The Real Reason for Japan's Success in Economic Growth

Isamu Miyazaki

Japanese Economy, 1982, vol. 10, issue 3, 86-107

Abstract: Shortly before the recent Economic Summit Meeting I wrote an article entitled "The Dangerous Option of Slighting the Market Principle" [Shijo Genri Keishi no Kiken na Sentaku] (Voice, September 1981). Not until after it appeared in print, however, did I recognize that on many counts it strikingly resembled an article I had published exactly six years before titled "Human-faced Economic Policy" [Ningen no Kao o shita Keizai Seisaku] (Chūo Koron, August 1975). That article was written some 20 months after the first oil crisis occurred, at a time when the capitalist economy was being tormented by the "three plagues" (low growth, high prices, and an unstable balance of payments). I concluded then that this "was directly occasioned by the fourfold increase in oil prices, but at the same time it occurred amid the confusion of a transitional period when one age, namely the postwar period, ends and a new age begins."

Date: 1982
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DOI: 10.2753/JES1097-203X100386

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