Japanese economic growth following the American occupation wars remarkable for its magnitude, speed and downright relentlessness. Between 1957 and 1984, Japan's gross national product increased from $3.08 billion to $1.261 billion, a 42-fold jump. Moreover Japan's economy grew at an annual rate of 9 percent per year during the high-growth years of the 1960s. How was this economic miracle achieved
Japan has employed a version of "developmental capitalism" that allows for a much greater government role in promoting Japan's international competitiveness than is typical in Anglo-American liberal capitalism. Japanese business and government leaders started to develop and implement policies aimed at promoting national economic growth following the end of the U.S occupation of Japan in 1952. The government has positively influenced economic growth through wise macroeconomic policies. Business in Japan has maintained very close relations with the bureaucracy and politician.
Japan's gross national savings at its zenith reached nearly 40 percent in the post-war period. Between 1960 and 1980, the Japanese saved around 20 percent of their disposable personal income. ...Show more