Book contents
- The Cambridge Economic History of the Modern World
- The Cambridge Economic Historyof the Modern World
- The Cambridge Economic History of the Modern World
- Copyright page
- Contents
- Figures
- Tables
- Contributors to Volume II
- Introduction to Volume II
- Part I Regional Developments
- 1 North America
- 2 Western Europe
- 3 The Socialist Experiment and Beyond
- 4 Japan
- 5 Economic Changes in China
- 6 From Free Trade to Regulation
- 7 Growth and Globalization Phases in South East Asian Development
- 8 The Middle East
- 9 Latin America
- 10 African Economic Development
- 11 Australia
- Part II Factors Governing Differential Outcomes in the Global Economy
- Index
- References
4 - Japan
Modern Economic Growth in Asia
from Part I - Regional Developments
Published online by Cambridge University Press: 03 June 2021
Book contents
- The Cambridge Economic History of the Modern World
- The Cambridge Economic Historyof the Modern World
- The Cambridge Economic History of the Modern World
- Copyright page
- Contents
- Figures
- Tables
- Contributors to Volume II
- Introduction to Volume II
- Part I Regional Developments
- 1 North America
- 2 Western Europe
- 3 The Socialist Experiment and Beyond
- 4 Japan
- 5 Economic Changes in China
- 6 From Free Trade to Regulation
- 7 Growth and Globalization Phases in South East Asian Development
- 8 The Middle East
- 9 Latin America
- 10 African Economic Development
- 11 Australia
- Part II Factors Governing Differential Outcomes in the Global Economy
- Index
- References
Summary
After the Meiji Restoration of 1868, Japan introduced Western institutions and new technologies. As the first Asian economy to make the transformation to ‘modern economic growth’, Japan’s development process was not smooth, and it took until the 1970s to achieve the goal of catching up with Western economies. From a supply-side perspective, the main drivers of economic growth to the 1970s were capital accumulation and TFP growth. From a demand-side perspective, private and government investment played a more significant role than private consumption. After the high-speed growth era, investment and TFP growth slowed down and exports took centre stage in propelling the economy forward. Further, especially since the 1990s, some features that played a key role in Japan’s remarkable economic performance, such as lifetime employment, the dual economy, and the high saving rate, held back Japan. Also, globalization and slow/negative growth in the working-age population have posed new challenges.
Keywords
- Type
- Chapter
- Information
- The Cambridge Economic History of the Modern World , pp. 100 - 128Publisher: Cambridge University PressPrint publication year: 2021
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