The Japanese Economy

After World War II, Japan made a rapid and impressive economic recovery. Many factors contributed to the country's success. Instead of concentrating on producing inexpensive textiles sold to other Asian countries, Japan began to produce advanced technology for a world market. Japan's workforce was skilled and highly motivated. The government also cooperated and supported industry.

By 1960 Japan had become the fifth-largest among the world's market economies; by 1968 it was second only to the United States. Also by the middle of the decade, Japan was exporting more goods to the United States than it was importing. While a brief depression took place mid-decade, between 1965 and 1970, the economy saw an average growth of over eleven percent per year.

Society and Wealth

The distribution of individual income moved toward greater equality in the 1960s. Post-war land and labor reforms and the dissolution of the zaibatsu (a Japanese conglomerate...