At TFL, we're making journeys safer for everyone, and that includes improving safety on London's roads.

That's why we and London boroughs are lowering more speed limits to 20 miles per hour,

because 20 miles per hour roads have already reduced collisions resulting in deaths or

serious injuries by 24%. That is how we're making journeys in London safer and brighter for everyone.

Such TFL improvement plan to the Mayor of London and TFL every journey matters.

This is CBSI in the world, I'm John Bachelor.

Japan, the 20th century, the Ministry of International Trade and Industry,

given the credit for the Japanese miracle in the 20th century.

What do we learn from the Japanese miracle that failed, that explains the Chinese miracle

that's failing? I welcome Veronique de Regis of the Mercatus Center, writing most recently

at the Creator's Syndicate. That was then Japan. This is now China.

Veronique, a very good evening to you. The Ministry of International Trade and Industry was

given all the credit. Did it deserve it? Good evening, John. No, I don't think it deserves it.

If you actually look at the period where Japan was growing after the war and until

very, very strongly until the end of the 70s and then really stopped growing at the beginning

of the 90s or really at much lower rates, what you see is what really made a big, big difference

compared to the scale of the government intervention was the private sector and the free market.

At the time, Japan had a relatively low dead burden, relatively low spending as a share of GDP,

relatively overall taxes. Postwar, Japanese because of cultural reason, but also because of

government incentives were enormous savers. As a result, when you look at the Japanese economy

and the numbers, one of the things that you saw is the massive, massive investment done by the

private sector, done by the private sector at the time. Especially when you compare the scale

...