Japan economic miracle

What Was The Japanese Economic Miracle? - WorldAtla

  1. The Japanese Economic Miracle refers to a period from post-WWII to the end of the Cold War where Japan's economy still recorded positive growth. The period was around 1945 to 1991. After WWII, Japan's economy continued growing partly due to measures laid down by the government and also due to financial aid from the US
  2. The Japanese post-war economic miracle is the name given to the historical phenomenon of Japan 's record period of economic growth between post- World War II era to the end of Cold War. During the economic boom, Japan was catapulted into the world's second largest economy (after the United States) by the 1960s
  3. Understanding the Japanese Economic Miracle The popular image of Japan has changed from that of a struggling country requiring U.S. economic help to that of the leading challenger of American economic ability and competitive strength. The reality of change has been even more dramatic than the perception. Japan emerge
  4. production and marked the beginning of the economic miracle. The ability of the Japanese people to imitate and apply the knowledge and skill learned from the Western countries is the single most important factor for Japan's amazing growth. Import of technologies and improved business condition were some of other factors for growth. Also, economic policies and strategies carried out by politica

Japan's economy thrived for particular historical reasons. The country was catching up after a ruinous war, its economy was small enough to avoid undue international attention, and its rate of. The devastated Japanese economy rose quickly from the ashes of World War II. By 1956, real per capita GDP had overtaken the prewar 1940 level. During the recovery period (1945-56), per capita.

Not just Japan's history but the whole of economic history this century has shown that Keynes's supposed miracle is a counterfeit producing not higher standards of living, but crises and depressions. Economic growth requires genuine capital accumulation, i.e., the construction of an enlarged capital structure by saving and investing The identification of strategic industrial sectors, and policies ensuring the growth of the internal market, helped the Japanese export strategy, and led to the Japanese miracle. This industrial development strategy was pushed through at a heavy cost to the people of Japan, and also to medium and small enterprises 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-u

In the three decades of economic development following 1960, rapid economic growth referred to as the Japanese post-war economic miracle occurred Origins of the infamous work culture present in Japan today. By 1956, the real GDP per capita had overtaken the pre war standard. With the guidance of the MITI, Japan witnessed an average growth of.. Japan was gradually catching up with two of the world's most advanced industrial economies, Britain and the United States, Japan's per capita GDP grew from 23% of Britain's and 30% of America's in.. The economy of Japan grew massively in the second half of the 20th century, due to what is often referred to as the 'Japanese economic miracle'. Japan benefited from the Cold War tension between the Soviet Union and the United States, whereby aid and assistance provided by the US Marshall Plan coupled with economic interventionism led to rapid industrialisation. Manufacturers, suppliers. Japan's Economic Miracle is a common name given to the dramatic economic growth of Japan between the years 1955 - 1990 that saw the country rise to become the world's second biggest economy. Japan emerged from WWII as a broken nation with burnt cities and a collapsed economy

Japanese post-war economic miracle - World Heritag

  1. Those Japanese corporations such as Mitsubishi and Komatsu that gained the latest knowledge and the technology from the U.S. made significant profits from the war. That resulted the great development of overall Japan's technology and economy and eventually led the rapid economic growth known as the Japanese economic miracle after WWII
  2. Ultimate causes of the Japanese economic miracle Miracle Growth was the completion of a protracted historical process involving enhancing human capital, massive accumulation of physical capital including infrastructure and private manufacturing capacity, the importation and adaptation of foreign technology, and the creation of scale economies, which took decades and decades to realize.
  3. The Japanese Economics Miracle After World War II, East Asia was the only region of the world that experienced continual substantial economic growth and no other East Asian country enjoyed more economic success than Japan. The Japanese economic pie grew at an annual rate of ten percent from the mid-1950s until the Arab oil shocks of the early 70s
  4. Abstract. This paper argues that, contrary to popular opinion, the Japanese economy was not, by western notions and standards, highly efficient during the period in which the so-called economic miracle took place. Rather, the rapid economic growth of that period, which actually occurred in the face of substantial inefficiencies, was made.
  5. The question is, since Japan DID do extremely well economically at some point, one could either conclude there are ways to go around problem you observed, or conclude that the Japanese miracle had.
  6. BIRTH OF JAPANESE ECONOMIC MIRACLE  Japan's most charismatic postwar Prime Minister Hayato Ikeda challenged Japan to double its income in the next decade, ushering in a long period of growth that didn't stall until the oil crisis of 1973.  The 58 monthS period of sustained growth between November 1965 and July 1970 is known as the Izanagi boom

