chapter  2
A Radical Interpretation of Postwar Economic Policies
Pages 46

Japanese capitalism came into existence in the latter half of the nineteenth century, far behind the advanced capitalist countries of Europe and America.1 In the short space of one hundred years, however, the Japanese economy passed through the stages of primitive accumulation, industrial revolution, the formation and development of monopoly capital, and the shift of its industrial structure into the heavy and chemical sectors. More recently, Japanese capitalism has undergone further transformations essential to its continued development. These include the introduction of new technologies and the emergence of advanced industries. Japan is now the second largest capitalist economy after the United States,2 and in terms of international competitive power it may be said to be the strongest economy in the capitalist world.