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.
References in periodicals archive ?
Capital as will and imagination; Schumpeter's guide to the postwar Japanese miracle.
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.
All issues great and small
With the Japanese miracle soaring, powerful prime minister Kakuei Tanaka determined to rebalance political power.
Japan's inexorable decay: the exponential growth of political failure
The great Japanese miracle subsided into a decade of stagnation.
Say it softly, but we - and feckless bankers - may survive the doom
particular, argued in the Japanese Miracle that the Japanese state was
Halfway to hegemony: Japan's tortured trajectory
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).
Navigating the path of least resistance: financial deregulation and the origins of the Japanese crisis
Then the so called Japanese Miracle disappeared, and Sound fish began losing value.
Caught in a net: fifteen years after Exxon Valdez, Alaskan fishermen are still waiting for a settlement
Probably the first massively distributed controversial study appeared under the name The False Promise of the Japanese Miracle (Sethi et al.
Is there anything left to learn from Japanese companies?
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.
On the rise, or on the nose? Like most other economies, Japan's has had its ups and its downs. But this is no ordinary economy, this is the country that back in the 1980s was number two in the world and tipped to overtake the US within a decade, Tony Bosworth looks at what went wrong and examines what could happen if Japan's sun start to rise once more
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.
The Japanese Civil Service and Economic Development: Catalysts of Change
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.
Japan: beyond the "lessons of 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.
Japanophobia: The Myth of the Invincible Japanese
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