The German economic miracle refers to Germany's rebirth as a global economic power after the devastation of World War II. German economist Walter Eucken is credited with developing the social.. Japanese post-war economic miracle The new Asia The influence of Japan in 1942 Japan has created the most advanced in the world steel industry,. Japan has become the first power in the world in shipbuilding. To refine the oil, they started to develop the petrochemical industry

Understanding the Japanese 'Economic Miracle

  1. Japan - Japan - Economic transformation: The Korean War marked the turn from economic depression to recovery for Japan. As the staging area for the United Nations forces on the Korean peninsula, Japan profited indirectly from the war, as valuable procurement orders for goods and services were assigned to Japanese suppliers. The Japanese economy at the return of independence in 1952 was in the process of growth and change. Sustained prosperity and high annual growth rates, which averaged 10.
  2. Behind Japan's Success. To many business people and public officials in the West, the postwar success of the Japanese economy is both an impressive and a puzzling achievement. The success is.
  3. Japan's Economic Miracle: Underlying Factors and Strategies for the Growth. 3 Introduction 4-5 Impact of WWII 5 Major Problems 5-6 Occupation of Japan 6-10 From Reform to Recovery 10 The Dodge Plan in 1948 10-11 The Korean War Boom 11-12 Economic Miracle 12 Factors for Growth 12-14 Political Factors for Growth 14-16 The Road to Stable Growth 16.
  4. Key words: economic growth and development, economic miracles, Japanese economy JEL codes: N15, O011, 053 Japan is a prime example of what the economics literature defines as a growth miracle, that is, an economy that experiences high rates of per capita income growth for a long, sustained period of time that enables it to move from being poor to being rich in only a few decades. Today, Japan.
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Historically Japan has experienced various economic environments. Devastated by the World War II, how did destitute Japan rise from the ashes to the second b.. Japan's postwar economic growth miracle is often cited as clear evidence of the virtues of the East Asian model, an ambitious growth blueprint that entails considerable state-intervention in the economy. Our results, however, indicate that the success of Japan's economic model, an allegedly effective and generally applicable model, required exceptional international circumstances.

Learn more about japan. Updated news about japan The informal name given to Japan's period of record economic growth from the post-war period to about 1970. In 1946, Japan faced economic ruin; post-war inflation, unemployment and shortages in all areas seemed overwhelming. SCAP officials therefore made economic development a priority. After the Occupation, the Japanese government continued to prioritize economic developmen As Japan comes to grips with a decade of economic malaise after its spectacular post-war growth record, how will Japanese society react? Contributors to this volume examine the challenges ahead for Japan in the fields of politics, economics, sociology, environment and business View Japanese Economic Miracle (1).pdf from HIST 101 at University Of Denver. Japanese Economic Miracle 1 At the end of World War II Japan's economy was 1. weak. 2. devastated. 3. growing. 2 In th

Japan's Miracle Economic • Post WWII, Japan soon became an economic power. • No nation, up until the time, had seen their income and production rise faster than Japan between 1950 -1975. • Why? • What leads to Economic Growth? Note the Economic Growth in Japan from 1950 - 1975. United States Japan . Link to Gapminder: Click Here. Factors that Lead to Economic Growth and increased. The focus of this book is on the Japanese economic bureaucracy, particularly on the famous Ministry of International Trade and Industry (MITI), as the leading state actor in the economy. Although MITI was not the only important agent affecting the economy, nor was the state as a whole always predominant, I do not want to be overly modest about the importance of this subject This post-war 'economic miracle' was regarded with a mixture of awe and alarm by some western observers and occasioned a flood of books with titles suc ahs How Japan's Economy Grew So Fast [27], Asia's New Giant [126], Japan as Number One [169], and The Emerging Japanese Superstate [69]. The social costs of rapid growth have resulted in some tempering of earlier euphoria. The inverted commas. Japan's economy was the envy of the world before succumbing to one of the longest-running economic crises in financial history that would come to be known as the Lost Decade. In the 1970s, Japan produced the world's second-largest gross national product (GNP) after the United States and, by the late 1980s, ranked first in GNP per capita worldwide The Japanese Economic Miracle is to a large extent the result of the rapid deployment of the latest scientific discoveries and technological developments in the real economy. 6. Investment in promising industries. Japan is a rich country and as such is very important to invest properly in promising sectors of the economy. This is the easiest way for a country to increase its wealth in future.

