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Japanese Economy: Past, Present, and Future
Transcript of Japanese Economy: Past, Present, and Future
what products are created
what technology to use
what prices and wages should be set to how relatively equal people’s incomes are in society
Japan is an egalitarian society, meaning people are considered equal and treated equal
With such a low Gini Coefficient, Japan creates a society where most of the population is working and obtaining equal or some income compared to the rest of society
this also shows the homogeneity of Japan What the Future Holds After many different downfalls, Japan has been proven to get up a continue on a path towards rapid growth
With a declining birthrate, the GDP will decrease due to loss of workers
The strength of the LDP also posses a threat to different changes in economic policies Lifetime Employment Led to a "nation of compulsive overachievers"
worked 6 days a week, overtime, and didn't use vacation days
The Rebuilding After WWII Corporate Capitalism The Gini Coefficient Rapid Growth
in the 1960s
and 1970s The Korean War greatly affected Japan's economy positively
The US needed weaponry and supplies during the Korean War
By supplying weapons, uniforms, tanks, jeeps, etc. Japan rose to pre-WWII economic levels
The US Occupation also positively
affected the Japanese economy
The US set Japan on a similar path
that they followed for economic success
leaving Japan with very beneficial ways to
create a booming economy for themselves
Essentially, US influence played a
"Keeping up with the Tanakas" Revolution A consumer revolution that added important stimulus to Japan's period of rapid growth
An artificial creation of demand Thriving Under Abe Employment for life until retirement with health insurance and other benefits
In the past it was wage increase based on seniority
Now many lifetime employees take cuts in bad economic times to benefit the company
To get out of hiring lifetime employees, corporations hire part-time for less money and benefits
Current exchange rate (as of 05/16/13): $1=¥102.2 "the US set the stage of the Japanese government’s ability to steer investment into certain strategic areas such as heavy industries" wanted to help create a booming economy
with a rapidly growing economy, came more public investment
this gave way to more industrialized and convenient culture intertwined with new technology and innovation The Lost Decade(s) Japan's "Economic Miracle" was abruptly ended by the Bank of Japan's failure to cut interest rates quick enough after over investment in the 1980's
to keep its economy afloat, Japan ran massive budget deficits (added trillions in Yen to Japanese financial system) to finance large public works programs. THE END