Industrialization and Economic Growth

By: Aaron Schwartz
Submitted: 2007-01-17 16:25:28
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The rapid development of Japanese economy after the World War II that continued until 1990s, is often regarded as the Japanese “economic miracle”. Indeed, this country managed to change its position from the weak developing countries to second most important industrial and exporting giant after the USA. A lot of scientists even argued that Japan will soon become the world’s most powerful industry; but the lasting recession of Japanese economy which started in 1990s, now denies these doubts. Japan has experienced four economical recessions since the start of the crisis, and its economy seems to be sinking deeper and deeper. Some economists even state that this state of Japanese economy should not be called a recession, but rather it is a depression. This essay is meant to analyze the reasons of this economical phenomenon and possible remedies. I think that it is important to examine the reasons of Japanese “economical miracle”, and then trace the development of the country’s economy until nowadays to single out the purposes of current situation.

Brief overview of Japanese economy before World War II

Starting from 17th century and even earlier, Japan showed itself as a very neatly organized and structured empire with clearly divided economical power and ownership. The system of daimyo and shogun power division guaranteed the preservation of power between the warlords and the absence of armed opposition unions, so common for other proto-industrial; countries of that period. This is one of the main factors, together with economical achievements of Japan (fast urbanization, the development of agriculture and to some extent industry) and the readiness of the society to compete with western countries, which have determined the pivot of Japanese political and economical structure; this structure, in its turn, let this country to achieve significant economical success in future.

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