Japan was left with 3 million dead people and an empty treasury when the world II was over. The nation stood up and became a major player in the world economy within two to three decades. There are various factors that contributed in the flourishing of the Japanese economy. This paper intends to discuss Japanese economy with a historical perspective and other related aspects.
Japan learnt a lot from its past experiences. Japan was almost devastated in the World War II. The country was determined to regain its prosperity and the power. Japan focused on the industrialization in the post world war era. Japanese soil was flooded with a number of private companies that started producing world class products. These products helped Japan in making a good reputation in the world market ad also earned precious foreign money for the country. The whole nation focused on economic aspect and the labor force worked day and nights and contributed in the growth of the Japanese economy (Iyoda, 2010).
United States of America changed its policies towards Japan after the world war. Americans sensed the potential ally and business partner in Japan and made policies that encouraged business in both the nations. America also started providing the security to the Japan and earned huge money in lieu of this service. Both the nations started a strategic partnership and benefitted each other in every aspect (Beauchamp, 2011).
Currently Japan faces the same problem that the world is facing and recent economic recession has affected the growth of Japanese economy as it has reduces the exports of the country substantially. Things are expected to get better once this phase is over and world economy improves.
Beauchamp, E. R. (2011). History of Contemporary Japan since World War II. New York, NY: Routledge.
Iyoda, M. (2010). Postwar Japanese Economy: Lessons of Economic Growth and the Bubble Economy. New York, NY: Springer.