Lester Thurow's Head to Head

Lester Thurow in his book Head to Head contributes to the many recent analyses of the international economic scene and especially of the competitiveness--or lack of competitiveness--seen in American industry when matched especially against Japan and West Germany (now simply Germany, though the capabilities of the reunited Germany have not yet been fully tested). Japan in particular has been held up by many as a country more efficient and more productive than the United States, and the image has been created of a major trade war between the U.S., Japan, and the emerging European Community. Thurow examines this "war" beginning with the idea that the U.S. is at a disadvantage and has to work to catch up to Japan and Germany in particular. Thurow does not take a pessimistic view of American chances, however, and feels that America can make the adjustments necessary to become the leader. The title of the book--Head to Head--evokes the image of a direct confrontation, the "economic battle" noted in the subtitle: "The Coming Economic Battle Among Japan, Europe, and America." Thurow's analysis is especially important given the recessionary economy the U.S. has been facing, the arguments over whether NAFTA (the North American Free Trade Agreement) would benefit or hurt the American economy, and the implementation of the Clinton economic plan over the next several years.

The success of Japan has been cited by many and has also engendered a good deal of Japan-bashing among those w

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ating today, but such a shift is unforeseen at this time. Thurow's book expands on this idea first by examining the changed political conditions in the world with the breakup of the Soviet Union and the removal of the imminent Communist threat that it represented. Along with this change has come the return of much of Eastern Europe to the capitalist system. With these changes in the world political situation has come a change in the economic system, and one of the major changes seen as vital by Thurow is the integration of the European market. He sees the future as being marked by economic warfare rather than military warfare, though he also states that the military analogy is fundamentally wrong: The economic game that will be played in the twenty-first century will have cooperative as well as competitive elements. . . The world's common environment will require global cooperation if it is to be livable for anyone (31). One of the differences Thurow sees among the three major economic entities he discusses is the degree to which they see government as having a role in economic growth, an argument that is much heard in the U.S. and that is also seen as one reason why Japan is considered an unfair trading partner by many, s

Category: Economics - L