Japan's catapult to world economic power in the latter half of the twentieth century had been phenomenal. Out of the ashes of Second World War, this tiny nation rose like the mythological phoenix and soared high in the sun-lit skies of prosperity for decades on end…
Although by definition, a miracle is inexplicable, the basic cause behind Japan's economic success can perhaps be explained in simple terms: the indomitable desire of the Japanese people to grow, their deeply persistent will to succeed at any cost. Between 1945 and 1970, the Japanese economy sustained an unprecedented annual growth rate of nearly ten percent on average (Kosai). But this in itself would seem like a minor detail in comparison to the stupendous driving force that compelled the Japanese people to race towards technological excellence and economic supremacy, most notably during 1960's. In the second-half of 1960's Japan reached a peak of economic progress, with an average of nearly 12% real annual growth rate. And for nearly 40 years surrounding this peak period, the country and its people subordinated all other goals in order to single-mindedly pursue their ambition of catching up with the U.S. economy (Crawford). In fact, their ambition knew no bounds; the aggressive strain so characteristic of Japanese men, which was employed for the purposes of destruction during the War, was rechannelled into more positive and constructive directions during the years of the economic boom. Consequently, Japan thrived, and even today, as well as for geneartions to come, represents a legendary story of success, an inspiration and exemplar for scores of developing nations in Asia and elsewhere. In fact, Japan should become an inspiration to itself. If this nation could pull it off once - this so-called economic miracle - it can pull it off again. All it needs is a push! While circumstances associated with Japan's days of glory may be at sharp variance from those of today, and while many of its past economic policies stand discredited today, and its culture too is changing fast - deep down, the spirit of this ancient nation remains as powerfully vital as ever. Above all, miracles have to do with spirit - of which Japan perhaps does not need too much before it again becomes a force to be reckoned with.
Factors contributing to Japan's High Growth Rate: Although Japan's spectacular economic growth culminating towards the end of 1960's may initially give the impression of not being subject to rational analysis, in the same manner as a painting of supreme artisitry or as a deeply touching Zen haiku, it too is as much a cause-and-effect phenomenon as any other worldly matter. Japan is the purest example of what has become known as a producer economic state. But what lies behind this country's remarkable and record-breaking productivity levels
Advances in knowledge, for one thing. Japan's economic success was achieved to a great extent on the basis of a superior technological know-how. The Japanese had the intellectual capacity to soak in vast amounts of knowledge necessary to stay at par with any other nation in our modern techonology-dominated world - and they put their intellects at the service of technology with a vengeance. They not only were able to ingeniously adopt the latest technologies, they actually adapted it to their own needs, and were moreover setting a number of innovative trends in a wide variety of technology-intensive industries.
But even more than the share of knowledge, at least ...
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(Economic Miracle in Japan Essay Example | Topics and Well Written Essays - 2250 Words)
“Economic Miracle in Japan Essay Example | Topics and Well Written Essays - 2250 Words”, n.d. https://studentshare.net/politics/290100-economic-miracle-in-japan.
The situation in Japan in the first postwar years was more then just difficult. There was a total isolation from outer world. The state, which had lost during war almost 40 % of its wealth, which has haven't any raw material sources, was completely cut off exterior raw market.
Military dominance over politics was prevalent and all these emperors were the supreme commanders of troops in Japan. In 1603, Ieyasu was chosen shgun ("Commander of the Armies"). He established the Tokugawa shogunate. The Tokugawa shogunate enacted a range of measures to direct the autonomous daimyo.
The post war years allowed Japan to concentrate on economic development. With nearly no defense expenditure, Japan was able to devote nearly one third of its GNP to investments during 1953-63. The government policies of investment in education, industry and research and development started bearing fruit and the average annual growth rate during 1960s remained around 11% per annum.
One distinguished attribute of the economy is how manufacturers, dealers, and distributors work mutually in strongly-weaved clusters called keiretsu. A second essential aspect has been the assurance of life span employment for a significant segment of the urban labor strength.
Nevertheless, it is possible to find economic and political similarities in China and Japan, and compare their development after WWII.
The political development of China was influenced by the Soviet Union ideology. China Republic, announced in 1949, adopted the "best" traditions of communism and reflected the model of the Soviet Union political structure.
Through the adaptability of the Japanese firm in finding ways to re-strengthen their international competitive power, Japan's economy was able to resurrect (Itoh n.d.).
Ulrike Schaede's book was entitled Choose and Focus: Japanese Business Strategies for the 21st century.
ach to the systematic economic strategy that led the postwar Japan out of the perils of the disastrous effects of the war to be one of the most powerful economies of the world. The paper also tries to analyze how unique was the Japan model of economic development and how its
It was also out of the reality at the time that the world was a fast changing economic arena that required a country to not only adapt to it but to also sought ways of moving ahead in time to counter the
This essay mainly focuses on the identification of the major factors, that helped Japan government to rebuild country`s crippled economy in a short time. As it is shown in the essay, Japan economy expanded rapidly owing to the effective economic and foreign relation policies the government formulated and implemented.
5 Pages(1250 words)Essay
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