not far away from now, I will say, here is a dollar, give me a Yen!!
However 1990s turned out to be one lousy decade for Japan! There was no Japan decade. The next set of Japanese kids did not work as hard as their parents perhaps? Now we are hearing stories of Chinese and Indian boom – rest assured children born to ‘relaxed and rich’ Indian parents are not likely to work as hard as the earlier generation. Corruption is worse than cancer in both the countries – our PSUs are sucked dry by the politicians running it. Many of our so called private sector ‘Industrialists’ are busy squandering the money. Well established brands in India are all American, Korean, Jap, – as much as they are Indian.
So the celebration may be just premature. We have no clue how many girl children are killed. We know that there is a 24 million ‘surplus’ male population vs. female population in China. China cannot have democracy. It takes 5 minutes to read the newspaper in Singapore – that is how State Censorship works!
So let us plan like we will grow at 9% per annum, but we should be prepared for a lower growth rate, and a nice slowdown – call it by any name you wish to!
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