It is worth noting that on the economic front, almost every charge leveled at China today—forced technology transfers, unfair trade practices, limited access for foreign firms, regulatory favoritism for locals—was leveled at Japan in the 1980s and 1990s. At the time, Clyde Prestowitz’s influential book Trading Places: How America Is Surrendering Its Future to Japan and How to Win It Back explained that the United States had never imagined dealing with a country in which “industry and trade [would be] organized as part of an effort to achieve specific national goals.” Another widely read book of the era was titled The Coming War With Japan. As Japanese growth tapered off, so did these exaggerated fears.

Fareed Zakaria