U.S. Foreign Policy toward East Asia and the Korean Peninsula

U.S. Foreign Policy toward East Asia and the Korean Peninsula

- Speaker: James Baker III, former U.S. Secretary of State

- Date : May 18, 1995.

"Japan's experience demonstrates the limits of export-led growth. Over the long run, constant trade surpluses are no substitute for strong international growth. Chronic trade imbalances prompt international tensions and exact a real cost in terms of domestic consumption. Today, Japan is shifting toward a more balances economic approach, one that stressed rising living standards for the people and not just export performance by the firms. It is a shift that the US and Japan's neighbors should encourage...”