Japans Economy in the Postwar
Development of the Japanese Economy
― Development, Japanese/Asian Style ―
For Students in the EDP&M Program
April 2007
Shigeru T. Otsubo* GSID, Nagoya University
(w/ inputs from Prof. A.Furukawa, Ritsumeikan Univ.)
For Students in the Economic Development Policy and Management Program Prof. Shigeru T. OTSUBO
The purpose of this presentation is four-fold: 1) to introduce the macroeconomic development process of the postwar Japanese economy (the so-called “Miracle Recovery”); 2) to explore the Japan-specific (mostly microeconomic) elements of a market system that supported her rapid development; 3) to show the need for adjustments in the ‘Japanese-style market system’ in the post-catch-up era; and 4) to demonstrate the evolution and revolutions in economic systems underlying a development process.
____________________________________
* The presenter wishes to acknowledge: i) material inputs provided by Prof. Akira Furukawa, Ritsumeikan University, and ii) valuable comments provided by Ms. Debra J. Saito, Economist, Federal Reserve Bank of New York.
1
Objectives of This Presentation
The purpose of this presentation is four-fold:
1)
2)
3) 4)
to introduce the macroeconomic development process of the postwar Japanese economy (the so-called “Miracle Recovery”); to explore the Japan-specific (mostly microeconomic) elements of a market system that supported her rapid development; to show the need for adjustments in the ‘Japanese-style market system’ of the post-catch-up era; and to demonstrate the evolution and revolutions in economic systems underlying a development process.
To start with, macroeconomic factors that supported Japan’s strong post-war economic recovery such as high investment ratios backed by savings mobilization, technology progress, flexible labor supply, and favorable external conditions will be reviewed. Then, market practices of a long-term nature that were often referred to as elements of the ‘Japanese-style market
― Development, Japanese/Asian Style ―
For Students in the EDP&M Program
April 2007
Shigeru T. Otsubo* GSID, Nagoya University
(w/ inputs from Prof. A.Furukawa, Ritsumeikan Univ.)
For Students in the Economic Development Policy and Management Program Prof. Shigeru T. OTSUBO
The purpose of this presentation is four-fold: 1) to introduce the macroeconomic development process of the postwar Japanese economy (the so-called “Miracle Recovery”); 2) to explore the Japan-specific (mostly microeconomic) elements of a market system that supported her rapid development; 3) to show the need for adjustments in the ‘Japanese-style market system’ in the post-catch-up era; and 4) to demonstrate the evolution and revolutions in economic systems underlying a development process.
____________________________________
* The presenter wishes to acknowledge: i) material inputs provided by Prof. Akira Furukawa, Ritsumeikan University, and ii) valuable comments provided by Ms. Debra J. Saito, Economist, Federal Reserve Bank of New York.
1
Objectives of This Presentation
The purpose of this presentation is four-fold:
1)
2)
3) 4)
to introduce the macroeconomic development process of the postwar Japanese economy (the so-called “Miracle Recovery”); to explore the Japan-specific (mostly microeconomic) elements of a market system that supported her rapid development; to show the need for adjustments in the ‘Japanese-style market system’ of the post-catch-up era; and to demonstrate the evolution and revolutions in economic systems underlying a development process.
To start with, macroeconomic factors that supported Japan’s strong post-war economic recovery such as high investment ratios backed by savings mobilization, technology progress, flexible labor supply, and favorable external conditions will be reviewed. Then, market practices of a long-term nature that were often referred to as elements of the ‘Japanese-style market
References: 3 Devastation during WWII (1941-1945) 5 Part I: Postwar Economic Reforms and Rehabilitation (1945 – mid 1950s)