One of the famous experiments that Japan practiced after the ww2, the Japanese economic experiment, this experiment led to the rise of Japanese economy
Known as a Japanese miracle this miracle occurred between 1960s to 1970s
Reasons Behind Their Growth
Export-led growth: Japan focused on industries like automobiles and electronics. Companies like Toyota, Honda, and Sony dominated global markets.
Keiretsu System: Large business groups (Mitsubishi, Sumitomo, etc.) worked closely with banks and the government.
MITI (Ministry of International Trade and Industry): The government actively guided industries, investing in technology and infrastructure.
High savings rate: The Japanese people saved a lot, leading to huge domestic investment.
Modern Policies ( 2012 - Present )
Fiscal Policy – Government spending to boost demand. Subsidies - example
Structural Reforms – Deregulation, encouraging foreign investment, and labor reforms.