The History And Future Of Japanese Economy

3474 words - 14 pages

IntroductionJapan, a small island, resource-poor country, has shown the world a dramatic success and failure story in its history. Japanese have been working so hard after experiencing a huge lose from World War II that they have become one of the world's most important exporting country. But right now, Japan is suffering the pain of economic problems more than ever. First of all there is brief analysis of Japan's economy for the period of last fifty years and the features of Japanese labor market. Furthermore, there is a discussion of the major issues that Japan is facing currently. Finally, there is economical forecasting provided about the Japanese Economy.1950s -1980sFor the Japanese economy, World War II was unquestionably a tragedy of the huge magnitude. The war left Japan with a big economical mess: ten million unemployed workers, annual coal production reduced to a million tons, a 1945 rice crop which was only two thirds of the norm, and rapid inflation. Japan experienced huge losses due to the war. A positive aspect of the war was that it resulted with large amount of skilled workers who were ready for heavy industry such as steel, machinery, and chemicals. Hence, this raised the level of technology and production capacity in Japan (Beasley, 1995). During that period of time, Japanese people worked intensively to recover and uplift their economy which was demoralized from the war.In addition, due to the outbreak of the Korean War in 1950, United States purchased huge amount of equipments for the United Nations forces, which gave a major stimulation to the Japanese production. An article shows that currency earnings on this account were nearly $600 million in 1951 and over $800 million in 1952. This made possible important new investments in planning and equipments (Beasley, 1995). By this process, Japanese industries first recovered and then expanded. During this period of time, Japanese industries emphasized on producing products that required advanced technology and heavy capital investment, such as cameras, television sets, motorcycles, automobiles etc. Later in June 1955, Japan became a party to the General Agreement on Tariffs and Trade (GATT). As a result, Japan's foreign trade growth was rapid. Over then many economists believed that Japan was becoming one of the world's largest suppliers of ships, cameras, television sets, automobiles and man-made fibers (Beasley, 1995). In 1950s, Japan not only stood up as a dynamic and highly technological economy of the first rank but also broke all its previous records of fundamental economic growth.In 1950s and 1960s textiles became less important in Japanese industry, while the production of heavy machinery expanded. Before the 1950s, a number of leading Japanese industries of textiles were heavily dependent on expensive raw materials, which were used to make up a large share of the country's imports. By the latter part of the same decade, Japanese were producing goods such as cars that...

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