ABSTRACT
The economic miracle refers to the spectacular economic growthrecorded by Japan during the 1950s and 1960s. Japan rose phoenix-like out of the ashes of war to build a world-class economy. This was certainly not an anticipated or likely outcome. Most of Japan’s large cities had been reduced to rubble and its industrial capacity had been decimated by sustained aerial bombing. Adequate housing was in short supply, food was scarce and these problems were aggravated by the return of some 7 million Japanese troops and civilians scattered around Asia. Japan was a nation without capital, raw materials or friends. What went right?
