How Did Japan Economic Change In The Last Century

Development is often described as the social transformation from traditional ways into embracing modernity. In the 1960s, many of the states in Southeast Asia experienced an accelerated social and economic growth which was pioneered by Japan. The Japanese economy was considered number one and its economic model was hailed as an example for other developing countries to follow. This essay will describe and analyze the economic changes Japan has gone through in the last century.

According to Jorgenson (2005), Japan’s modern economic history has its roots in the founding of the Meji government in the 1860s which emphasized the westernization of the previously closed-off country. Japanese industrialism started with the textile industry, the most …show more content…
During the early stages of Japan’s economic growth, the economy grew moderately and relied on agriculture to finance modern industrialization. In world war one, Japan used the absence of major European countries in the world market to accelerate its economic growth since most of its main competitors were taking part in the ongoing battles of the war; and for the first time since it was an isolated country during the Edo Period (1603-1868), it generated a trade surplus. By the 1920s, the manufacturing and mining, transportation and communications industries had all grown into substantial factors of development; however, most of the industrial growth was leaning towards the growth and expansion of its military …show more content…
The 1960s were a time of accelerated growth; cities as well as rural regions were both benefitting. Japan was quickly shifting from a primarily agricultural nation to a mostly industrial one. By 1964 was invited to join the league of “developed” nations through the Organization for Economic Co-Operation and Development. From 1966 to 1970, Japan experienced double-digit growth in economic output and wages; its industrial output was now greater than that of the rest of Asia