Japan is often looked to as an example of material progress. But it has been accomplished largely with the resources of other nations. In addition to importing much of its food supply, Japan imports most of the raw materials used in its industry. This includes 92 percent of its iron ore, 59 percent of its coking and bituminous coal, all its bauxite ore, 84 percent of its copper, and 99.7 percent of its petroleum. Yes, Japan’s “prosperity” too is built on a fragile foundation.

The industrial nations, especially the highly developed ones of western Europe, Japan and the United States, have worked themselves into a trap. To sustain their present standard of living they now must import increasing amounts of the raw materials and energy sources they need. But the poorer nations that have these resources now demand more money for them.

The immediate result of this is that these industrial nations are going more and more into debt to pay for the things they need.