Japanese Miracle

Japanese Miracle

A term for the remarkable economic growth Japan experienced after its devastation in World War II. The growth is credited to a combination of American investment immediately after the war and government regulation of the economy. The Japanese government restricted imports and promoted exports. Meanwhile, the Bank of Japan lent vast amounts to companies to stimulate private investment. This combined with a close relationship between corporate executives and bureaucrats allowed the government to pick winners successfully. The Miracle lasted until the Japanese financial crisis, which started in 1991.
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Capital as will and imagination; Schumpeter's guide to the postwar Japanese miracle.
Five years after planting the seeds of the Japanese miracle, the Americans extended Gen MacArthur's mandate to cover Taiwan; and so the kind general and his staff arrived in Taipei not long after the Chinese general, Chiang Kai-shek, and his nationalists had left mainland China after their defeat by the communists in 1949, and fled to the island then called Formosa.
With the Japanese miracle soaring, powerful prime minister Kakuei Tanaka determined to rebalance political power.
The great Japanese miracle subsided into a decade of stagnation.
particular, argued in the Japanese Miracle that the Japanese state was
From 1985 to 1990, the Japanese miracle went into a euphoric phase, with twin bubbles in the real estate and stock market, coupled with massive exchange rate appreciation (endaka).
Then the so called Japanese Miracle disappeared, and Sound fish began losing value.
Probably the first massively distributed controversial study appeared under the name The False Promise of the Japanese Miracle (Sethi et al.
Chalmers Johnson's M1TI and the Japanese Miracle (1982) comes close to making one important branch of the Civil Service the linch-pin of the entire Japanese "development state.
Here, a pioneering work was Chalmers Johnson's (1985) MITI and the Japanese Miracle, a book that resolutely challenged the perceptions of earlier growth theorists by pointing not to the working of the market economy, but to the intervention of the state as the key element in Japan's rapid industrial growth.
Scholar Chalmers Johnson, for example, in his MITI and the Japanese Miracle (1982), traced the continuities between pre- and postwar Japan, not only in specific government policies but in organizational functions and even in the actual individuals who held positions of power.

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