Japan’s economic recovery after WWII was brought about by several factors, like its close relationship with United States, its industrial strength and the attitude of collectivism among its people, companies and government. The Japanese government gave its total support to the business community. Unlike other countries whose business entities had to sell stocks and bonds to raise capital to finance their expansion, Japan’s government-owned bank loaned money to Japanese business establishments to hasten technology development. Japan’s gross national product grew at a fast rate of 10% after the war till the 1960’s, surpassing West Germany, whose GNP grew by 6 percent annually, the fastest growing economy in Europe at that time.
Japan’s modernizationcame in early, starting from the Meiji government which had a vision to turn Japan into an industrial state… and moved quickly, as it readily started to build the infrastructures necessary to strengthen its economic…
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