Paper Summary:

This paper has two sections: one on Japan and the other on South Korea. What each section provides is an overview of the various parts of each country's economy. The purpose is to connect each country's economy with its culture and export connections. The South Korea section concludes with a comparison between the two economies.

Outline:
Japan
An Isolated Nation
A Developed Nation, the World's Second Biggest Economy
The Bubble Economy
The Industrial Sector
Postwar Economy
A Review of Contemporary Japanese Economy
Loosening Up
South Korea
Economy
Commerce and Trade
Following Japan's Example?

From the Paper:

"From their traditional tight spending habits, Japanese consumers are learning from past lessons and letting loose and letting go on expenses (Gordon 2006). This phenomenal change of behavior is deemed to benefit not only their deflation-ravished economy. It will also be a relief to the country's neighbors and trading partners. Japan keeps its rank as the second largest world economy. It remains a record-holder with a 5.5% annual rate of growth in the fourth quarter of 2005 largely because of the revival in consumer demand. It registered five times higher than the US' annual growth rate at 1.1% during the same period. It also registered as thrice the GDP growth in Europe in that quarter (Gordon).
"Quarterly growth rate in GDP rose 4.5% in four quarters and this compensated for the slow 2004 count (Gordon 2006). China's domestic demand and import slowdown did not affect Japan's improved growth rate, although China's slowdown contained Japan's net export for a while. The chief factor in Japan's GDP growth was and has been domestic demand. The current acceleration of the US economy may mean that Japan's GDP would run faster. But if the Americans could learn to save more and the Japanese to spend more, global imbalances would be resolved (Gordon)."

Sample of Sources Used:

• Asianinfo. 2000. "Japan's economy." Asianinfo.org. Retrieved on April 29, 2009 from http://www.asianinfo.org/asianinfo/japan/pro-economy.htm
• Bureau of East Asian and Pacific Affairs. 2009. "South Korea." Bureau of Public Affairs: US Department of State. Retrieved on April 29, 2009 from http://www.state.gov/r/pa/ei/bgn/2800.htm
• Duus, Peter. 2009. "Japan." Microsoft Encarta Online Encyclopedia: Microsoft Corporation. Retrieved on April 29, 2009 from http://uk.encarta.msm.com/encyclopedia_761566679/Japan_html
• Kyodo. 2000. "Japan's economy could grow 1.5-2% in next 2 years: analyst." Asian Economic News: Kyodo News International, Inc. Retrieved on April 29, 2009 from http://findarticles.com/p/articles/mi_mOWDP/is_2000_June_12/ai_62708218/?tag=content;col1
• Lingle, Christopher. 2005. "Will South Korea's economy follow Japan's?" The Japan Times: japantimes.co.jp. Retrieved on April 29, 2009 from http://search.japantimes.co.jp/cgi-bin/eo20050627a1.html

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