Deputy Governor of the Bank of Japan Asian Economy: Past, Present, and Future Several Asian economies have taken the world by surprise by achieving the miracle of actually escaping the shackles of the middle-income trap (Chart 3). Japan reached the Lewisian Turning Point in the 1960s, but then marked the Izanagi boom years from the mid-1960s to the early 1970s, growing by more than 10. The Japanese government pressed for policies which would revive the industrial economy without success until the Occupation began to modify the economic policies in 1948 in response to the rise of the Cold War internationally and resistance in America to subsidizing Japan's economic existence (some $1.5 billion was pumped into Japan in the fist years of the Occupation, yet the entire gross. MITI And The Japanese Miracle: The Growth Of Industrial Policy, 1925-1975 is an insightful book on the topic with an in-depth focus on MITI, Japan's famed and mystical Ministry Of International Trade And Industry. MITI practically conducted and coordinated Japan's industrial policy from 1949 until 2001 when it was folded into the then newly-created the Ministry of Economy, Trade and Industry. The beginning of the so-called Japanese economic miracle - the period when the country achieved exceptionally high growth rates for several consecutive years - dates back to the late 1950s. After decades of miracle economic growth since World War II, Japan's economy abruptly faltered in 1990 and has stagnated since. Why? Neither the Keynesian nor Monetarist explanations can provide an account. Only the Austrian theory of the business cycle provides the explanation. An Overview of Japan's Economy 1985-200

From 1955 to 1975, the Japanese economy grew more than 435%-an astonishing rate that economists refer to as the Japanese Miracle. Take a closer look at the six factors that led to this unprecedented growth, including the country's cheap and motivated workforce, as well as the critical influence of the United States... Read Example Of Essay On Japans Economic Miracle and other exceptional papers on every subject and topic college can throw at you. We can custom-write anything as well Here we detail, based on academic research, the failure of the Japanese economic miracle and explain why the world economy has already 'Japanified'. We also explain why there's no easy Japan-style fix to global economic problems. Boom, crash and stagnation: The rise and fall of the Japanese miracle . After the Second World War, Japan was in ruins. Soon, however, reconstruction, financial.

History of Economic Status: In the three decades following 1960, Japan ignored defense spending in favor of economic growth, thus allowing for a rapid economic growth referred to as the Japanese post-war economic miracle.By the guidance of Ministry of Economy, Trade and Industry, with average growth rates of 10% in the 1960s, 5% in the 1970s, and 4% in the 1980s, Japan was able to establish. of economic growth, the Japanese miracle. He retired because of illness in 1964, and Eisaku Sato14 took his place. Sato conducted moderately conservative policies that helped the rapid growth of this decade. He successfully negotiated with President Nixon for the return of Okinawa Island, located at. 6 the southern tip of Japan, which had been under the rule of the U.S. administration. In.

  1. Conclusion In the three decades of economic development following 1960, Japan ignored defense spending in favor of economic growth, thus allowing for a rapid economic growth referred to as the Japanese post-war economic miracle. By the guidance of Ministry of Economy, Trade and Industry, with average growth rates of 10% in the 1960s, 5% in the 1970s, and 4% in the 1980s, Japan was able to.
  2. 2009 February - Economics Minister Kaoru Yosano says Japan is facing worst economic crisis since World War II, after figures show its economy shrank by 3.3% in last quarter. LDP defeate
  3. JAPANESE BUBBLE ECONOMY IN THE 1980s . Indoor beach at Seagaia Ocean Dome The bubble economy (baburu keizai) refers to period of unparalleled economic growth in the 1980s. The bubble began swelling in 1986 when Japan's share of world exports was at its peak In the next four years assets grew 80 percent. The bubble topped out on December, 29, 1989 when the Nikkei index reached a historic high.

