How the World Works - 93.12

D E C E M B E R   1 9 9 3

How the World Works - 93.12 D E C E M B E R 1 9 9 3 Americans persist in thinking that Adam Smith's rules for free trade are the only legitimate ones. But today's fastest-growing economies are using a very different set of rules. Once, we knew them--knew them so well that we played by them, and won. Now we seem to have forgotten by James Fallows I N Japan in the springtime of 1992 a trip to Hitotsubashi University, famous for its economics and business faculties, brought me unexpected good luck. Like several other Japanese universities, Hitotsubashi is almost heartbreaking in its cuteness. The

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