Economy

  • How to Survive Trump’s Armageddon

    For some time now, analysts have been pointing to the possible end of the U.S.-led postwar order. With the Strait of Hormuz now facing the risk of closure, global stock markets, oil prices, and other indicators are swinging wildly. The atmosphere feels almost apocalyptic. ・ History shows many moments when an existing system of security and economic stability suddenly collapsed.…

  • Japan Is Richer Than Its GDP Suggests

    (This essay first appeared in Newsweek Japan in 2011. The basic situation has not changed very much since then, so I am reposting it here. I plan to update the argument soon—although the U.S. or even the global economy might collapse before I get the chance.) ・ These days I often hear Japanese friends complain, “Japan has become poor.” When…