Question

Compare Japanese economic development in the 20th century to the economic development of other major industrial countries.

Answer 1

According to Eric Hobsbawm, the twentieth century is regarded as the year 1914-1991. It was a short period, and two worlds fought between the countries. The period, the worlds countries camp between two groups and fought because of the political and economic interest and killed thousands of women and men. In the case of Japan, after the two world war, the development process can be divided into two; one is modernization, and another one is belligerence. After the second world war, Japan entered into economic downturns for the result of the war. After the formation GATT, Japan slowly recovered the situation and now become the world’s largest developed country. The present per capita GDP of the country is $42,942, and the GDP is $4.9 trillion.

The industrialization of Japan was started in the inter-war period. The significant change in because of the adoption of the gold standard. It impacted the trade of Japan, especially the export-oriented industries. Moreover, the import of intermediaries led to reducing the cost of production and to move forward to the development path. The involvement of government in the Japanese economy can be discussed in the given Table

Year	Government Expenditure(%)
1888	12
1900	17
1910	22
1920	18
1930	26
1938	37

From the Table, it is understood that the government expenditure as a percentage of GDP in Japan increased over the years. In 1888 the government expenditure was 12 per cent, and it jumped to 37 per cent in 1938 — the major transformation of Japan in terms of industries. The industrial led growth of Japan is primarily because of the transformation of modern industrial policies held in the country.