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1994 | Buch | 2. Auflage

Introduction Kapitel lesen Erstes Kapitel lesen

The Economic Development of Japan

A Quantitative Study

verfasst von: Ryōshin Minami

Verlag: Palgrave Macmillan UK

Buchreihe : Studies in the Modern Japanese Economy

Enthalten in: Professional Book Archive

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Über dieses Buch

In this book Ryoshin Minami studies the last hundred years of Japan's remarkable economic growth from the Meiji period up to the present day. First, he reveals the factors which account for Japan's successful economic take-off during the Meiji period. Second, he explains why Japan achieved a more rapid rate of economic growth than other developed countries. This forms the major part of the book and will interest those in the developed countries who have felt the full force of Japan's export drive and whose own industries are consequently in decline. Finally, the author evaluates the results of Japan's economic growth and makes predictions for the future. The book makes a comprehensive survey of the Japanese experience in the pre- and post-war periods and points out lessons not only for developed countries but also for developing countries.

Inhaltsverzeichnis

Frontmatter

An Overview of Economic History

Frontmatter
1. Introduction
Abstract
When, after closing her shores to the world for more than two hundred years (1641–1854), Japan recommenced intercourse with other countries the majority of the world’s people did not even know of her existence. Economically Japans was a long way behind the advanced nations of the west. According to one estimate, in 1870 Japan’s GNP per capita was only a quarter of that of the UK and one third of that of the USA. After several wars and phenomenal economic growth, particularly after the Second World War, Japan has gradually made itself known to the peoples of the world. Her GNP per capita is now on a par with the advanced industrial nations of the west, and today a description of the state of the world’s economy without reference to Japan would be impossible.
Ryōshin Minami
2. Readiness for Modern Economic Growth
Abstract
Why was Japan the first country outside the west to accomplish modern economic growth? To answer this is no simple matter, but an attempt to do so will we hope provide some lessons for present-day developing countries. Some economists assert that it was mainly because of traditional elements — the inheritance from pre-modern society — others emphasize the Meiji government’s policy of introducing modern elements from the west. In this chapter we discuss the contribution of these two elements to political and economic organization, human resources and social overhead capital in Section 2.1, and to agriculture, manufacturing industries and commerce in Section 2.2. Finally in Section 2.3 we attempt to evaluate the state of Japan’s readiness for modern economic growth.
Ryōshin Minami
3. An Analysis of the Growth Rate during Modern Economic Growth
Abstract
Despite the setback caused by the Second World War, Japan’s modern economic growth has continued from 1886 until the present day — in other words for a full century. The purpose of this chapter is to survey the process of modern economic growth by discussing the level and changes of the growth rate of GNP. In Section 3.1 we put forward a theory (the ‘relative backwardness hypothesis’) to explain why Japan’s economic growth rate in this period has been higher than the growth rates of the developed countries of the west. In Section 3.2 we analyze cyclical fluctuations in the growth rate, ‘long swings’, looking at historical events and their relationship with the ‘upswings’ and ‘downswings’. In Section 3.3 we turn our attention to long-term trends for the growth rate, and the phenomenon of ‘trend acceleration’.
Ryōshin Minami

