The Roaring Nineties
As the chairman of Bill Clinton's Council of Economic Advisers, and subsequently as the chief economist of the World Bank during the East Asian financial crisis, Joseph Sitglitz was deeply involved in many of the economic-policy debates of the past ten years. What did this experience tell him? That much of what we think we know about the prosperity of the 1990s is wrong. Here is a revised history of the decade, by the winner of the 2001 Nobel Prize in Economics [read more]

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Dealing With W
By PAUL KRUGMAN

Americans paid a lot of attention to Japan in the 1980's, when Japanese manufacturers were conquering the world. Remember when airport bookstores were filled with management tomes bearing samurai warriors on their covers? Then Japan's bubble burst, and most Americans concluded that we had nothing to learn from Japan — except how a country can stumble when it lacks adequate business and political leadership. And we, of course, don't have that problem.

Or do we? Jack Welch's gut is starting to look as overrated as those business samurai. And our political leadership doesn't exactly inspire confidence. In fact, lately I've started to have a truly depressing thought: Bad as Japan's policy has been, it's possible that the United States will do even worse. [read more]