The Japanese are coming! The Japanese are coming! Journalist Burstein apparently sees himself as a latter-day Paul Revere warning a hapless American public against the imminent invasion by Japanese bankers and financiers. He recounts the familiar facts of Japan's economic miracle, then expresses his grave concerns about Japanese purchases of U.S. government bonds, real estate in Manhattan and Hawaii and investments in factories on U.S. soil. He argues that Japan as the world's major creditor nation is gaining power over the U.S., now the world's largest debtor nation. He even conjures up a vision of an aggressive, remilitarized Japan shaping the world in its own image. To overcome the Japanese ``threat,'' Burstein recommends the standard litany of interventionist nostrums including the adoption of a Federal industrial policy, a separate gasoline tax to reduce the budget deficit, and trade and market reciprocity arrangements with the Japanese. The author's few good ideas on increasing American competitiveness, such as changing the tax code to encourage savings, are lost in his alarmist and overwrought analysis of the U.S.-Japan trade relationship. (Oct.)
YA-- A must for every serious student of world affairs and economics. Never has an author summed up so clearly the economic events of the past decade, the consequences of bungling and inept economic policies, their world wide consequences and the devastating effects on the U.S. industry, financial institutions, investment houses, and international leadership. Few people, including economic leaders, seem to be aware that competition in the global realm of finance is tantamount to global control. Today's students will be living through and affected by the events described and predicted in this book.-- Barbara Batty, Port Arthur Schools, Tex.