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International Economic Growth (Economics) - Essay Example

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International Economic Growth (Economics)

It has been destroyed about 30 % of basic industry equipment. After numerous bombing Nagasaki and Hiroshima has been almost purely ruinous. The capital of the country, Tokyo, has stayed in ruin. There has been demobilized about 9 million soldiers, moreover 1.5 million people has entered the country as refugees. The inflation has reached 5000 %. There has been overall shortage of goods and materials. There has been a great dearth. The value of the yen to the dollar has been constantly falling down that has evidenced that financial system of the state has been completely unsettled. Notwithstanding Japanese people has felt release with the end and war. The society has been full of optimistic expectations. Everybody has been equally poor, and everybody has had the same chances. They have started everything from the very beginning.
The great role of Japan economics development has been played by Ministry of International Trade and Industry (MITI). It seems like no other governmental regulation or organization had more economic impact than this ministry. "The particular speed, form, and consequences of Japanese economic growth are not intelligible without reference to the contributions of MITI" (Johnson, 1982). The main achievement of Japan government that time has been an efficient cooperation between the Japanese government and private industry.
The other scholar, David R. Henderson, considers that "MITI plans for industry growth, and sometimes gets other agencies to use their powers to carry out the plans, the extent of MITI's control, and of government control generally, has been greatly exaggerated". It should be mentioned that in period 1955 -1973, Japan government has had six different National Economic Plans. But without exception actual growth rates have exceeded those required to fulfill the plan's targets. This is evidence that the plans themselves were not responsible.
The course that has been chosen for the state's development to some extent may seem paradoxical:
To cut the program of industry funding in order to take inflation under control;
To eliminate the dependence of enterprises development on external source of financing;
To state fixed value of yen to a dollar.
These sanctions have created severe conditions for those industry branches, which have been subsidized with the help of foreign or governmental sources of financing. The position has been more aggravated in result of division of such big monopolistic incorporations like "Mitsui", "Mitsubishi", and "Sumitomo". The point is that in result of such division there have been broken numerous connections with providers of raw products. In this sphere they have has to start everything from the very beginning too.
The program of development, which taken a lot of companies over a rough road, has followed the aim to stop the hasty growth of prices. The numerous companies' bankruptcy has been seen as less harmful for the economy as engrossing inflation. Reduce of market for the goods resulted decrease. But there has been any assurance that Japan economics would stand the test of conjuncture degradation. The market changes resulted by the war in Korea has saved a lot of Japan companies. The boom has lasted for a year, and then another decline has come.
The question of vital importance has become a long-term economics development, and its ...Show more

Summary

Japanese Post-War Economic Miracle is the name given to the historical phenomenon of Japan's record period of economic growth following World War II, spurred both by US investment, which has been made by the American government, under the auspices of the Supreme Commander of the Allied Powers, and Japanese government economic interventionism in particular through their Ministry of International Trade and Industry (Ellington, 2004).
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International Economic Growth (Economics) essay example
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