And while this is hard to quantify, lots of people I’ve talked to say that Japanese society is far more dynamic and culturally creative than many outsiders realize.
The economist and blogger Noah Smith, who knows the country well, says that Tokyo is the new Paris.
Which brings me to the question that I raised at the beginning of this newsletter: Will China be the next Japan?
China has a wildly unbalanced economy, with too little consumer demand, kept afloat only by a hypertrophied real estate sector, and its working-age population is declining.
I am very definitely not a China expert, but is there any indication that China, especially under an erratic authoritarian regime, is capable of pulling this off?
Persons:
I’ve, Noah Smith, China
Locations:
Tokyo, Paris, Japan, China