The Collapse of the Riskless, Middle-class Economy

The very basis of Japan's post-war economic growth was time and place specific. A fundamental failure to recognise the temporary nature of Japan's success led the Japanese to make ad hoc changes, which served largely to prop up the prevailing status quo. Inevitably, Japan's ability to sustain the level of growth required to maintain its economic system periodically faltered, before collapsing in the nineties.