The Most Important Aspect of Japan: Its Economy - Report Example

The Most Important Aspect of Japan: Its Economy XYZ This paper talks about the most important aspect of Japan, its economy. A series of arguments have been put together to justify why economy should be considered as the most significant feature of the country. It is interesting to know how the nation’s economy stood up once again after it was crumbled in the Second World War putting up an inspiring lesson for the developing nations. Such was the extent of the economic progress that the particular phase of Japan has been referred to as ‘the economic miracle of Japan’. Factors such as technological know-how, individuals’ savings and hard work along with enterprises’ ambitious plans have perennially contributed to the economic advancement of ‘the land of the rising sun’. Japan’s economy has kept its uniqueness intact without being influenced by the western economies. Also, it is the top rakings of the nation’s economy which has earned its country a world reputation. Keywords: Japan, economy, Second World War The Most Important Aspect of Japan: Its Economy Japan has always been blessed with umpteenth number of noteworthy features which have together made the country a veritable centre of attraction on the global map. From culture and religion to technology and sports, ‘the land of the rising sun’ has remained on the forefront perennially. However, when it comes to choosing the most important aspect of Japan, it is undoubtedly the economy of the country which stands out amongst all. This write-up intends to explain why I have chosen economy as the most significant feature of Japan. The Building of Powerful Economy from Scratch For a nation that was almost reduced to rubble after the bombings of two of its major cities, it is indeed an inspirational story as to how Japan had almost started from scratch in 1945 to becoming what it is today i.e. an economic superpower (Sandon, 2008). Japan might have been on the losing side in the Second World War, but that did not hinder its remarkable journey for revival in any way (Sandon, 2008). Despite being beaten to the ground in the war, it has shown great spirits and courage to overcome the losses incurred during that period and has gradually transformed itself into a developed nation having one of the largest economies in modern world (Sandon, 2008). Thanks to its amazing story of economic recovery, today Japan is considered as one of the major superpowers of the present world (Sandon, 2008). Its advancement to the front position of world economic progress has not only been considered as a miracle but is also an inspiration to other developing nations (Sandon, 2008). Due to the after effects of war, Japanese goods were considered to be inferior in quality which in turn yielded a lower market value (Sandon, 2008). But thanks to the country’s enterprises which took the challenge of offering incredible variety of commodities, both consumer and industrial with negligible percent of defects thereby winning a significant position in the global market (Sandon, 2008). All this gave way to the overall development of the nation and thus the Japanese economy was seen to be booming once again. Such was the boom in the country’s economy that the entire phase was referred to as the ‘economic miracle of Japan’ (Economy of Japan). Modernization of Economy without Adopting Western Culture Another uniqueness of Japan’s economy is that it kept flourishing on its own without having any western influence. Japan has reserved its unique “Japanese-ness” and retained self-driven economic modernization. The defeat of 1945, kept the reactionary philosophy period through the trans-war period and it was at this time when modernization of Japan’ economy was observed, from military force to economic force (Izubachi, 2005). The world fell under the dominance of “Japan Inc” (Izubachi, 2005). According to Izubachi (2005), “By the late 1970s and early 1980s, even the United States, once victor, now found its own choice properties snapped up by Japanese investors as bargains and its proud industries collapsing under the weight of high quality, competitively priced Japanese imports.” (Bleeding off the Western taint section, para. 3) Japanese market has always been addressed by U.S. as impenetrable. The perfect harmonious dealings between the government and commerce accompanied with a consistent, superb economic policy, made Japan’s GDP an unbeatable one in the whole world (Izubachi, 2005). Both Japanese as well as Western think-tanks have described Japanese as ‘unique’, a homogenous culture, endowed with such economic practices and structure of governance which reveals the country’s strengths in social, cultural as well as economic spheres (Izubachi, 2005). Hence, the post-war era has been observed to be Japan’s phase of reaching the zenith of growth due to its economically-grounded economy embedded in homogeneity and uniqueness” (Izubachi, 2005). A Golden Record of Japan’s Economy Another reason why economy has been given the maximum attention in selecting the most significant aspect of Japan is the country’s terrific economic record (Economy of Japan). Japan’s economy occupies the third position in the world in terms of its volume following the US and the People’s Republic of China (Economy of Japan). Last year only the per capita GDP of the country was recorded at $34,362 thereby ranking 24th highest in the world (Economy of Japan). According to Buttonwood (2012), “Americans and Europeans are always lecturing Japan about its sluggish economy. He further argues that as per the growth per capita figures revealed by HSBC for the decade 2001 to 2010 “the Japanese have actually done pretty well, considering their lack of population growth. Perhaps other politicians should be listening to them, and trying to take some tips.” (Buttonwood 2012) Japan is not only the second biggest automobile manufacturing nation in the world but is also noted for owning the biggest electronics goods industry (Economy of Japan). Moreover, this economically giant country is the biggest crediting nation globally with a frequent surplus in both annual trade and net international investment (Economy of Japan). Also, the country was noted for being the second largest owner of the world’s private financial assets having 13.7% share of worth $14.6 trillion (Economy of Japan). Last year only Japan claimed to have 68 out of Fortune 500 companies on its own terra firma (Economy of Japan). The country’s capital, Tokyo boasts of having the world’s biggest metropolitan economy (Economy of Japan). Factors behind the Powerful Economy Technology is the spinal cord of Japanese economy and is also one of the major driving forces behind its overall economic development (Sandon, 2008). Another major supporter of the country’s ushering economy has been the high savings rate of the nation (Sandon, 2008). Personal savings accompanied with the ambition to create new business opportunities enabled the Japanese capitalists to venture into large scale business projects (Sandon, 2008). Moreover, the hard working nature of the Japanese is a major catalyst for the nation’s rapid economic development (Sandon, 2008). Despite being exhausted of most of the natural resources in the war the local citizens showed indomitable spirits in all the ventures they undertook thereby making the economy a strong one (Sandon, 2008). All the above discussions clarify why economy has been considered as the most vital aspect of Japan. The way the economy regained its position and reached its zenith despite being completely crumbled in the World War II is veritably inspiring for all economies of the world. Also, the fact that Japan’s economy has kept its uniqueness without being influenced by western economies is another point to be noted. Moreover, it is the brilliant record of the country’s economy which has always placed Japan at a focal point on the world map. We can therefore conclude that economy which has throughout played a pivotal role in the country’s accomplishment is undoubtedly the most crucial aspect of Japan. References Buttonwood. (2012). Taking lessons from Japan. The Economist. Retrieved from http://www.economist.com/blogs/buttonwood/2012/03/economic-growth Economy of Japan. (n.d.). Retrieved March from Wikipedia, the free encyclopedia: http://en.wikipedia.org/wiki/Economy_of_Japan Izubachi. (2005). A rising sun on the Western horizon: Japanese self-identity and Western modernization. Retrieved from http://everything2.com/title/A%2520rising%2520sun%2520on%2520the%2520Western%2520horizon%253A%2520Japanese%2520self-identity%2520and%2520Western%2520modernization Sandon, Andrew. (2008). Reasons for Japan’s Success in 20th Century (Post-War Period). Retrieved from http://www.your-japan.com/page/2/ Read More