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Japan's "Economic Miracle" Overview

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Japan's "Economic Miracle" Overview

JAPAN'S''ECONOMIC MIRACLE'' OVERVIEW

years of highest growth were from 1965 to 1970 .

By 1973 Japan’s economy, five times as large as in 1955, was the third largest in the world.

Instead of exporting cheaply made products, Japan was now renowned for its high quality steel, ships, cars, and televisions .

The process of industrialization accelerated growth, as many workers moved to low-productivity farming and textile production

Japan’s GDP (gross domestic product) grew an average of 12 percent a year.

Japan maintained one of the world’s most equal distributions of income as well as consistently low unemployment and no permanent underclass.

wages per person increased between 7 and 8 percent per year. By 1970 living standards had tripled.

Household and business savings provided capital for high levels of investment in things such as new factories and machinery that helped economic growth.

by 1973 huge tax incentives, increased prosperity, and other factors gradually raised saving rates to 20 percent of income

WORKS CITED: Maciamo. "Japan's postwar economic miracle (1950-1990." Japan refernce. 16 May 2004. Google.com. 16 Jan. 2009 <http://www.jref.com/society/japan_postwar_economic_miracle.shtml>.

WORKS CITED: " Japan," Microsoft Encarta Online Encyclopedia 2008http://encarta.msn.com 1997-2008 Microsoft Corporation. All Rights Reserved.


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