Reinterpreting the Japanese Economic Miracle - HB

Japan's Economic Miracle after WW2. It had been just 20 years since the loss of the war, the world called Japan's high growth economy 'Japan's miracle' that allowed Japanese people to make various wishes come true. The high growth economy where people believed that they would be able to become more well-off tomorrow than today was. Today Japan has the second-largest economy in the world and its growth is the envy of most of the world. From 1952, when the American occupation ended, until 1991, Japan's real GNP grew at an average rate of 6.8 percent per year. During the period of greatest growth, from 1952 to 1971, real GNP grew at an average annual rate of 9.6 percent. Because of the miracle of compounding, Japan's GNP in. 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. Japan- Economic Miracle. STUDY. Flashcards. Learn. Write. Spell. Test. PLAY. Match. Gravity. Created by. Sydney_Sommerfeld8. Terms in this set (5) How did the Korean War quickly repair Japan's decimated economy after WWII? Japan was well set up for production of war machinery and weapons. Wanting the Japanese economy to quickly improve, the UN leaders arranged that all UN war products needed. Only 20 years later, Germany and Japan both were among the strongest economic powers in the world. Today, both are mature democracies and industrial countries with significant political clout. In the BBC's world-wide Country Ratings Poll, they annually rank high in popularity. This comeback story seems nothing short of a miracle. The.

Outsider Japan / Japan's Post War Economic Boom

Video: Lessons from the Japanese Miracle: Building the

Japanese culture and leadership slideshare

The Rise and Fall of the Japanese Miracle Mises Institut

Japan's economic growth between 1955 and 1973 has often been described as miraculous, as an industrial expansion of the speed and duration experienced by Japan during this time was unprecedented internationally. In the late 1950s, Japan's gross domestic product (GDP) grew at an average rate of 9.1% a year; in the 1960s, the real heyday of what is now known as Japan's high-growth. It took China less than 70 years to emerge from isolation and become one of the world's greatest economic powers. As the country celebrates the anniversary of the founding of the People's Republic. Postwar Japan • What was the economic miracle? - What makes it a miracle? - What industries were important? - What made it possible? • What social changes took place after the war? - - - In education? For women? For minorities? In cities and the countryside? In the workplace? • How did the media change? - What events influenced the change? • What other cultural. force in the Japanese economy. R. Kensy (2001, p. 230) states that groups are the largest and most relevant keiretsu institution in Japan's economic system. Keiretsu groups have taken the lead in so many areas of Japanese development that they will continue to play a leading role in molding the future Francks draws out the historical roots of the institutions and practices on which Japan's post-war economic miracle was based and provides a comparative framework within which the Japanese case can be understood and related to development in the rest of the world. New features for this edition include: textboxes summarising key concepts; expanded coverage of the early-modern economy, the.

Economy of Japan - Wikipedi

The story of Japan's economic miracle -- a narrative podcast Addeddate 2021-05-12 01:41:08 Identifier uts-japans-economic-miracle Scanner Internet Archive HTML5 Uploader 1.6.4. plus-circle Add Review. comment. Reviews There are no reviews yet. Be the first one to write a review.. japan- economic miracle study guide by fergus_paske includes 7 questions covering vocabulary, terms and more. Quizlet flashcards, activities and games help you improve your grades Japan's case is fascinating, because its growth was nothing short of a miracle. In 1980, Japanese per capita GDP was 30% below that of the US. Ten years later, the gap was only 17%. Japan as Number One, a book by Ezra Vogel, captured much of the spirit of the time. But between 1991 and 2003, Japan stagnated, and growth virtually stopped Japan Inc. in the Debt Trap April 2000. 26 November 2005. Tsuru Shigeto, Japan's Capitalism: Creative defeat and beyond, 1993. Vestal, James. Planning for Change: Industrial Policy and Japanese Economic Development, 1945-1990 Oxford: Clarendon Press. 1993. Van Wolferen, The Enigma of Japanese Power, Vintage, 1990 (ISBN -679-72802-

