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What accounted for Japan's rapid economic growth in the post-war era - Essay Example

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In a span of about three decades after World War II, japan rapidly transformed from being viewed as an economic basket for the world to being among the wealthiest and most industrialized nations in the world. As a response, various researchers and scholars have put forward…
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What accounted for Japans rapid economic growth in the post-war era
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What accounted for Japan's rapid economic growth in the post-war era

Download file to see previous pages... policies towards the country, effect of the international market, pre-war industrial capacities, social mobilization and favorable government policies.
After the end of WWII, the urge to catch up and level with the western nations coupled with nationalism persisted in japan. Unlike during the war period where the efforts and Japanese energies were focused on military development, post WWII efforts focused on economic development. For instance, the Japanese factories tasked with the production of machine guns were turned into producing sewing machines whereas those tasked with production of optical weapons reverted to the production of binoculars and cameras for the local and international market. This easy conversion of military industries into profitable industries boosted the rapid economic growth of japan (Allen 67).
The United States allowed japan to export its products to the USA while simultaneously allowing it to protect its domestic market during the raging on of the cold war. This led to a beneficial trade relationship between japan and the United States of America. Additionally, japan greatly benefited from joining the international markets which offered it low tariffs, the needed raw materials and cheap or lowered prices of oil. Moreover, Japan enacted article 9 of its constitution that forbade it from re arming itself, hence it is protected by the United States. As a consequence, it spends less than one percent of its GDP on its military (Allinson 94). The huge savings propelled the nation to develop rapidly after WWII.
Rather than the Japanese possessing a welfare state, a welfare society exists which is defined by the creation of total employment. Small to medium sized cartels of Japanese companies were present to prevent Japanese companies from becoming bankrupt hence maintaining total employment. As a result, the Japanese nation re directed the resources and funds it would have used on welfare to the development of it industries. This led to ...Download file to see next pagesRead More
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