Throughout the 1980s, Japan’s economy was the envy of the world. But by 1989 a real estate and stock market bubble spooked policymakers, who hiked interest rates to tame inflation. Japan’s bourse tanked, the value of assets plummeted, and several big banks either failed or required government bailouts. As businesses folded and joblessness rose, Japan became mired in a decade-long recession. [time-brightcove not-tgx=”true”] There are distinct parallels for China’s economic downturn today, which in many ways is typical of any credit-driven boom and bust cycle. China’s housing market—which contributes some 30% of GDP—is the chief villain. Despite a shrinking population, Chinese deve
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