05/24/2013 08:31 am ET Updated Jul 24, 2013

Krugman: 'The Western World Has Succumbed To Economic Defeatism'

A generation ago, Japan was widely admired -- and feared -- as an economic paragon. Business best sellers put samurai warriors on their covers, promising to teach you the secrets of Japanese management; thrillers by the likes of Michael Crichton portrayed Japanese corporations as unstoppable juggernauts rapidly consolidating their domination of world markets.

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