Japans High Speed Growth Model and Extent Vietnam Followed the Model - Essay Example

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Japans High Speed Growth Model and Extent Vietnam Followed the Model

To understand the high-speed growth, of Japan, which took place after the war was over, we should first understand its development and history of Japan during 18th and 19th century. During this time Japan relied on agricultural technology which it developed. the then government of the Meiji took some modernized measures which propelled the economy of Japan later in the 19th and early part of 20th century and by the year 1945 Japan was considered one of the most powerful nations both economically and militarily, and this led to the basic foundation structure of the post-war high speed growth.
Comparing Japan and Vietnam would not be a correct approach but we can say that Japan‘s high speed growth model has effected the economic situation of the Vietnam in a major way. Both following the assumptions of Solow Model and both overturning their economies after their economies was shattered by wars only confirms the fact that Vietnam has learnt some important methods and steps to improve their economic situation from the high speed growth model. The whole issue is bolstered by the fact that if we look at the present situation Vietnam grew at a rate of 7.5 percent per year from the period of 1995-2004 and this is recorded as faster growth next only to the Asian superpower china. This was the time of crisis in that region with Soviet Union collapse but Vietnam only improved further with its foreign investment equal to 8 per cent of its GDP which is higher than china. All this suggests only one aspect that the revolution of renovating economy which it was inspired from the high speed growth model of Japan has only improved the situation of Vietnam and its economic structure. ...Show more

Summary

To understand the post-war economic miracle, of Japan, in the economic terminology, we will bring the concept of neo-classical theory of economic convergence. This economic model concept brings out the reality of the Japan’s post-war economic miracle. …
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