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THE DEVELOPMENT OF JAPANESE CAPITALISM AND THE INFLUENCE OF


In the shape and size of this essay (limited by 2500 words), I am going to discuss about the influence of culture on the development of Japanese capitalism and to what extent culture impinge upon this development.
             Japan's economy continued to expand rapidly from the mid-1950s through the 1960s, experiencing only two short recessions, in 1962 and 1965. The annual growth rate averaged close to 11% in real terms for the decade of the 1960s. This compared with 4.6% for the Federal Republic of Germany and 4.3% for the United States in the period from 1960 to 1972. And it was well above twice Japan's own average prewar growth rate of about 4% a year. "It is generally agreed that the rapid expansion of Japan's economy from the late 1950s through the 1960s was powered by the vigorous investment of private industry in new plant and equipment. The high level of saving of Japanese households provided banks and other financial institutions with ample funds for heavy investment in the private sector. The upsurge in capital spending was associated with the introduction of new technology, often under license from foreign companies. Investment for modernization made Japanese industries more competitive on the world market, created new products, and brought Japanese enterprises the benefits of mass production and improved productivity per worker" (Abe, 1995). Another factor behind Japan's economic growth during this period was the availability of an abundant labor force with a high level of education. Reasonably large numbers of young people entered the labor force every year, and there was also a heavy migration of agricultural workers to manufacturing and service jobs located mostly in the larger cities. As best exemplified in the 10-year Income-Doubling Plan announced in 1960, the Government's economic policies at the time aimed to encourage saving, stimulate investment, protect growth industries, and promote exports.


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