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World History - Essay Example

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World History

success re-emergency of the Japanese economy as world-class after the end of World War II is the role played by the Ministry of International Trade and Industry {MITI} and its minister Ikeda Hayato who went on to become Prime Minister of Japan. The role of MITI in the ‘Japanese miracle’ is lauded by many scholars as “no other governmental regulation or organization had more economic impact than MITI.” MITI also gained special attention in Chalmers John’s 1982 book ‘MITI and the Japanese Miracle: The Growth of Industrial Policy, 1925-1975’ where he praised it as “the particular speed, form and consequences of Japanese economic growth are not intelligible without reference to the contributions of MITI.” Ikeda Hayato became Japanese Prime Minister in 1960 at a time when the economic efforts of MITI {in which he was very much involved} were nearing full bloom. He went on to support and supplement MITI policies. His tremendous involvement in the ‘Japanese miracle’ led Chalmers Johnson to refer to him as “the single most important individual architect of the Japanese economic miracle” in his 1982 book (Wikipedia.org).
MITI, which was formed in 1949, started off with the ‘Policy Concerning Industrial Rationalization’ in 1950 that officially validated cooperation between the Japanese government and the Japanese private industry. An important aim of the Policy was to negate and overcome the effect of the deflationary regulations put in place by the ‘Supreme Commander of the Allied Powers’ {SCAP} immediately after World War II. The overall aim of the Policy was to stabilize the many industries of Japan and guide them towards the single target that envisaged national production goals and private economic interests (Wikipedia.org).
The second major step taken by MITI was the passing of the ‘Foreign Capital Law’ in 1950 that disengaged and separated the import of technology from the import of merchandise. This Law gave MITI sole and full ...Show more

Summary

Statistics for 1946 indicate that industrial output had fallen by one third, while agricultural output had dropped nearly 60% of pre-war levels. This bleak situation was further exacerbated by…
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