This is coolbert:
From the On Line MBA and thanks to the tip from Emily we have a discussion of: "a bitter feud is brewing between two of the world’s most powerful nations over a small collectivity of islands in the East China Sea" from strictly the economic perspective.
"A War Between China and Japan: What It Could Cost You"
"It is in every nation’s best interest that the Chinese and Japanese settle their territorial dispute peacefully."
That territorial dispute of course involving the islands of Diaoyu/Senkaku islands! Diaoyu in Chinese, Senkaku in Japanese!
"Global economists are keeping their eyes glued to the Asia-Pacific region, where a bitter feud is brewing between two of the world’s most powerful nations over a small collectivity of islands in the East China Sea. The Chinese government argues that a treaty signed during the first Sino-Japanese War (1894-95) conferred ownership of the islands to China. Japan has long disputed these claims, and today argues that the islands are integral to its national identity."
During that period of American occupation of Okinawa [1945-1970] in the aftermath of the Second World War [WW2] these islands [Diaoyu/Senkaku] were administered by that occupation authority the "ownership" at that time not being even questioned! Islands both uninhabited and uninhabitable! [no source of fresh water]
Hostilities between Japan and China if and when escalation actually occurs without a peaceful resolution to the dispute the United States LEGALLY BOUND by bi-lateral defense treaty with Japan, an American presence and participation mandated by LAW!
Indeed, the entire global economic situation would be placed in great peril and turmoil by any conflict between China and Japan, the United States surely entering the fray as well! That bustling trans-Pacific trade route Hong Kong/Kaohsiung/Yokohama/Seattle and back just one instance of severe disruption for which there would be no remedy.
The On Line MBA speaking in this case only of the disputed islands of Diaoyu/Senkaku.
NO mention made of the Nine-Dash Line, the South China Sea and the Spratly Islands. Nine-Dash line a popular topic for blog entries and an entire subject unto itself.
From the novel SSN by Tom Clancy an interview with Tom, the ownership of the Spratly Islands and Chinese adventuresome in the area discussed:
Jane Addams: "Tom, you talked briefly about the Spratlys. Tell me a bit more about them . . . What exactly is the status of those islands?"
Tom: "The Spratly Islands are kind of a like a dead grandfather with a heck of a big estate. And everyone wants to claim to be the number-one heir. In fact, I think that China's territorial claim to the Spratlys is fictitious."
Jane Addams: "Tenuous at best."
Tom: ". . . Whoever can get there, plant a flag, and defend it is going to OWN THEM [my emphasis]."
There you have it in the nutshell thanks to Tom. Whoever can land, raise their flag and defend against all comers OWNS those islands historical claims be damned!