The Japanese Economic Miracle

And that that gold standard then becomes the means through which the Japanese economic miracle and modernization occurs. So let's zoom in on that. First of all, who was Matsukata? SIMON: Matsukata. A False Hope? Indonesia's Economic Miracle. Indonesia has made a remarkable economic comeback. Yet, its amazing growth is neither sustainable nor inclusive. Advertisement. A few years ago, I was. Occupation and Reconstruction of Japan, 1945-52 After the defeat of Japan in World War II, the United States led the Allies in the occupation and rehabilitation of the Japanese state. Between 1945 and 1952, the U.S. occupying forces, led by General Douglas A. MacArthur, enacted widespread military, political, economic, and social reforms Another issue that has to be studied to explain this 'economic miracle' is the simple fact that Hitler put Nazi Germany onto a war economy much earlier than the September 1939 outbreak of war. From 1935 on, a huge proportion of government spending was on the military. Therefore labour intensive industries such as steel production and coal mining prospered as there were needed in very large. Economic Development from 1948 to 1961. At its creation in 1948, South Korea ranked as one of the world's poorest states.Twelve years later, in 1960, it remained so with a per capita income about the same as Haiti.A number of factors contributed to that poverty. South Korea was predominantly an agricultural society, but it did undergo some industrialization during the Japanese colonial rule.

(PDF) The miracle of Japanese Economy after the Second

The unequal treaties that had granted foreign powers judicial and economic privileges through extraterritoriality were revised in 1894, and with the Anglo-Japanese Alliance of 1902 and its victory in two wars (over China in 1894-95 and Russia in 1904-05), Japan gained respect in the eyes of the Western world, appearing for the first time on the international scene as a major world power East Asian Miracle: Economic Growth and Public Policy, on which this essay draws extensively. The East Asian Miracle report is the product of a World Bank research team led by John Page and comprising Nancy Birdsall, Ed Campos, W. Max Corden, Chang-Shik Kim, Howard Pack, Richard Sabot, Joseph E. Stiglitz, and Marilou Uy. William Easterly, Robert Z. Lawrence, Peter Petri, and Lant Pritchett.

Japan economy in extremely severe situatio

Women and the Economic Miracle: Gender and Work in Postwar Japan examines why Japanese society exhibits the strongest degree of gender inequality across industrial and postindustrial societies. Drawing on original quantitative and qualitative data as well as a variety of secondary data sources, she shows how the institutional context of. The Allied Occupation and Japan's Economic Miracle: Building the Foundations of Japanese Science and Technology 1945-52 [Dees, Bowen C.] on Amazon.com. *FREE* shipping on qualifying offers. The Allied Occupation and Japan's Economic Miracle: Building the Foundations of Japanese Science and Technology 1945-5 THE JAPANESE ECONOMIC MIRACLE After World War II, East Asia was the only region of the world that experienced continual substantial economic growth and no other East Asian country enjoyed more economic success than Japan. The Japanese economic pie grew at an annual rate of ten percent from the mid-1950s until the Arab oil shocks of the early 70s. The Japanese then managed to maintain much more.

Japan's economic miracle. There's long been a strange disconnect between the state of Japan as a rich country already living in the future, and the description of its economic malaise, with. During Japan's 'economic miracle' following the Second World War, in the analogue era, technological innovation was led by giant, capital-intensive and vertically integrated companies. They relied solely upon themselves and long-time allies in corporate conglomerates — known as keiretsu — to create distinct products. Companies moulded themselves to conform to this technological. Reinterpreting the Japanese Economic Miracle. by Robert J. Crawford, * * * * $8.95 * * * * * * Quantity: Item: # 98104 Weight: 1.00 LBS. Bulk Pricing: Buy in bulk and save Bulk discount rates ×. Below are the available bulk discount rates for each individual item when you purchase a certain amount. Buy 5 - 10 and pay only $8.75 each Buy 11 - 49 and pay only $8.50 each Buy 50 - 499 and pay. Japanese Miracle: Review Article of Chalmers Johnson MITI and the Japanese Miracle: The Growth of Industrial Policy, 1925-75: Language: English: Keywords: Japanese Miracle; Industrial Policy; Technology policy; Capitalist Development: Subjects: J - Labor and Demographic Economics > J5 - Labor-Management Relations, Trade Unions, and Collective Bargaining > J53 - Labor-Management Relations. Japan and the Asian Economies: A Miracle in Transition (Brookings Papers on Economic Activity, 1996, No. 2

Japan's Economic Miracle - Japan Tal

Japan after the Economic Miracle. Japan after the Economic Miracle pp 11-35 | Cite as. Japan's postwar fordism: an historical perspective on the economic crisis in Japan. Authors; Authors and affiliations; John Price; Chapter. 279 Downloads; Part of the Social Indicators Research Series book series (SINS, volume 3) Abstract. This essay postulates that the contemporary crisis in Japan dates. Although World War II devastated most of Japan's industries, the 1960s to the 1980s has been described as an economic miracle for Japan. The Ministry of International Trade and Industry (MITI), established in 1949, was instrumental in Japan's post-war economic recovery, as it had implemented numerous policies that led to heavy industrial growth in Japan. MITI has been described by many. Japan's postwar economy developed from the remnants of an industrial infrastructure that suffered widespread destruction during World War II. After the end of World War II, Japan's economy was.

