Japan’s Postwar Development

Standard

Phases in Japanese Economy

•Japan postwar “miracle” economy (1950s to early 1970s)
•The “Bubble Economy” (late 1980s)
•The “Lost Decade” (1990 to early 2000s, or still ongoing?)
日本の高度経済成長期
•JAPAN’S ECONOMIC GROWTH IS HIGHEST IN WORLD DURING 1950s and ’60s.
•三種の神器 (電化製品)

白黒テレビ

洗濯機

冷蔵庫

•1968年には国民総生産(GNP)が資本主義国家の中で第2位に達した。
•BECOMES THE MODEL FOR OTHER EAST ASIAN ECONOMIES, incl. CHINA
•A STRONG COUNTERWEIGHT TO COMMUNIST INFLUENCE IN EAST ASIA
経済成長の条件
•付加価値生産力にかかわる充分な資源の存在
•生産された付加価値を消費する充分な需要
•新しい価値の形をもたらす技術革新
•資本の蓄積が低い状態で貯蓄率が高い
•豊富な労働力
The Elements of Growth in Japan
•the cooperation of manufacturers, suppliers, distributors, and banks in closely knit groups called keiretsu;
•the powerful enterprise unions and shuntō;
•good relations with government bureaucrats, and
•the guarantee of lifetime employment (shūshin koyō) in big corporations and
•highly unionized blue-collar factories.(Chalmers Johnson)

THE “FOUR TIGERS”
South Korea, Singapore, Hong Kong and Taiwan follow Japan’s formula for success
Their economies also grow rapidly.
Today Malaysia and Thailand are following similar routes to development.
Vietnam is following China’s mix of capitalism and communism
Indonesia is a mix of Tiger-style development along with selling off its natural resources, esp. forests
Japanese asset price bubble
バブル景気 (1980年代~1990年代) 資産価格の上昇と好景気、及びそれに付随して起こった社会現象である。
Overconfidence in investing + risky loans
1989 à 1 m2 land in Ginza à 1 mio USD
Real estate + stock prices deflated
Gradual decline
失われた20
The Lost Decades (1990-2000; still ongoing)
massive crash in the stock market.
led to a debt crisis;
crisis in the banking sector, with many banks being bailed out by the government.
resulting in only four national banks in Japan
Japanese companies began to replace their permanent work force
Akibat:
Enjokosai “compensated dating”
Hikikomori “acute social withdrawal”
Tokokyohi “school refusal”
Karoshi

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