Modern Economic Growth:Production and Demand

Frontmatter
4. Agriculture during Industrialization
Abstract
In most countries modern economic development Has centred on industry and has been accompanied by increased agricultural output. In countries where industrialization has not been accompanied by agricultural expansion the result has been the hindrance of economic development, as increases in agricultural prices have led to rising wages and falling profits. In this chapter we will consider whether agricultural growth contributed to early modern economic growth in Japan, and if it did, in what ways? This analysis will, we hope, provide some valuable lessons for developing countries.
Ryōshin Minami
5. Industrialization
Abstract
The history of the developed countries shows that industrialization has formed the core of modern economic growth. Industrialization refers to the growth of ‘industry’ — mining, manufacturing, construction and infrastructure industries (transportation, communication and public utilities) — and the increase in its share of the total economy. Manufacturing is the most important component of industry. The development of modern factories, equipped with imported machinery and steam engines, marked the beginning of industrialization in the mid-1880s in Japan.
Ryōshin Minami
6. Capital Formation and its Sources
Abstract
Economic activity has two sides — production of commodities and expenditure. In national income accounting, Gross National Product (GNP) represents the former and Gross National Expenditure (GNE) the latter. Chapters 4 and 5 analyzed production activity in agriculture and ‘industry’, the determinants of GNP. This and the next chapter analyze expenditure. This chapter deals with capital formation (investment).
Ryōshin Minami
7. Foreign Trade
Abstract
Japanese industrialization has been closely linked to foreign trade. On the one hand, much of the capital equipment and almost all the raw materials and fuels which stimulated the growth of manufacturing have been imported. On the other hand, the increased competitiveness of Japanese products on the world market as a result of technological improvements in manufacturing have been important to export expansion.
Ryōshin Minami

Modern Economic Growth : Causes and Results

Frontmatter
8. Population and Labour Supply
Abstract
In Chapter 3 we said that the economic growth rate in Japan has been high (by international standards) and rising. However, if the population growth rate had been high or rising Japan might not have been able to achieve a high rate of growth of per capita gross domestic product. In Section 8.1 of this chapter changes in the population growth rate are analyzed and compared with other countries. The relationship between population growth and economic development is also discussed.
Ryōshin Minami
9. Labour Market and Dual Structure
Abstract
This chapter analyzes the changes in the labour market that have accompanied economic growth. In Section 9.1 we discuss industrialization — the rise in the importance of ‘industry’ in the national economy — a phenomenon that caused employment to shift from primary to non-primary industries. If the supply of labour is greater than demand the difference must become either unemployed or surplus labour. Japan absorbed a large pool of surplus labour as a result of high economic growth in the early post-war period. We analyze this process in Section 9.2. Wages and income shares are determined by demand and supply. In Section 9.3 historical changes in wages and wage differentials are discussed in relation to the dual structure theory. In Section 9.4 changes in relative income share of labour are argued.
Ryōshin Minami
10. Public Finances and the Financial System
Abstract
In this chapter we discuss government activities and finance. Section 10.1 discusses the importance of government expenditure in the economy and changes in the structure of government revenue and expenditure, and in Section 10.2 we evaluate the influence of government financial activities, particularly in connection with economic growth. In Section 10.3 we turn our attentions to changes in the financial system, the circulation of capital and overloan/overborrowing. Finally, in Section 10.4 we discuss changes in the amount and structure of the money supply, and changes in the Marshallian k, which regulates the demand for currency.
Ryōshin Minami
11. Prices and Living Standards
Abstract
In the first half of this chapter we discuss prices. In Japan real output has increased rapidly, but so have prices; economic growth accompanied by inflation has characterized the Japanese economy. In Section 11.1 we look first at various indicators of price changes in an attempt to discover the causes. In Section 11.2 we discuss changes in the price structure (relative prices of different sectors of the economy) and the causes, and then the significance of inflationary growth.
Ryōshin Minami

Summary and Conclusions

Frontmatter
12. Modern Economic Growth: Retrospect and Prospect
Abstract
In the introductory chapters (Chs 1–3) we discussed the initial conditions for modern economic growth and the growth process. Then, in more specific terms (Chs 4–11), we elucidated various aspects of the mechanism of economic growth. In Section 12.1 of the present chapter we summarize the conclusions derived from the preceding analyses and, by comparing Japanese experience with the experience of the developed countries of the west and the developing countries, we discuss the distinctive features of Japanese economic development. In Section 12.2 we discuss the future prospects of the Japanese economy.
Ryōshin Minami
Backmatter
Metadaten
Titel
The Economic Development of Japan
verfasst von
Ryōshin Minami
Copyright-Jahr
1994
Verlag
Palgrave Macmillan UK
Electronic ISBN
978-1-349-23221-5
Print ISBN
978-0-333-59600-5
DOI
https://doi.org/10.1007/978-1-349-23221-5