The Industrial Development of Japan - Literature review Example

DEVELOPMENT OF JAPAN What industrial did to development Japan to be a strong nation? INTRODUCTION Industrial development in Japan is one of the biggest reasons for the progress and development of the nation. Japan transformed from an agricultural society as it was in the 19th century into an industrially developed nation. The technological development and innovations changed the tables for the economy. During the process, developments took place in the existing sites and new industrial zones were also developed. With this process, the existing plants were technologically equipped, and new plants were developed. The oil and gas industry and other areas were advanced rapidly which was the need of the society then (Sakoh, 521-548). The development of Japan has been possible through various decisions which the governance at that time made. Their entire focus on a few certain elements increased the overall productivity and added to the development. The progress in the economy was structured through the technological development. The improvements in the medicine, tourism and automobile industry, contributed highly to the development of the country. All these factors promoted the growth and made it possible for the economy to come out from the crisis (Sakoh, 521-548). ECONOMY Focusing on the industrial development and forming strategies to utilize and take advantages of the business opportunities across the globe is the biggest objective Japan. Entire development strategies are formed with the same objective. The Japanese companies are facing damage and loss from the global competition. Still after all these factors the economy can be subject to a technological leakage. Improving the manufacturing functions and outsourcing the operations is improving the production cost but at the same time weakening the economy. Continual practices of such nature can have a harmful effect on the economic growth. This will also break employment and the technological clusters which have been developed through the economic progress after all these years (Lincoln, Gerlach, and Takahashi, 561-585). Japan excelled in the manufacturing industry on the basis of excellence and innovation. Linking the economic goals and assessing the resources available for the economy led towards the development. The economy had taken measure for improving the major industries such as the vehicle industry, aircraft industry and robots industry. Besides this Japan also developed in the chemicals and fiber industry through which the entire economy progressed. Such distinguished forms of development within the industrial sector can be considered as the reasons for the progress and development of the economy (METI, a). The economic development from 1944-1973 was highly rapid. Most of the industries and economic growth took place in this period. After 1973, the development slowed down, and consistent phase came into being. The sustainability of rapid growth in the earlier era was due to the low prices of the raw material which was imported by Japan for supporting the industrial development. Besides this, the government also took the sound fiscal and monetary measures (Itō). The people were encouraged to save which was later invested in the economy for sustaining the growth and progress. The saving rates which were offered were high, and the government balanced the flow of income by reducing the government expenditures. All these challenges arose with the development progress of the Japanese industries which contributed to the economic development and growth (Lincoln, Gerlach, and Takahashi, 561-585; Takada). MEDICINE Understanding the global needs and benefits associated with the medicinal industry Japan started an overseas development of the Japanese medicinal industry. The healthcare industry across the globe requires innovation in the methods through which the business is being performed. Catering the global needs and accomplishing the technological goals the economy is aiming to benefit the entire global industry. Contribution of Japan in this industry has not been enough. Japanese economy is prioritizing the overseas development so that measures can be taken for improving and enhancing the growth in this sector (METI, a). Increase in investment, in the healthcare segment, can be estimated at around 8.6% annually. The analysis of the disease structure has evolved. Most of the high income countries are infected with chronic diseases which include strokes, heart diseases and lung cancer etc. The low income countries usually face infections which include diseases such as Aids, respiratory infections and Diarrheal diseases etc. The total investment of the economies in the health care segment is increasing dramatically. All these factors have led Japan towards progressing in the medical care segment and cater the needs which arise accordingly. Earlier it was considered that the contributions of the Japanese healthcare are less significant in the global segment but this perspective has changed overtime (METI, b). The new development strategy of Japanese governance is motivating the responsible personnel in finding the infrastructure markets which are expected to grow. With the public and private partnership the economy plans to develop in the segments which require the progressive growth. This has made the economy focused towards catering the needs of the people across the globe. With the development of this goal, the feasibility and the stability needs of the nation can be acquired. Oversees development, environmental improvement and international medical exchange are the measures which the economy will take for the growth and progress (Takada). TOURISM Tourism industry of Japan is highly progressive and contributes generously to the economic growth and development. In the year 2013 alone, Japan welcomed more than 10 million visitors (JNTO). Tourism is one of the renowned sector which aids development and exchange of income. Economic growth within the society requires development and progress through which growth can be promoted. This creates jobs and generates revenue for the entire economy (Samimi, Sadeghi, and Sadeghi, 28-32). The post war development of the economy relied on the development of the tourism industry. Tourism benefits the social, economic progress based on which the overall development takes place. The growth which an economy can acquire through diversification and competition is highly progressive. This leads to the economic and employment related benefits which prevail within the industry. The GDP, jobs and exports all expand with the development of the economy (Hashimoto, 131-146). In Japan, the tourism industry is developed which promotes heritage, indulgence, gourmet, adventure and diving. Other than this the modern art, pop culture and affordability promotes tourism. Technological development such as the fastest bullet train and all the tropical seasons attracts the customers. Previously when the economy was in the developing phase tourism industry was not appropriately availed. At this moment, the Japanese economy is aiming to avail all the aspects of economic growth which have not been successfully used in the past (Hashimoto, 131-146). THE AUTOMOTIVE INDUSTRY The main emphasis and focus of the entire economy in the period of 1980 and 1990 was about the competitive advantage which took place within the industry. Based on this the changes arose in the employment, seniority based employment and promotions of the individuals. Based on this the entire economy established and further development took place. By the end of the 1990, the economic bubble burst and development stagnated. The governance at that time realized that the economy needed to focus on the development and progress in some diversified industry based segments. This initiated researches and made the economy focus on the development in different segments such as tourism, medicine and automotive (METI, a). The automotive manufacturers of Japan have a hold considerable global market share. The industry is progressing, and the manufacturers are progressing towards the green vehicle production. The development in the automotive industry aims at making the most convenient and efficient products to the customers. In the Japanese industry, Toyota is considered as an industry giant who has made technological progress and development possible. The aim of the motor industry is to go global and transfer the production overseas. The implementation of the lean management system which focuses on efficiency, quality and teamwork assisted in the growth of the company both locally and internationally (Aoki, Delbridge, and Endo). The changes in the market approach and the development internationally made the progress and development within the industry possible. Development of the workforce focuses on the flexible market based approach. This is based on training of the employees and aligning them with the progressive goals which the economy and the companies operating in those economies aim to realize All these applications will enable the development of the economy internationally. The development in the less explored segments of the economy promotes enhancing the future goals and acquisitions using which the entire industry will progress. CONCLUSION The development of Japan after such a crisis is exemplary in its own particular way. The halted development and progress in the 1990’s required reforming the strategies. The governance proposed that the sectors which are under developed and bear potential of development within the economy need to be acquired. Based on this the stable economic growth and foundation grounds have been developed. Industrial progress and development made the economy strong in different ways. Through the application and development of strategies such as exploring the industries which require more progressive development formed the basis of stability of the economy. In this report, the segments which are subject to progress throughout the economy have been discussed. These segments are medicine, tourism and automobile industry which require development so that Japanese economy can acquire global recognition. Japanese economy is taking measures for enhancing and proposing measures which contribute to the development. All the industries which have been discussed in this report are excelling economically, based on which the entire economic progress can be acquired. This has also been done with the aim of the economy to innovate and acquire global recognition. This can only be understood by catering the global needs before others do. All these factors and development of the industries leads the economy towards growth and progress. Works Cited Itō, Takatoshi. The Japanese Economy. Vol. 10. MIT press, 1992. Lincoln, James R., Michael L. Gerlach, and Peggy Takahashi. "Keiretsu networks in the Japanese economy: A dyad analysis of intercorporate ties." American sociological review (1992): 561-585. Takada, Masahiro. Japan’s Economic Miracle: Underlying Factors and Strategies for the Growth. 1999. Online. 16 Feb. 2014. http://www.lehigh.edu/~rfw1/courses/1999/spring/ir163/Papers/pdf/mat5.pdf Samimi, Ahmad Jafari, Somaye Sadeghi, and Soraya Sadeghi. "Tourism and economic growth in developing countries: P-VAR approach." Middle-East Journal of Scientific Research 10.1 (2011): 28-32 JNTO. Japan travel updates. Online. 16 Feb. 2014. http://www.jnto.go.jp/eng/ Hashimoto, Atsuko. "Environmental perception and sense of responsibility of the tourism industry in mainland China, Taiwan and Japan." Journal of Sustainable Tourism 8.2 (2000): 131-146 Aoki, Katsuki, Rick Delbridge, and Takahiro Endo. Continuity and change in Japan’s automotive industry. Feb. 2011. Online. 16 Feb. 2014. http://iveybusinessjournal.com/topics/global-business/continuity-and-change-in-japans-automotive-industry#.UwHQUs6gYSk Sakoh, Katsuro. "Japanese economic success: industrial policy or free market." Cato J. 4.2 (1984): 521-548 METI. (a). Japan’s manufacturing industry. Jul. 2010. Online. 16 Feb. 2014. http://www.meti.go.jp/english/policy/mono_info_service/overall/overview.pdf METI. (b). Overseas development of Japanese medical care. Sep. 2013. Online. 16 Feb. 2014. http://www.meti.go.jp/english/policy/mono_info_service/medical/pdf/helthcare20130930.pdf Read More