Economic Systems of the U.S. and Japan Comparison Essay by Master Researcher

Economic Systems of the U.S. and Japan
This paper compares the economic systems of Japan and the United States.
# 43882 | 2,400 words | 7 sources | MLA | 2002 | US
Published on Nov 09, 2003 in Economics (International) , Asian Studies (General)

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The author discusses the main industries, natural resources, labor factors and government regulation of the U.S. and Japanese economies. The paper shows how the economic systems of Japan and the United States are different for a variety of reasons, one of the most significant being the fact that the Japanese are very reliant upon imported raw materials. The paper also points out that both economic systems are market-economies, are moving into the Information Age, and have experienced recent downturns in their economies. The paper concludes that both have displayed adaptability and trends towards deregulation, and these elements, along with the strong work ethic in Japanese and American employees, bode well for the future economic prosperity of Japan and the United States.

From the Paper:

"In every economic system, entrepreneurs and managers organize and utilize labor, natural resources, and technology to produce and distribute goods and services to consumers. The manner in which these different elements are organized and used reflects a nation's political ideals, culture, and social tradition. Possessing different cultural, social, and political histories, it is natural that Japan and the United States have different economic systems.
"The main industries in Japan are shipbuilding, electronics, information processing, fishing, chemicals, steel, and automobiles. (Komiya 26) The United States is also a major shipbuilder and a huge producer of automobiles, but it has a much bigger aerospace industry than Japan and is less productive in electronics than Japan. The American production base is more diversified than Japan and its main industries have changed over the years in response to a number of factors. Both economic systems are becoming more service-oriented, and are each adapting their economies to compete effectively in the new global marketplace
"In comparing the economic systems of Japan and the United States, one of the most significant differences between the two economies is the Japanese reliance upon imported raw materials. Because Japan is a relatively small island nation, its limited domestic natural resources and lack of sufficient agricultural land render it unable to sustain its economy with importing oil, foodstuffs, and other material vital to sustaining a modern economy."

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