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e.g. The sixties was a comfortable time for the United States.
American companies prospered to no end, supplying “over
three-quarters of the television sets, half of the motors cars, and a
quarter of the steel used around the world”. However, something
went terribly wrong in the next two decades. The American trade
balance “went from a surplus of $5 billion in 1960 to a deficit of
$150 billion in 1985”. What went wrong? The answer lies with a
group of small islands in the Pacific known as Japan. Today, Japan
is considered an industrial giant, exceeded in industrial strength
only by the U.S. and Russia.