Why Couldn't JAPAN Finally Overtake the United States As the World's Largest Economy?
At the beginning of the 20th century, Japan was a relatively small economy and far behind the world's richest countries. However, the policies implemented in the Meiji period pushed its economy onto the path of growth and openness to the rest of the world. But after its participation in World War II in 1945, Japan was destroyed. Not only did it lose the war to the two nuclear bombs dropped by the United States, but it also lost more than a quarter of its industrial capacity. As a result, there was little hope for a quick economic recovery. However, the measures implemented by the Japanese government and the help of a very important ally enabled it to become an industrial power. After the war, Japan was the world's factory along with the United States. Even most economists expected Japan to overtake the United States as the world's leading economic power. So the questions are: How did Japan rise from poverty to prosperity? Why was Japan's economic miracle not possible without the help of the United States? And why was it finally unable to overtake the United States as the world's largest economy?
Some sources of interest:
- Beckley M, Horiuchi Y, Miller JM. (2018). AMERICA’S ROLE IN THE MAKING OF JAPAN’S ECONOMIC MIRACLE. Journal of East Asian Studies.
www.cambridge.org/core/journa...
- Berkeley Economic Review (2023). The Japanese Economic Miracle
econreview.berkeley.edu/the-j...
Music:
Whatdafunk by Audionautix is licensed under a Creative Commons Attribution 4.0 license. creativecommons.org/licenses/...
Artist: audionautix.com/
#economicsnation
Japan fell into the US trap when the US forced Japan into the Plaza accord.
You're hardwork can be seen. You'll surely reach new heights 😃😃
Thomas Sowell made it sound all free market. Obviously, the trade barriers didn’t help Japan’s economy, but I feel he should have mentioned it. Ha-Joon Chang went the other way and acted as if the tariffs were responsible for Japan’s growth.
Great videos 👍
The question posed by the title of this video is never answered and is misleading. It's just another video about the postwar economic history of Japan.
Plaza Accords
Is Japan the next superpower? Plaza Accord: We will see about that. Remember those two science experiments we did on your civilian population?
Japan could never be largest economy, but already very impressive for being top 5 due to its population and size. China and india will become top 2 due to mass population. Japan and Germany are top 5 due to a developed and stable economy. Even if Japan has a 0% gdp growth, Japan will still be able to produce more than 99% of world countries. The truth is, China , US india japan and Germany are all growing at their own pace.
Japan has reached an economy beyond its widest dream. From now on, I think it is going to be a one way ticket! Down!
How the Japanese people and their leaders forgot about the death of their Ancestors who had died in Hirosema and Nagasaki ?🤔They should Join in BRICS alliance More trustable,More Friendship,More Powerfull. They should stand for themselves forgetting all Border Debate on their Neighbour Countries
Japans biggest asset is its PEOPLE.
South korea better than japan recently. Their population only half of japan population but with almost same GDP percapita..
They are cowards
Realistically it was never going to happen. Small geographic area, little resouces, aging population and lack of innovation in digital/software. Plaza Accords had nothing to do with Japan's stagnation. Japan grew too quickly and created a large bubble that slowed their growth when it popped".