What Happened To Japan's Economy During Korean War - Asian

JAPANESE ECONOMIC SUCCESS As a result, by 1982 Japan's annual deficit amounted to nearly 30 percent of its budget, and interest payments on the national debt accounted for14.3 percent of the. America and the Japanese Miracle. In this book, Aaron Forsberg presents an arresting account of Japan's postwar economic resurgence in a world polarized by the Cold War. His fresh interpretation highlights the many connections between Japan's economic revival and changes that occurred in the wider world during the 1950s

Japanese Industrialization and Economic Growt

Japan's low unemployment: economic miracle or statistical artifact? Japanese workers statistically move from employment to out of the labor force, bypassing unemployment; their rates are still low even when the data are adjusted using U.S. concepts of unemployment KOJI TAIRA If official statistics on employment and unemployment are any guide to the degree of labor market efficiency, the per. 6 facts about Japan's downbeat economy. The growing number of older people in Japan may put more and more pressure on the working-age population. (AP Photo/Shizuo Kambayashi) Japan is a long ways away from the skyrocketing growth the country enjoyed during its post-World War II economic miracle.. Last week's lower than expected GDP.

Japan's Economic Miracle. You may have heard of the Japanese economic miracle, a term that is used to describe the record-setting GDP growth in Japan between the end of World War II and the end of the Cold War. Well, the above animation shows this event better than pretty much anything else. In 1960, Japan had an economy that was only 10% of the size of the United States. But in just a. Japan, the postwar economic miracle, has never managed to recover from the stock market crash and real estate crisis that convulsed the country in the 1990s. The government had to bail out banks. The Main Bank System and Japan's Economic Miracle There is no disputing that Japan had a tremendous run of industrialization and economic growth in the postwar era, up through the peak of the. However, Japan's miracle economy of the 1960s and 1970s may be a thing of the past as the nation copes with problems of lower growth. Economic growth has raised the standard of living of the Japanese people to that of the United States and higher. Income is more evenly distributed in Japan than in the United States. Like the United States, Japan's economy has moved from manufacturing towards. Japan's Economic Miracle. November 6, 2018 by rmm5923 Leave a Comment. The defeat of the Japanese after World War II allowed a reset for the Japanese economy. The American occupation helped put reform policies in place that allowed the Japanese economy to grow. (Takada, M., 1999) The reform policies included breaking up zaibatsu, or large.

Treaty on Basic Relations 1965 - Japanese ImperialismWho can show me some Imperial Japan propaganda postersAsleep On The Job: Japan’s Inemuri Phenomenon

Japan's Ideal investment After WWII, Japan began to rebuild and invest in human capital to increase their GDP. They needed the help of the U.S. and they also received benefits from a war they were in. Japan wanted to build trading partners and establish economic systems so the THE KOREAN MIRACLE (1962-1980) REVISITED: MYTHS AND REALITIES IN STRATEGY AND DEVELOPMENT Kwan S. Kim Working Paper #166 - November 1991 Kwan S. Kim is Professor of Economics and Departmental Fellow of the Kellogg Institute at the University of Notre Dame. He is a development economist, occasionally serving as an economic consultant for governments of developing countries and for international. You'd never guess from the modern skylines of Shanghai, Seoul, and Singapore, but in 1950, these cities were in some of the world's least developed countries. Nothing short of an economic miracle took place in the region after World War II, as Japan rebuilt and grew rich, and Hong Kong, Singapore, South Korea, and Taiwan—known collectively as the Four Asian Tigers—followed closely behind To give you an idea of the scale of it, Japan's stock market peaked in 1989 at what's still an all-time high of 38,916; today, it's 22,475. Indeed, according to Nomura economist Richard Koo, Japan.

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