Japan – The Economic Miracle of the 1960s

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Abstract:

The 1960s have often been mentioned as the “Golden years” of Japanese economy. They were marked with accelerated urbanization, rising of the Gross National Product, stabilization of the Japanese middle class and personal wealth for the members of Japanese society as a whole. In spite of some cases of corruption and political scandals, the state’s development moved up and forward. The rising production of automobiles, stereo sets, home utilities, and even luxury goods became essential for the overall development of the country in the next decade. This is the period that sets the foundations of Japanese welfare and prosperity. Japan got famous all over the world for its fast resurrection. It became third among the richest countries of the world – after USA and Germany – in automobile manufacture and some other key machinery productions. The participation of Japan into the Organization for Economic Development and Partnership strengthened these tendencies.

Keywords:

Japan, economic miracle, welfare society, industrial rise

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