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HST303 L13 Japan

China, Japan & East Asia in World History - Lecture 13: Japan

At the end of WWII, millions of people were _____ and had to sleep in subway stations or other improvised shelters. homeless
_____ production had plummeted dramatically, and about 5 million people were _____. Industrial; unemployed
The initial recovery took off slowly, partly because of a lack of industrial _____ _____ in Japan. raw materials
The _____ _____ boosted Japanese economy—the U.N. forces had stationed themselves in Japan. Korean War
Japan had become a favorite __ __ __ destination for soldiers fighting in Korea. R&R (rest & relaxation)
From 1955 – 1973, the average annual growth of Japan’s gross national product (GNP) exceeded __%. 10
In 1968, Japan overtook West Germany and became the world’s _____ largest economy. third
During this process, Japan’s _____ sector became one of the most developed in the world. industrial
Japan moved quickly from light industries, such as _____, to advanced consumer _____. textiles; electronics
By 1981, Japan had become the largest _____ producer in the world. car
After the total devastation of the country, a fresh start was possible, unimpeded by _____ _____. old structures
Japan utilized the latest _____, which was obtained through agreements for _____ transfer from the U.S. and other Western countries. technology; technology
_____ to the U.S. were nearly completely unrestricted, which opened up a huge consumer market. Exports
Coupled with the _____ _____ and _____ of the Japanese people, exports and technology transfer were pivotal in the economic success of Japan after the war. hard work; determination
In the post-war years, economic growth was made a _____ priority. national
Many _____-_____ and _____ people had survived the war and resumed their positions. well-trained; experienced
The farmland redistribution and the breakup of the zaibatsu monopolies by the U.S. occupation force had created a stable society that was mostly _____ class. middle
_____ distribution was very equal, and as a result society was also very stable. Income
Employment was usually secure, and people were closely tied into their _____. companies
Japan also had very high rates of personal _____, which was encouraged through tax policies. savings
This abundance of capital for investment was very important for Japan’s _____ growth. industrial
Government policies created a unique _____ model in Japan. business
After the banking disasters in the Great Depression, which marked Japan’s 1920s and 30s, they decided that industrial _____ was the best model for them. rationalization
They evaluated and drew on multiple models to create their own version of _____ rationalization. industrial
They consulted American experts, considered the value of five-year plans, and studied _____ industrial rationalization. German
The conclusion Japan drew was that they wanted to replace excessive competition with _____. cooperation
Japan set up a _____-_____ capitalism that was created from the combination of practices that were introduced by the U.S. during the occupation, and from Japanese experiences. state-guided
During the occupation, the U.S. promoted strategic industries either through direct _____ _____ or through loans from the Reconstruction Finance Bank. government subsidies
In 1949, the Ministry of Commerce and Industry (which was the Ministry of Munitions during the war) was reorganized as the _____ _____ _____ _____ _____ _____ (MITI). Ministry of Industrial Trade and Industry
The reorganization of MITI was relatively easy to do since most Japanese _____ had remained in their place after the war. bureaucrats
In the 1950s, MITI specifically targeted certain sectors of industry to promote extensive development: electronics, oil refining, and _____. petrochemicals
MITI was able to target certain sectors through government subsidies and tax breaks, but it also had the right to approve _____-_____ _____ from the Japan Export Import Bank and the Japan Development Bank. low-interest loans
MITI was also in charge of licensing, access to foreign _____, and foreign _____. technology; exchange
MITI often imposed _____ _____ to protect their own industry from competition, and there was a quota on foreign cars until 1965. import quotas
Japan never accepted much foreign investment and relied nearly completely on _____ _____. Japanese capital
The Japanese stock market made up only a small part of capital—about __% in 1963. 10
Japanese industry received most of its capital from _____ _____. bank loans
Bank loans allowed companies to focus on _____-_____ plans and development since they had little need to show quarterly profits to attract stock market investors. long-term
As a result of long-term planning and development among companies, the _____ were formed. Keiretsu
The Keiretsu were competing, bank-centered enterprise groups that included a _____, a _____ company, and a number of _____ firms. bank; trading; industrial
Keiretsu were basically networks of _____ _____ ownership and financing, which often included the obligation to use certain trading partners. mutual stock
Famous examples of Keiretsu include _____ and Mitsubishi. Fuji
From the 1960s on, bureaucratic government involvement became less, and Japan’s economy became somewhat more _____. liberal
Created by: silvrwood