Paper Summary:

The following paper discusses the Japanese economic trends from the era of the rising sun from the postwar recovery of the 1950s to the mid 1970s and finally to the 90's. The author discusses what factors caused the era of the rising sun, namely international, cultural, political, and examines how this trend was based on an economic structure that was influenced but fundamentally different from American capitalism. In addition this paper retraces Japan's fall from glory to find many of the same factors of growth that lead it to its earlier success.

From the Paper:

" When the Asian Crisis struck, many economists dismissed the earlier vision of the Japanese miracle as a stroke of luck, and rejected the same factors they had extolled during its growth, denouncing the Japanese economic system as fundamentally dysfunctional and declaring victory of the superior American capitalism. Studying the Japanese system provides many lessons that the American system can emulate or remember to avoid as well. Japan's group collectivism and state-assisted, relationship-based capitalism helped Japan expand rapidly, and has much to offer. However, it also made the system very inflexible, unable to adjust itself to the constantly changing economic circumstances; in the long term, after the growth stopped, the economy suffered because of the system's harmful consequences."

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