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.
Another friend of mine, this time a marketing manager with a major multi-national electronics company told me in the mid-1980s that the Japanese miracle
could not keep growing.
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.