Are the Japanese smarter than we Americans are? Will our children be working mostly in Japanese-owned companies and paying rent to Japanese landlords? It's hard to look at recent economic history -- or at a self-focusing Sony combination video camera/VCR no bigger than a grapefruit -- without wondering just that. (JAPAN NOW AHEAD IN NUCLEAR POWER, TOO, read last Tuesday's New York Times.) But one needn't look to genetic superiority to account for Japan's remarkable and mostly well-deserved success.
What's more, last month's crack in the highly overvalued Tokyo stock market makes the Japanese seem a little less superhuman. The even...
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