Economic Miracle: Japan

Paper Summary:

In this article, the writer looks at the revival of the Japanese economy following World War II. The writer discusses how, after Japan's surrender in WWII, it was faced with a shattered economy, but has since managed to become the second largest market economy in the world. The writer notes that this was achieved by a set of developments, which included high rates of personal savings and private-sector facilities investment, a labor force with a strong work ethic, a sufficient supply of cheap oil, innovative technology, and effective government intervention in private-sector industries.

From the Paper:

"The factors that made Japan an enduring economic miracle were categorized into its government, a protected economy and external assistance. During the Meiji era, the centralized government moved into the fiscal and military side. It first improved the railways and the postal services, which, in turn, helped the shipping industry. It likewise boosted the development of rural industries. Then the Meiji government established model industries, such as textile and glass, which stimulated the industrialization process. The Liberal Democratic Party stirred private businesses until the government made it a national priority to raise the national economy. The Ministry for International Trade and Industry or MITI was a government association, which fixed production targets, future economic plans and handled all of Japan's economic problems."

Sample of Sources Used:

• Answers.com. (2007). Shigeru Yoshida. 4 pages. Encyclopedia Britannica: Answers Corporation
• Bernier, B. (1980). The Japanese peasantry and economic growth since the land reform of 1946- 47. 40 pages. Vol 12 issue 1. Bulletin of Concerned Asian Scholars: Questia Media America, Inc.
• Luu, L. T. et al. (1996). Summary report on Japan. Team # 6. Chinman: University of Hawaii.. Retrieved March 14, 2007 from http://www2/hawai.edu/~chiman/file2,htm
• Ministry of Foreign Affairs (2007). Japan fact sheet. 4 pages. Web Japan. Retrieved March 14, 2007 from http://web-japan.org/factsheet/pdf/ECONOMY.PDF

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