Wednesday, April 24, 2019
Stages of Japanese Post-war Economic Growth Case Study
Stages of Japanese Post-war Economic Growth - Case sketch ExampleEconomic Recovery Phase 1946-1950The first phase implying the recovery of Japanese parsimony from the uncomely effects of World War II started curtly after the year 1945. Teranishi propounds that in the wake of the piece War, the Japanese economy confronted with an arrant economical disaster in the form of declining GNP, mounting inflationary pressures, and collapsing production. However, soon after the chain reactorturn in the year 1946, the economy caught the track of recovery. In 1948, the inflation was cut down significantly and production was steadily improved. This recovery and stabilisation period lasted during 1945-50 (139). This period is crucial in the try out of the rapid branch of Japanese economy in the post-war era because this phase started a couple of eld after the war. Also, a study of these years economic activity suggests major changes made to the industrial structure that force on its gro wth. Japan was fortunate in the sense that although it had lost its economic and industrial vivacity as a consequence of the World War II, yet its efficient and effective human resource was still there to bring the country out of the disaster caused due to war. Seldon propounds that, it was not that Japan was building from Scratch True, attention and the industrial cities had been devastated. But there existed large resources of well-educated manpower with a strong determi dry land to become (271). The countrys human resource played a great role in lifting the country from economic downswing to the recovery period. Seldon illuminates that the long-term achievement was to steer the pre-war economy in new directions move slowly away from like to heavy industry such as iron, steel, shipbuilding, and chemical production (272). No doubt, the... This paper describes the rapid economic development in Japan after the year 1945 in the context of various phases it experienced bandage tra velling to the unprecedented levels of growth. This paper identifies several economic phases in the development of post-war Japan, each with some particularised characteristics.Japanese economic growth in the post-war period is considered to be an example for countries struggling against their economic disasters. It has excessively been termed as a miracle owing to the spectacular effort demonstrated on the part of a nation that had just suffered from war, yet that leaped rapidly towards the economic boom.The first phase implying the recovery of Japanese economy from the adverse effects of World War II started soon after the year 1945. In the wake of the certify War, the Japanese economy confronted with an arrant economic disaster. Soon after the downturn in the year 1946, the economy caught the track of recovery. This recovery and stabilisation period lasted during 1945-50This period was successful enough to curb the inflationary pressures as well as restore the production level nearly to the pre-war period. In this period, industries were strengthened by agency of demilitarisation and amendments to the labour laws. The boom of Japanese economy from mid 50s to the early 70s was very well manifested in the growth of the manufacturing capabilities in the country. Not only that, the economic growth even rose above the pre-war level during the mid-sixties and this rapid growth lasted till the early 1970s.