World-Systemic Interpretation of the End of the Miracle
The globalization of the Japanese structure of accumulation in the slow growth period achieved successful “national” economic growth for Japan and for the East Asian tiger and mini-tiger economies in the 1980s. The Japanese “bubble” economy of the second half of the 1980s with appreciating yen inflated the size of the Japanese “national” economy expressed in US dollar while the rest of the core “national” economies stagnated, making it popular to speak of the superiority of the Japanese capitalist model over competing Anglo-American or European models (e.g., Vogel, 1979; Ouchi, 1979; Dore, 1987). On the other hand, successful “national” economic development of the East Asian tiger economies (South Korea, Taiwan, Hong Kong, and Singapore) and the mini-tiger economies (Thailand, Malaysia, and Indonesia) in the 1980s and the first half of the 1990s created a literature on the East Asian development model (e.g., Berger & Hsiao, 1988; World Bank, 1993; see also Berger, 1997, for critical examination of the notion of “miracle”). The rise of East Asia, however, came to a halt in the closing years of the twentieth century.